Sparking the Shadow Market

A four-bedroom, two-bath rental from Waypoint’s portfolio in Antioch, Calif.

A four-bedroom, three-bath in Antioch, Calif.

Doug Brien, a former NFL place kicker, is now managing director of Waypoint Homes, which has converted more than 2,100 foreclosed single-family homes into rentals in the past five years.

The dining room/kitchen area of a Mesa, Ariz., house.

A four-­bedroom rental in Tempe, Ariz.

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