The Multi-Family Housing Tracker

The Multi-Family Housing Tracker documents the significant increase in private equity ownership of U.S. apartment complexes, noting that 228 identified firms own nearly 3 million units, or approximately 13% of the national total. The report highlights a heavy concentration in Sunbelt states and metropolitan areas, correlating these regions with sharp increases in 'cost-burdened' renters. It details a business model focused on rapid value increases through rent hikes and additional fees, while documenting widespread tenant complaints regarding poor maintenance, aggressive evictions, and the use of algorithmic pricing software like RealPage. The document concludes with recommendations for landlords, public officials, and institutional investors to implement rent caps, just-cause eviction protections, and responsible investment standards.

• Private equity firms have a substantial and growing footprint in the U.S. apartment market, owning at least 11,800 buildings with nearly 3 million units, which is about 13% of all apartment units in the country. This growth has been rapid, with 57% of these units acquired since 2018 and 45% acquired since 2021.
• Blackstone is the dominant private equity owner of U.S. apartments, possessing over 230,000 units, which is nearly 100,000 more than the next largest owner, Greystar (141,000 units).
• Private equity ownership is heavily concentrated in ten states, which hold 70% of all such units. Texas has the highest volume with over 1,900 properties and nearly 580,000 units. In some states, the concentration is very high: private equity owns 31.4% of apartment units in Georgia and 23.9% in North Carolina.
• There is a strong correlation between high private equity ownership and the increase in 'cost-burdened' renters (those paying 30% or more of income on housing). Five states with the highest private equity ownership percentagesArizona, Nevada, Georgia, Texas, and Floridawere among the six states with the largest increases in cost-burdened renters since 2019. In Arizona, this share rose from 46% to 54%.
• The private equity business model in real estate typically involves acquiring assets, increasing cash flow through rent hikes and new fees to raise the building's value, and selling for profit within three to seven years. For example, Blackstone raised average rents by 31.5% at the Xander 3900 complex in Las Vegas between 2020 and 2024, exceeding the local average increase of 26%.
• Major private equity landlords are facing legal action over the use of RealPage software to allegedly fix rents. The U.S. Department of Justice and ten state Attorneys General sued affiliates of Blackstone, Greystar, and Cortland for participating in a scheme to set rents using competitively sensitive information.
• Tenants in private equity-owned properties report systemic issues including 'junk fees', poor maintenance, and aggressive evictions. Specific examples include Greystar being sued by the FTC and Colorado for deceptively advertising low rents while adding hidden fees, and reports of mold, pests, and elevator failures at properties owned by Blackstone, Related Companies, and the Carlyle Group.

APA

Private Equity Stakeholder Project (2026). The Multi-Family Housing Tracker. https://pestakeholder.org/reports/private-equity-multi-family-housing-tracker/

Chicago

Private Equity Stakeholder Project. The Multi-Family Housing Tracker. 2026. https://pestakeholder.org/reports/private-equity-multi-family-housing-tracker/.

Wikipedia

{{cite report |author=Private Equity Stakeholder Project |title=The Multi-Family Housing Tracker |date=20 May 2026 |url=https://pestakeholder.org/reports/private-equity-multi-family-housing-tracker/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{privateequitystakeholderproject2026multifamily, author = {{Private Equity Stakeholder Project}}, title = {{The Multi-Family Housing Tracker}}, institution = {Private Equity Stakeholder Project}, year = {2026}, month = may, url = {https://pestakeholder.org/reports/private-equity-multi-family-housing-tracker/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }