The research aims to assess how rational investors are in making real estate crowdfunding investment decisions and weather similar rationality investors share common individual-level characteristics. The research data was collected through an online survey and investors' rationality was assessed according to risk & return and behavioral biases criteria. Results revealed that 18% of the respondents were rational and as much as 78.1% of them demonstrated bounded rationality behavior. Further

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... ering of bounded rationality investors identified three distinct clusters and suggested that bounded rationality proved to be largely based on established behavioral biases rather than on failing to understand and apply risk and return criteria. In terms of individual-level characteristics, rationality of real estate crowdfunding investors significantly related to their financial knowledge, but not to their age, sex, income level, education, occupation, residence and interface with finance sector.