Private Equity Multi-Family Housing Tracker

➡️ Introduction

➡️ Key Points

➡️ The Private Equity Business Model

➡️ Private Equity Landlords and RealPage

➡️ Problems at Private Equity-Owned Apartments

➡️ Ownership Numbers

➡️ Acquisitions

➡️ Geographic Concentration

➡️ Recommendations

➡️ Research Methods

➡️ Citations

Introduction

In recent years, private equity firms have significantly increased their presence in the housing market, reshaping the landscape of homeownership and rental housing. These investment companies have capitalized on rising housing demand and limited supply by purchasing large volumes of single-family homes, apartment complexes, and manufactured housing communities. This has exacerbated housing affordability issues, displacing local communities through large rent hikes and aggressive evictions, and diminishing tenants’ quality of life.^[1]

The Private Equity Stakeholder Project has previously examined the impact of private equity firms in the single-family rental industry and tracked private equity ownership of manufactured housing in the U.S. This project documents the incursion of private equity into the “multifamily” housing market.

Multi-family housing, known more simply as apartments, is an important part of the U.S. housing market, accounting for nearly three-quarters of all rental units in urban neighborhoods and 59 percent in suburban neighborhoods.^[2] Multi-family housing is especially important in addressing housing affordability since building more units on a single piece of land can lower the costs per unit.^[3]

Percentage of Apartment Units Owned by Private Equity

Key Points

• Private equity firms own at least 8,200 apartment buildings with over 2.2 million units, representing about 10% of the total number of apartment units in the United States.^[4]
• Blackstone, which is the largest private equity firm in the world^[5], is also by far the largest owner of apartments in the U.S., owning over 230,000 apartment units – almost 100,000 more units than the 138,000 units owned by Greystar, another private equity company, which is the next largest owner in the U.S.^[6]
• Of the more than 2.2 million apartment units that private equity companies currently own:
  • they have acquired 1.4 million of them (62 percent of the total) since 2018
  • they have acquired almost 930,000 of them, (42% of the total), just since 2021.
• More than half (55%) of the total units currently owned by private equity companies are in just five states – Texas, Florida, California, Georgia, and North Carolina. Texas has by far the largest number of private equity-owned apartments in the country, with almost 1,500 properties and over 440,000 total units.
• Private equity companies own one in every five apartment units in Georgia and North Carolina.
• The ten metropolitan areas with the largest number of private equity-owned apartment units are Dallas, Atlanta, Houston, Denver, Austin, Phoenix, Orlando, Charlotte, Raleigh-Durham, and Tampa-St. Petersburg, which have a total of over 860,000 units, more than a third of the total private equity-owned units in the country.
• Private equity-owned apartments account for more than 25% of the overall apartment units in the Atlanta, Austin, Charlotte, and Denver metropolitan areas.
• Many of the states and metropolitan areas with the largest concentration of private equity-owned apartments are also the areas that have seen some of the largest recent increases in renters who are “cost burdened” by high rent, paying 30% or more of their income on rent and utilities.^[7]
  • Five states where private equity landlords own the largest percentage of apartment units – Arizona, Nevada, Georgia, Texas, and Florida – were among the six states with the biggest increases in the share of “cost-burdened” renters.^[8] For instance, Arizona, where private equity companies own 17% of all apartment units in the state, had the largest increase in the share of cost-burdened renters, rising from 46.5% of renters to 54%.^[9]
  • The five metropolitan areas where the cost burden for renters has worsened the most since 2019 – Tampa-St. Petersburg, Phoenix, Dallas-Fort Worth, Atlanta, and Charlotte– are also areas where private equity companies own a large percentage of the apartment units. The Tampa-St. Petersburg metropolitan area, where private equity companies own almost a quarter of all apartment units, had the largest increase among the 25 largest metropolitan areas in the percentage of renters who are cost-burdened, rising from 52.6 percent in 2019 to 61 percent in 2023^[10]
• Private equity firms have invested most heavily in apartment complexes in the Sunbelt states, which are also many of the same markets with the largest concentrations of corporate landlord and private equity-owned single-family rentals (SFR) homes. These Sunbelt states are among those with the weakest tenant protections^[11] and the states with the largest population growth from 2020 to 2024.^[12]

The Private Equity Business Model

Private equity is a type of investment where a firm acquires an asset, such as a company or real estate, through a combination of equity capital that it has raised from investors and debt. The ownership of the acquired asset is private, meaning that it is not listed on a stock exchange.  The private equity firm’s goal is to double or triple the value of the investment within a short period of time, generally three to seven years, in order to generate returns for the private equity firm and its investors.

In real estate, the business model employed by many private equity companies is simple. They buy an apartment building, increase the rent, and charge additional fees to tenants in order to increase the cash flow at the property and thus increase the building’s value, and then often sell it within a few years for a profit.

