Until 2016, the only meaningful way to invest in listed housing was Grainger Trust or specialist student funds. Since November 2016, with Civitas Social Housing floating its over-subscribed REIT, £1,282m has been raised via four REITs. These REITs capture sustainable, growing income streams, supporting dividend yields of 5% or more, when floated. This income is a by-product of the real and ongoing need for new housing stock. We assess some of the detailed risks and opportunities that both REITs and their investors have to navigate. We include Build to Rent (BTR) sector opportunities, particularly for two quoted developers, and the PRS REIT.