Real estate investors continue to flood Phoenix with money and home purchases, according to a recent Redfin report.

Nearly $3.8 billion in Phoenix home purchases were made by investors during the fourth quarter of 2021, the second-highest dollar amount of the 40 U.S. major metros measured by Redfin. Only Los Angeles, at $6.7 billion, had a higher dollar amount by home investors.

More than 28% of all Phoenix home purchases during the fourth quarter were made by investors, the fifth-highest percentage of metros in the report. The top 5: Atlanta (32.7%), Charlotte (32.1%), Jacksonville (29.8%), Las Vegas (29.2%) and Phoenix (28.4%).

“Home prices have risen significantly over the last year in Las Vegas and Phoenix,” the report noted. “They’re also two of the most popular migration destinations in the U.S., attracting tens of thousands of new residents in 2021.”

The investor dollars have been followed by rising rents in the Phoenix area. A Zillow report this month said the typical full-year rent had increased in the Phoenix-Mesa-Scottsdale region by $4,600 in 2021, one of the largest increases in the nation.

Nationwide, real estate investors made 18.4% of all home purchases in the last quarter of 2021, a record high, according to Redfin.