For instance:

• Xander 3900, a 480-unit apartment complex in Las Vegas
  • The private equity firm Kennedy Wilson bought the property for $44.2 million in 2015.^[13]
  • The company sold it to Blackstone for $69.5 million in 2018.^[14]
  • Blackstone sold it to Brookfield, another private equity company, for $95 million in 2024.^[15]
  • Blackstone raised the average rents at the property by 31.5% from an average of $1,147 in 2020 to $1,508 in 2024, a larger increase than the 26% average rent increase for all apartments in that area.^[16]

• San Valiente, a 604-unit apartment complex in Phoenix
  • Blackstone bought the property for $100 million in 2019.^[17]
  • Blackstone sold the property to another private equity firm, Brookfield, for $142 million in 2024.^[18]
  • Blackstone had raised the average rent at the property 36 percent from $1,186 in 2020 to $1,617 in 2024, a larger increase than the 28percent average rent increase for all apartments in that area.^[19]

Private Equity Landlords and RealPage

Affiliates of three of the largest private equity landlords (Blackstone, Greystar, and Cortland) were recently named in a lawsuit brought by the U.S. Department of Justice and ten state Attorneys General alleging that they participated with rental software platform company RealPage in an unlawful scheme to “set their rents using each other’s competitively sensitive information.”^[20] RealPage is owned by another private equity company, Thoma Bravo.^[21]

Seven other large private equity landlords (Related Companies, Brookfield, Security Properties, Bell Partners, BH Management, Knightvest Residential, and Crow Holdings/ Trammell Crow Residential) have been named as defendants in one or more of the over 30 private class action lawsuits on the issue or the separate lawsuits filed by state Attorneys General. BH Management, which is owned by the private equity firm Pretium Partners, for instance, has been named in at least 18 of the private class action suits and the lawsuit brought by the Arizona Attorney General.^[22] The Arizona Attorney General’s lawsuit is pending. The private class action lawsuits have been consolidated into one lawsuit which is pending in U.S. District Court in Tennessee.^[23]

Problems at Private Equity-Owned Apartments

Tenants at private equity-owned apartments have reported problems such as large rent increases, hidden fees, poor maintenance and repairs, lack of responsiveness to tenant concerns, and aggressive eviction practices.

Since Blackstone  acquired 66 properties with 5,800 apartment units in San Diego in 2021, tenants have complained of mold, cockroaches, rats and other unresolved maintenance issues, aggressive evictions, undisclosed add-on fees, and large rent hikes.^[24] One tenant said she was given an eviction notice due to an outstanding balance of $490, to which Blackstone also added $1,225 in eviction fees.^[25] Another tenant said she fell behind on her rent in October and received an eviction notice in November..^[26] Multiple tenants complained that Blackstone had increased their rent by $200 a month.^[27]

The Federal Trade Commission and the State of Colorado sued Greystar in January 2025 for allegedly “deceptively advertising low monthly rents only to later saddle tenants with hundreds of dollars of hidden junk fees.” According to the complaint, tenants often did not discover the fees until after they signed a lease or moved in. The complaint alleges that these hidden fees have cost Greystar tenants hundreds of millions of dollars.^[28] In a Denver Post story last year one tenant said that when he toured a studio apartment, he specifically asked Greystar how much there would be in fees in addition to the $1,650 a month rent, but when he went to sign the lease, he was given 27 lease addendums, including numerous surprise monthly fees that were not mentioned during his tour, making his actual monthly cost closer to $1,900. Another tenant said that when Greystar took over her apartment, the $30 water bill shot up to $80 per month, and she noticed new fees on her rent bill, such as for pest control, trash, and “community,” totaling an extra $100 per month.^[29]

A 2023 Washington Post story looking at Starwood Capital found that the company had raised rents at some of its properties by 30 percent or more annually. For instance, in 2022, Starwood raised some rents by 52 percent at a property in Palm Beach County, FL, by 35 percent at a property in Scottsdale, AZ, and by 93 percent at a property in Boynton Beach, FL. At some properties that were built with low-interest loans and government subsidies in exchange for commitments to keep rents below levels set by HUD, tenants had complaints about the property conditions, such as a leaky air conditioner that left large puddles and inundated the carpet, causing mold.^[30]

In 2020, CIM Group purchased Southern Towers, a 2,300-unit property in Alexandria, VA. In a letter to CIM, U.S. Senators Mark Warner and Tim Kaine expressed the concerns of tenants that they have been “subjected to eviction filings during the eviction moratorium, changes in how utilities are billed combined with rent increases that led to substantial price hikes, and unaddressed maintenance issues that pose health and safety risks.”^[31] After several Alexandria City Council members toured the property, one council member wrote to CIM that she had brought one of her children who had a coughing fit due to mold. “We also observed holes in walls and a major flood in the elevator,” the council member wrote. “As a councilmember and mother, I do not want anyone living in conditions that compromise their health, safety, and stability.”^[32]

