- Private equity firms own over 2.2M US apartment units, about 10% of the total stock, with Blackstone leading at 230K+ units.
- Ownership is highly concentrated, with over half of units located in Texas, Florida, California, Georgia, and North Carolina.
- Acquisitions have surged since 2018, with 43% of units bought after 2021, raising concerns about affordability in major metros.
- Rising rents in high-ownership areas like Tampa-St. Petersburg have sparked debate over private equity’s role in housing costs.
Private Equity’s Apartment Empire
A new report from the PESP estimates that private equity firms now own more than 2.2M apartment units across 8,200 properties nationwide — including developments still under construction. That’s around 10% of the entire US apartment stock, a significant milestone in the financialization of housing, as reported by Multifamily Dive.
Blackstone Tops The List
Out of 121 private equity firms included in the PESP analysis, New York-based Blackstone leads the pack with over 230K apartment units, accounting for more than one-tenth of all private equity-owned units. Charleston-based Greystar follows with over 138K units, though it declined to comment on the report.
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High Concentration In Key States And Cities
More than 55% of PE-owned apartments are located in five states:
- Texas (440K+ units)
- Florida
- California
- Georgia
- North Carolina
At the metro level, Dallas has the highest number of private equity-owned units — 192K across 591 properties. In markets like Atlanta, Denver, Austin, and Charlotte, private equity firms control over 25% of all apartment units.
A Recent Acquisition Surge
Private equity’s presence in multifamily real estate has ramped up quickly:
- 63% of units were acquired in or after 2018
- 43% of all units were purchased in or after 2021
- For Blackstone, 58% of its holdings were acquired post-2021
Cost-Burdened Renters In Key Markets
PESP draws a connection between rising private equity ownership and affordability pressures. In Tampa-St. Petersburg, where private equity owns nearly 25% of apartment units, the percentage of cost-burdened renters jumped from 52.6% in 2019 to 61% in 2023, while rents surged 49% — the steepest increase among the 25 largest US metro areas.
Blackstone Responds
Blackstone rejected claims that it’s contributing to rising rents, citing broader supply-demand imbalances. The firm stated it owns less than 1% of total US rental housing, with “virtually no ability to impact market rent trends.”
It also pointed to its $17B investment in housing through its affordable housing platform, April Housing, calling it the largest owner of Low-Income Housing Tax Credit (LIHTC) properties in the country.
Why It Matters
PE’s growing footprint in multifamily real estate is reshaping the rental landscape — especially in Sunbelt markets. While firms argue they’re improving and expanding housing stock, critics warn of a widening affordability gap.
