There’s stiff competition for buying a home in America, especially when first-time buyers are up against all-cash offers from investors. As Americans scramble to lock in a mortgage before rates get higher, investors are buying up a record share of available homes.

According to a new Redfin report, real estate investors bought nearly one in five homes that sold in late 2021. The rate is 44% higher than a year prior and a record since Redfin started keeping track in 2000. Three-quarters of investor home purchases were paid for with all cash.

Investor means any business or institution that is buying a home, including hedge funds. Redfin reports that in the fourth quarter of 2021, investors bought roughly 80,000 homes worth about $50 billion.

The prevalence of investor home buying increases in more affordable cities like Atlanta and Charlotte, where they make up nearly one-third of all home buying in late 2021.

Across the country home prices are at record highs, and while that’s tough for individual homebuyers, Redfin economist Sheharyar Bokhari said there’s one reason investor demand is still “stronger than ever.”

“Investors are chasing rising prices because rental payments are also skyrocketing, incentivizing investors who plan to rent out the homes they buy,” Bokhari said. “The supply shortage is also an advantage for landlords, as many people who can’t find a home to buy are forced to rent instead.”