Residents at two Long Island, NY high-rises with over 1,000 units owned by Related Companies said they had massive, recurring elevator problems going on for years. This included two of three elevators being out of order at one of the properties, residents being trapped in elevators, including children who were alone, and even in hot weather, and residents on higher floors being unable to leave their apartments when the elevators weren’t functioning.^[33]

The New York Times reported in 2023 that the Carlyle Group had bought 150 apartment buildings in Brooklyn, NY since 2020. Tenants complained about rent increases and declining maintenance, and many said they planned to move out. One tenant was interviewed at her apartment while the fire alarm was blaring, two days after the city had cited Carlyle over problems with the alarm system. She said the building management had been unresponsive to problems such as a gas and heat outage in the winter. ^[34]

Residents of the Woodberry Village apartments, a complex of 17 apartment buildings in Washington, DC, said that the previous owner responded quickly to maintenance issues, but that the new owner, Capital Realty, has ignored the problems. As a result, tenants say that they have had to endure no heat for months in the winter; apartments infested with mice; mold and mildew; and ceilings caving in. The Washington, DC Department of Consumer and Regulatory Affairs found numerous code violations at the property and fined Capital Realty thousands of dollars.^[35]

Ownership Numbers

We have identified 121 private equity companies^[36] that own at least 8,200 apartment buildings with over 2.2 million units.^[37]

Blackstone, which is the largest private equity firm in the world, is also by far the largest owner of apartments in the U.S., owning almost two times the number of multifamily properties and over 1.5 times more multifamily units than Greystar, another private equity company, which is the next largest owner in the U.S.

The ten largest private equity owners of apartments in the U.S. own approximately 900,000 total units.

Ten Largest Private Equity Apartment Owners in the U.S.

Acquisitions

Private equity companies currently own at least 8,200 apartment buildings with over 2.2 million units, and the majority of these have been recent acquisitions.

Of the properties that private equity companies currently own:

• Almost two-thirds of the properties (63 percent) have been acquired since 2018. Private equity companies currently own over 5,100 properties with almost 1.4 million total units that they have acquired since 2018.
• Almost half of the currently owned properties (43 percent) have been acquired since 2021. Private equity companies currently own more than 3,500 properties with about 930,000 total units that they have acquired since 2021.

Of the 230,000 total units that Blackstone currently owns:

• More than half (58 percent) were acquired since 2021
• Three quarters were acquired since 2018

Of Starwood’s almost 100,000 units:

• More than half (53 percent) were acquired since 2021
• More than three quarters (77 percent) were acquired since 2018

Five Largest PE acquirers since 2021

Geographic Concentration

Private equity firms own almost 2.2 million apartment units, however, these are not distributed evenly throughout the U.S. Instead, there are large concentrations in certain states and cities, most notably in the Sun Belt.

By State

• 1.2 million units, more than half (55 percent) of the total units currently owned by private equity companies, are in just five states – Texas, Florida, California, Georgia, and North Carolina.
• Texas has, by far, the largest number of private equity-owned apartments in the country with almost 1,500 properties and over 440,000 total units.

Northeast, Mid-Atlantic, and Midwest

Southeast

South Central

Southwest

West

Four of the above states – Texas, Florida, Georgia, and North Carolina – are also the four states with the largest population growth from 2020 to 2024.^[38]

Private equity’s ownership of almost 2.2 million apartment units represents about 10 percent of the total number of apartment units in the country.^[39] However, this percentage is significantly higher in some states and metro areas because of the concentration of private equity-owned apartments there. For instance, private equity companies own one in every five apartment units in Georgia and North Carolina.

States where Private Equity-owned Landlords Own the Largest Percentage of Total Apartment Units

There were 21 states where a majority of renters spent 30 percent or more of their incomes on rent and utilities in 2023, compared with just seven states in 2019.^[41]  Renters who have to pay more than 30 percent are considered “cost-burdened” according to the U.S. Department of Housing and Urban Development, and may not be able to pay for other necessities. Five of the above states – Arizona, Nevada, Georgia, Texas, and Florida – were among the six states with the biggest increases in the share of “cost-burdened” renters since 2019.^[42]

By Metro Area

Of the ten metro areas in the U.S. with the highest number of private equity-owned apartments, three are in Texas, two are in Florida, and two are in North Carolina.

Texas has three of the five metro areas with the highest number of private equity-owned apartments in the US.

Metro Areas with Largest Number of Private Equity-Owned Apartment Units

These ten metro areas alone total over 928,000 units and account for more than 41 percent of the total private equity-owned apartment units.

These mostly Sunbelt cities are also many of the same markets with the largest concentration of corporate landlord-owned single-family rental (SFR) homes. For instance, Atlanta has by far the largest number in the U.S., with over 70,000 SFR homes.^[43]

Private equity-owned apartments account for more than a quarter of the overall apartment units in four metro areas and at least 20 percent of the total number of apartment units in six more metro areas.

Metro Areas with the Largest Percentage of Private Equity-owned Apartments

Sunbelt cities also have the highest shares of corporate landlord-owned single-family rental (SFR) homes. Corporate landlord-owned SFR homes constitute 25 percent of the rental homes in Atlanta, 21 percent in Jacksonville and 18 percent in Charlotte.^[45]

The five metropolitan areas where the cost burden for renters has worsened the most since 2019 are also areas where private equity companies own a large percentage of the apartment units. The Tampa-St. Petersburg metropolitan area, where private equity companies own almost a quarter of all apartment units, had the largest increase among the 25 largest metropolitan areas in the percentage of renters who are cost-burdened, rising from 52.6 percent in 2019 to 61 percent in 2023. Rents increased 49 percent in the Tampa area from 2019 to 2023 – the largest increases in rents among the 25 largest metropolitan areas.^[46]

Recommendations

For Private Equity Landlords 

In order to ensure that their apartments are safe, affordable, and accessible, private equity landlords should make the following changes:

• Limit rent increases at all properties to a maximum of 3% per year. Provide relocation assistance to tenants who are displaced due to rent increases.
• Carry out evictions only for “just cause,” such as non-payment of rent, damage to property, or violating the lease.
• Work with tenants who are behind on rent and make available affordable payment plans that enable tenants to repay the amount they owe. Ensure that tenants who are behind on rent are aware of and have access to available financial assistance programs that can help them get caught up and legal assistance programs that can provide representation to tenants in court.
• Abide by all fair housing laws and do not unilaterally bar tenants with criminal convictions from the application process.
• Provide at least a 10-day grace period to pay the rent before charging late fees. Limit late fees to 5% of the amount owed.
• Stop charging junk fees, such as excessive application fees, processing fees, convenience fees, administrative fees, trash fees, unreasonable utility charges, security fees, pet rent, landscaping fees, parking fees, and other fees that are unnecessary or disproportionate to the actual cost of the service provided. Clearly disclose fees on apartment advertisements and throughout the leasing process.
• Design payment processes and interfaces fairly. Allow tenants to choose how to apply outstanding payments (i.e. do not force tenants to pay outstanding fees before they are allowed to pay rent). Allow tenants to pay through multiple channels: online, through check, or via money order.
• Provide extended notice of at least 60 days in cases where the landlord opts not to renew a tenant’s lease.

• Recognize tenant associations and tenant unions and meet with them on a regular basis and engage in good-faith negotiations.
• Negotiate a grievance procedure with tenants to address issues of health and safety in a timely manner and without retaliation.
• Keep all properties up to habitability standards, and immediately address health and safety issues.
• Ensure that all advertised amenities are in proper, working order, and/or compensate tenants for periods where amenities are not fully functional.
• Provide adequate, professional property management staff that reflect the community and are qualified, respectful, available, and responsive to tenants’ needs, and can communicate in tenants’ primary language. Create and properly staff 24-hour hotlines for emergency maintenance requests.
• Before selling a property, provide the opportunity of first purchase to residents, community land trusts, and other entities that will maintain affordability and upkeep of the property.
• Do not interfere with local, state or national efforts to establish tenant protection laws, such as rent control, and do not contribute to political action committees (PACs) that engage in such interference
• Stop using RealPage to set rent prices at their properties.

For Public Officials

All levels of government should enact legislation to:

Protect tenants

• Enact just cause eviction protections.
• Enact rent control laws limiting annual rent increases to no more than 3% per year, including mandatory fees, without exemptions.
• Legally recognize tenants’ right to organize and bargain collectively; mandate that landlords negotiate with tenant unions.
• Establish steep monetary penalties for retaliation against tenant self-advocacy.
• Implement and fund Right to Counsel laws so that tenants facing eviction are guaranteed legal representation.
• Establish landlord registries and require disclosure of full ownership; require rental properties to undergo a proactive inspection and licensing process.
• Grant local governments the power to require emergency repairs and apply fines when landlords drag their feet.
• Eliminate state preemptions that prevent localities from passing the above protections.

