Private equity’s buy-up of Michigan housing

The document details the expansion of private equity ownership in Michigan's housing market, specifically across manufactured home communities, apartment complexes, and student housing. It highlights a pattern of aggressive rent increases, hidden fees, and poor maintenance, while noting that state and university funds have invested billions into the firms responsible. For example, Blackstone increased average rents at its five Michigan student housing properties by 26% over three years, and Yes! Communities owns 64 parks with approximately 20,900 lots in the state.

• Private equity firms have a significant footprint in Michigan's housing market, owning at least 192 manufactured home communities (over 50,000 lots) and 150 apartment complexes (approximately 38,600 units), including 19 student housing properties with over 4,000 units.
• Private equity landlords in the student housing sector have raised rents at rates exceeding local averages. Blackstone increased average rents at five Michigan properties by 26% over three years (from $2,172 to $2,732 per month), while the Lansing-Ann Arbor area average increased by 13%. Harrison Street increased average rents at three Michigan properties by 32% since 2021, compared to a 23% area increase.
• Michigan has the second-highest number of private equity-owned manufactured home parks in the U.S., trailing only Florida, with these firms owning one in four sites in the state. Major owners include Yes! Communities (64 parks, ~20,900 lots), Havenpark Communities (15 parks, ~5,300 lots), and Homes of America (13 parks).
• Tenants of private equity-owned housing in Michigan and other states report systemic issues including aggressive evictions, hidden fees, and hazardous living conditions. Specific examples include mold and sewage issues at FPA Multifamily properties in California, a $12.5 million settlement by Related Companies for mismanagement in Connecticut, and a settlement by Monarch Investment regarding undisclosed fees.
• Public and institutional funds in Michigan have provided substantial capital to these private equity firms. The Michigan Department of Treasury has invested at least $950 million in Blackstone, $450 million in Harrison Street, and nearly $2 billion in Apollo funds since 2013. The University of Michigan has invested $155 million in Related Companies, $100 million in Green Courte Partners, and $75 million in FPA Multifamily.

APA

Private Equity Stakeholder Project (2025). Private equity’s buy-up of Michigan housing. https://pestakeholder.org/news/case-study-private-equitys-buy-up-of-michigan-housing/

Chicago

Private Equity Stakeholder Project. Private equity’s buy-up of Michigan housing. 2025. https://pestakeholder.org/news/case-study-private-equitys-buy-up-of-michigan-housing/.

Wikipedia

{{cite report |author=Private Equity Stakeholder Project |title=Private equity’s buy-up of Michigan housing |date=11 June 2025 |url=https://pestakeholder.org/news/case-study-private-equitys-buy-up-of-michigan-housing/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{privateequitystakeholderproject2025private, author = {{Private Equity Stakeholder Project}}, title = {{Private equity’s buy-up of Michigan housing}}, institution = {Private Equity Stakeholder Project}, year = {2025}, month = jun, url = {https://pestakeholder.org/news/case-study-private-equitys-buy-up-of-michigan-housing/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }