Private equity now owns 13% of U.S. apartments, new tracker finds

By AI, Created 10:00 PM UTC, May 20, 2026, /AGP/ – Updated research from the Private Equity Stakeholder Project says private equity firms now own nearly 3 million apartment units nationwide, with about half acquired since 2021. The findings point to especially heavy concentration in Sunbelt markets, where private equity already controls more than 30% of apartment units in several major metro areas.

Why it matters: - Private equity ownership now reaches about 1 in 8 U.S. apartment units, raising stakes for renters in markets where landlords can more easily drive up rents and fees. - The concentration is especially high in fast-growing Sunbelt states, where tenant protections are weaker and housing pressure is already intense. - PESP says the trend matters because apartment ownership by firms focused on short-term returns can push rent increases, deferred maintenance, junk fees and aggressive eviction practices.

What happened: - The Private Equity Stakeholder Project released updated research showing private equity firms own at least 11,800 apartment buildings and almost 3 million units in the United States. - The tracker puts private equity ownership at about 13% of all U.S. apartment units. - Nearly half of those units were acquired since 2021. - Jordan Ash, PESP’s lead report author and director of housing research, said policymakers should act to protect tenants from the private equity industry’s expansion in housing.

The details: - Private equity firms have acquired almost 1.7 million apartment units, or 57% of the total they now own, since 2018. - More than 1.3 million units, or 45% of the total, were acquired since 2021. - About 70% of the units owned by private equity are concentrated in 10 states: Texas, Florida, California, Georgia, North Carolina, Colorado, New York, Arizona, Virginia and Washington state. - Texas has the largest number of private equity-owned apartments, with more than 1,900 properties and almost 580,000 units. - Private equity owns almost 31% of apartment units in Georgia and almost 24% in North Carolina. - The 10 metros with the most private equity-owned units are Dallas, Atlanta, Houston, Denver, Austin, Phoenix, Orlando, Charlotte, Seattle-Tacoma and Washington, DC/Suburban Maryland/Northern Virginia. - Those 10 metro areas together hold more than 1.1 million units, or more than one-third of all private equity-owned apartment units in the country. - Private equity-owned apartments make up more than 30% of all apartment units in Atlanta, Austin, Charlotte, Orlando and the Dallas-Fort Worth area.

Between the lines: - The report says private equity’s apartment holdings are concentrated in the same Sunbelt markets that also have the largest private equity presence in single-family rentals. - The concentration in Sunbelt states likely gives private equity outsized influence in places where population growth has been strongest from 2020 to 2024. - Tara Raghuveer, Tenant Union Federation director, said private equity’s profit model is built around regular rent hikes and aggressive cost cutting.

What’s next: - PESP is using the updated tracker to pressure lawmakers and tenant advocates to target stronger protections in markets with high private equity ownership. - Renters in the most exposed metro areas will likely remain the focus as private equity continues expanding its apartment footprint. - The report suggests future housing debates will center more on ownership concentration, not just rent levels.

The bottom line: - Private equity has become a major force in U.S. apartment housing, and the fastest growth has happened in the places where renters may have the least protection.