Curb corporate control of housing

• Cap the number of housing units any one landlord is allowed to own by banning large rental portfolios or by imposing high taxes on portfolios over a certain threshold.
• Improve transparency by creating a publicly searchable database of LLC owners and their beneficial owners.
• Create a centralized, publicly searchable database for collecting resident complaints, code violations, eviction history, and legal actions against landlords
• Implement basic underwriting standards that impose price controls and establish habitability standards for multifamily loans through the Federal Housing Finance Administration (FHFA)
• Have the Federal Trade Commission (FTC) investigate large acquisitions of residential rental property to determine whether those acquisitions impede competition.
• Ban landlords from using computer algorithms to set rent prices, such as those employed by RealPage, and from sharing private rental pricing data

For Investors

Private equity companies raise capital from institutional investors to form private equity funds, which the companies then use to acquire assets, such as rental apartments. Public employee pension funds are the main type of institutional investor in private equity funds.

Public pension funds should adopt standards for responsible housing investments to ensure that the investments do not negatively impact renters such as by driving up rent prices or displacing tenants

Before committing investments to private equity firms, public pension systems should require the firms to commit to:

• Adopt just cause eviction protections for all tenants.
• Cap rent increases, including fees, at a maximum of 3%.
• Eliminate excess charges and fees.
• Meet or exceed federal, state, and local habitability standards.
• Pay all relocation costs in cases where uninhabitable conditions push tenants to relocate.
• Hire management staff that reflect the community and are qualified, respectful, available, and responsive to tenants’ needs, and can communicate in tenants’ primary language.
• Recognize tenant associations and tenant unions, including meeting with them on a regular basis and engaging in good-faith negotiations.
• Negotiate a grievance procedure with tenants to address issues of health and safety in a timely manner and without retaliation.
• Participate in routine audits of compliance to these standards, with harsh penalties assigned to asset managers found to be non-compliant.

Last summer, the New York City Employees Retirement System (NYCERS) adopted a Responsible Property Management Standards (RMPS) Policy to support and encourage fair rental practices by investment managers with which the pension fund invests. NYCERS is one of the largest pension plans in the U.S.

According to the New York City Comptroller’s office, which spearheaded the effort to adopt the standards, the current lack of standards exposes the fund to risks such as higher costs due to resident dissatisfaction, high turnover, and a growing number of regulatory and reputational challenges.

NYCERS’ Responsible Property Management Standards Policy represents a landmark step by investors in acknowledging the serious problems that many tenants currently face and how investment managers can better address those problems.

Research Methods

For our analysis, we compiled a list of 121 private equity firms that own over 8,200 apartment buildings in the U.S. with over 2.2 million units. This includes properties that are in various stages of development but are not yet occupied. The property list was compiled through a combination of property records from Lexis Nexis and Yardi Matrix and news sources. This is not an exhaustive list of private equity-owned apartments. It is likely that there are other private equity firms that own multi-family housing, and we will update the information at least quarterly.

Appendix 1 – Private Equity Real Estate Companies

Abacus Capital Group

ACRE

AEW Capital Management

Affinius Capital

Arcan Capital

Ares Management

Artemis Real Estate Partners

Ascentris

Ashland Greene Capital

Aspen Oak Capital Partners

Atlantic Pacific Companies

AXA Investment Managers

Axonic Properties

Barings

Bascom Group

The Beach Company

Bell Partners

Benedict Canyon Equities

Benefit Street Partners

Berkshire Residential Investments

BH Equities (Pretium)

BlackRock

Blackstone

Blue Lake Capital

Brazos Residential

Bridge Investment Group

Brookfield

CAF Capital Partners

Capital Realty Group

Carlyle

Carmel Partners

Carter-Haston

Centennial Holding Company

CIM Group

Cityview

Clarion Partners

The Clear Blue Company

ClearWorth Capital

Cleghorn Capital

Cortland

Covenant Capital Group

Crow Holdings/ Trammell Crow Residential

DiNapoli Capital Partners

DRA Advisors

DSF Group

Eaton Vance Management

Electa America (American Landmark Apartments)

Emerald City Associates

EQT Exeter

Equus Capital Partners

Fairfield Residential

FCP

Fortress Investment Group

FPA Mulit-family

GAIA Real Estate

GID

Greystar Real Estate Partners

GVA Real Estate Investments

Harbert Management Corporation

Harbor Group International

Harrison Street

Hetiman

Hines Interests

Infinity Capital Partners

Interstate Equities Corporation

Invesco Real Estate

Investcorp

J.P. Morgan Asset Management

Jones Street Investment Partners

JSB Capital Group

JVM Realty

Kairos Investment Management

Kayne Anderson Capital Advisors

Kennedy Wilson

KKR (Kohlberg Kravis and Roberts)

Knightvest Capital

LaSalle Investment Management

Lightstone Group

Lone Star Funds

Madison Realty Capital

Mesa Capital Partners

Mesirow Financial

Monarch Investment and Management Group

Nimes Real Estate

Northland Investment Corporation

Nuveen Real Estate

PCCP

Peak Capital Partners

Pennybacker Capital

PGIM Real Estate

Post Investment Group

Preiss Company

Preserve Partners

Raintree Partners
Reap Capital

Related Companies

Rincon Partners RK Properties

Rockpoint Group

Rockwood Capital

Scion Group

Security Properties

Sentinel Real Estate Corporation

The Solomon Organization

Spyglass Capital Partners

Starwood Capital Group

TA Realty

Taurus Investment Holdings

The NRP Group

Tishman Speyer

TPG Real Estate (includes Angelo Gordon & Company)

TruAmerica Multifamily

Viking Capital

Walton Street Capital

Waterton

Westbrook Partners

Wheelock Street Capital

WindMass Capital

Windgate Companies

The Wolff Company

Citations

^[1] https://www.merkley.senate.gov/wp-content/uploads/imo/media/doc/financial_service_committee_report.pdf

^[2]https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard_JCHS_Americas_Rental_Housing_2024.pdf, p. 21

^[3]https://www.brookings.edu/articles/gentle-density-can-save-our-neighborhoods/#:~:text=Where%20land%20is%20expensive%2C%20adding,way%20to%20democratize%20our%20cities.

^[4] Data Source: Yardi Matrix and Lexis Nexis. As of January 1, 2025. Apartments include student, affordable, and senior housing.

^[5]https://money.usnews.com/investing/articles/largest-private-equity-firms#:~:text=Blackstone%20Inc.,-(BX)&text=After%20a%20rare%20stop%20at,over%20the%20past%20five%20years.

^[6] Data Source: Yardi Matrix and Lexis Nexis

^[7] https://stateline.org/2024/09/12/rent-is-eating-up-a-greater-share-of-tenants-income-in-almost-every-state/#:~:text=Arizona%20and%20Nevada%20had%20the,housing%20from%202019%20to%202023.

^[8] https://stateline.org/2024/09/12/rent-is-eating-up-a-greater-share-of-tenants-income-in-almost-every-state/#:~:text=Arizona%20and%20Nevada%20had%20the,housing%20from%202019%20to%202023.

^[9] https://stateline.org/2024/09/12/rent-is-eating-up-a-greater-share-of-tenants-income-in-almost-every-state/#:~:text=Arizona%20and%20Nevada%20had%20the,housing%20from%202019%20to%202023.

^[10] https://www.apartmentlist.com/research/cost-burdened-renter-households-hits-all-time-high

^[11]https://realwealth.com/learn/landlord-friendly-states/

https://www.realtor.com/news/trends/evictions-in-pandemic-boomtowns-are-surging-as-rents-rise/#:~:text=Among%20the%20cities%20and%20states,growing%20areas%20of%20the%20country.

^[12]https://www.census.gov/data/tables/time-series/demo/popest/2020s-state-total.html

^[13] Data Source: Yardi Matrix.

^[14] Data Source: Yardi Matrix.

^[15] Data Source: Yardi Matrix.

^[16] Data Source: Yardi Matrix. The average rent for an apartment in Northwest Las Vegas increased from $1,249 in 2020 to $1,601 in 2024. The Yardi Matrix Rent Survey is a research service provided by Yardi Systems, Inc., which develops software for real estate investment management and property management. The Yardi Matrix Rent Survey analyzes residential apartment rents across various markets in the U.S. It collects, verifies, and reports rental data on a monthly basis, covering metrics such as average rents, occupancy rates, and rent growth trends for different types of rental properties. The Yardi Matrix Rent Survey is known for its comprehensive coverage, including detailed information on individual properties such as amenities, unit mix, and ownership, which makes it a valuable tool for in-depth market analysis.

^[17] Data Source: Yardi Matrix.

^[18] Data Source: Yardi Matrix.

^[19] Data source: Yardi Matrix. The average rent for an apartment in the “The Village” neighborhood increased from $951 in 2020 to $1,214 in 2024.

^[20]https://www.justice.gov/opa/pr/justice-department-sues-six-large-landlords-algorithmic-pricing-scheme-harms-millions

^[21]https://www.realpage.com/news/thoma-bravo-completes-acquisition-of-realpage/

^[22]State of Arizona, ex. Rel. Kristin K Mayes v. RealPage, Inc, et al. defendants include: BH Management Services; Crow Holdings, LP; Trammell Crow Residential Company; and Greystar Management Services, LP.

Cherry et al v. RealPage Inc et al 3:2023cv00332 defendants include: Greystar Real Estate Partners; and Security Properties, Inc.

Enders v. Realpage, Inc. et al 3:2023cv00390 include: Bell Partners Inc:; BH Management Services, LLC, Greystar Real Estate Partners LLC; Security Properties Inc; Greystar Management Services, LLC,; and Security Properties Residential, LLC.

Kempton et al v. RealPage Inc et al 3:2023cv00419 defendants include: Greystar Real Estate Partners, LLC, and Security Properties Inc.

Lauder et al v. RealPage, Inc. et al 3:2023cv00757 defendants include: Greystar Management Services, L.P., BH Management Services, LLC, and Greystar Management Services, LLC.

Armas et al v. RealPage Inc et al 3:2023cv00333 defendants include: Greystar Real Estate Partners, LLC; Security Properties Inc,; BH Management Services, LLC,; Greystar Management Services, LLC, and Security Properties Residential, LLC.

Alvarez et al v. RealPage Inc et al 3:2023cv00331defendants include: Greystar Real Estate Partners, LLC, Security Properties Inc, Greystar Management Services, LLC and Security Properties Residential, LLC.

Crook v. RealPage Inc et al 3:2023cv00387 defendants include: Greystar Real Estate Partners, LLC, BH Management Services, LLC,,Security Properties Inc,, Greystar Management Services, LLC, and Security Properties Residential, LLC.

Godfrey v. RealPage Inc et al 3:2023cv00344 defendants include: Greystar Real Estate Partners, Security Properties Inc, Greystar Management Services, LLC and Security Properties Residential, LLC.

Hardie et al v. RealPage Inc et al 2:2023cv00059 defendants include: Greystar Real Estate Partners, LLC, Security Properties Inc., RealPage Inc, Greystar Real Estate Partners LLC, and Security Properties Inc.

Johnson v. RealPage Inc et al 2:2022cv01734 defendants include: Greystar Real Estate Partners, LLC, and Security Properties Inc.

Kramer v. Realpage, Inc. et al 3:2023cv00356 defendants include: Bell Partners Inc., Greystar Real Estate Partners LLC, Highmark Residential, LLC, UDR Inc, and Greystar Management Services, LLC.

Pham et al v. RealPage Inc et al 3:2023cv00337 defendants include: BH Management Services, Greystar Real Estate Partners, LLC, Security Properties Inc, Greystar Management Services, LLC, and Security Properties Residential, LLC.

Silverman et al v. RealPage Inc et al 2:2022cv01740 defendants include: Brookfield Residential Properties LLC, and Greystar Real Estate Partners, LLC.

Weaver v. Realpage, Inc. et al 3:2023cv00357 defendants include: Bell Partners Inc., BH Management Services, LLC, Cortland Partners, LLC, Greystar Real Estate Partners LLC, Security Properties Inc, Sherman Associates, Inc., UDR Inc, Greystar Management Services, LLC, and Security Properties Residential.

Zhovmiruk v. RealPage Inc et al 3:2023cv00345 defendants include: Greystar Real Estate Partners, LLC, Security Properties Inc, Cortland Partners, LLC, Greystar Management Services, LLC and Security Properties Residential, LLC.

Corradino et al v. RealPage Inc et al 3:2023cv00379 defendants include: Bell Partners Inc., BH Management Services, LLC, Cortland Partners, LLC, Greystar Real Estate Partners LLC, and Greystar Management Services, LLC.

Precht v. RealPage, Inc. et al 3:2023cv00412 defendants include: Greystar Real Estate Partners LLC,  and The Related Companies, Inc.

Spencer et al v. Realpage, Inc. et al 3:2023cv00415 include: Greystar Real Estate Partners LLC, Cortland Partners, LLC, and Greystar Management Services, LLC.

Vincin et al v. RealPage, Inc. et al 3:2023cv00410 defendants include: Greystar Real Estate Partners LLC, Cortland Partners, LLC, and Greystar Management Services, LLC.

Weller v. RealPage Inc et al 3:2023cv00414 include:  Greystar Real Estate Partners, LLC, BH Management Services, LLC, Cortland Partners, LLC, Security Properties Inc, Greystar Management Services, LLC, and Security Properties Residential, LLC.

Bauman v. RealPage, Inc. et al, No. 3:2023cv00326 defendants include: Greystar Real Estate Partners LLC, BH Management Services, LLC, Cortland Partners, LLC, Security Properties Inc., Greystar Management Services, LLC, and Security Properties Residential, LLC.

Bertlshofer v. RealPage Incorporated et al 3:2023cv00377 defendants include: BH Management Services, LLC, and Greystar Real Estate Partners LLC.

Carter v. RealPage, Inc. et al 3:2023cv00411 defendants include: Greystar Real Estate Partners LLC, Cortland Partners, LLC, Knightvest Residential, and Greystar Management Services.

Dempsey et al v. Realpage, Inc. et al, No. 3:2023cv00792 defendants include: Greystar Management Services, L.P., BH Management Services, LLC, and Greystar Management Services, LLC.

Mackie v. Realpage, Inc. et al 3:2023cv00358 defendants include: BH Management Services, LLC, Cortland Partners, LLC, Greystar Real Estate Partners LLC,  and Security Properties Inc,, Greystar Management Services, LLC, and Security Properties Residential, LLC.

Marchetti v. Realpage, Inc. et al 3:2023cv00380 defendants include: BH Management,  Cortland Properties Inc., Greystar Real Estate Partners LLC, Security Properties Inc, BH Management Services, LLC, Greystar Management Services, LLC, and Security Properties Residential, LLC.

Parker et al v. RealPage Inc et al 3:2023cv00378 defendants include: Bell Partners Inc., BH Management Services, LLC, Cortland Partners, LLC, Greystar Real Estate Partners LLC, Security Properties Inc, and Greystar Management Services, LLC.

Saloman et al v. Realpage, Inc et al 3:2023cv00381 defendants include: Bell Partners Inc., BH Management Services, LLC, Greystar Real Estate Partners LLC, Cortland Partners, LLC and Greystar Management Services, LLC.

Schmidig v. Realpage, Inc. et al 3:2023cv00391 defendants include: BH Management, LLC, Cortland  Properties, Inc., Grey Star Real Estate Partners, LLC, Security Properties Inc, BH Management Services, LLC, Greystar Management Services, LLC, and Security Properties Residential, LLC.

White v. RealPage, Inc. et al 3:2023cv00413 defendants include: Greystar Real Estate Partners LLC, and The Related Companies, Inc.

Lai Cheong v. RealPage, Inc. et al 3:2023cv00416 defendants include: Greystar Real Estate Partners LLC, Lincoln Property Company, Cushman & Wakefield Inc, Mid-America Apartment Communities, Inc., Equity Residential, Morgan Properties Management Company, Camden Property Trust, Trammell Crow Residential, LLC and Greystar Management Services, LLC.

^[23]https://www.multifamilydive.com/news/antitrust-suit-RealPage-rent-pricing-software-algorithm/704352/

^[24]https://sdvoice.info/rent-hikes-neglect-and-evictions-grip-blackstone-tenants/

^[25]https://sdvoice.info/rent-hikes-neglect-and-evictions-grip-blackstone-tenants/

^[26]https://www.cbs8.com/article/news/local/tenants-in-blackstone-owned-properties-rally/509-591cc3fb-ba2c-4425-a8de-49ea3d16557c

^[27]https://www.kpbs.org/news/local/2023/05/24/corporate-landlords-california-buying-spree-alarms-tenants-i-only-earn-enough-to-pay-the-rent

^[28]https://www.ftc.gov/news-events/news/press-releases/2025/01/ftc-state-colorado-take-action-against-greystar-nations-largest-multi-family-rental-property-manager

^[29]https://archive.ph/nmSN2https://archive.ph/SlAFa

^[30]https://archive.ph/l9D7p#selection-1115.57-1257.437

^[31]https://www.alxnow.com/2023/06/27/senators-warner-and-kaine-task-southern-towers-owners-to-resolve-eviction-conflict-with-residents/

^[32]https://www.alxnow.com/2023/11/08/southern-towers-apartment-complex-owner-is-at-odds-with-residents-over-living-conditions/

^[33]https://www.qchron.com/editions/queenswide/in-lic-38-stories-one-shaky-elevator-and-high-heat/article_abfd631a-5105-11ef-b0e4-2fb499b1f818.html

^[34]https://www.nytimes.com/2023/08/15/nyregion/private-equity-apartments-nyc.html

^[35]https://dcist.com/story/21/02/26/woodberry-village-apartments-southeast-dc/

^[36] See Appendix 1. This is not an exhaustive list. As of 2020, there were 4,500 private equity firms in the U.S. according to the American Investment Council. https://www.investmentcouncil.org/wp-content/uploads/ey-aic-pe-economic-contribution-report-final-05-13-2021.pdf?utm_source=stachecow.com&utm_medium=article&utm_campaign=how-many-private-equity-firms-are-in-the-us-193

^[37] Data Source: Yardi Matrix and Lexis Nexis

^[38]https://www.census.gov/data/tables/time-series/demo/popest/2020s-state-total.html

^[39] According to the National Multifamily Housing Council’s tabulation of 2023 American Community Survey microdata from the US Census Bureau, there are almost 23.3 million apartment units in the U.S. An apartment unit is defined as any rental unit in a structure with 5 or more units.  https://www.nmhc.org/research-insight/quick-facts-figures/quick-facts-data-download/

^[40]https://www.nmhc.org/research-insight/quick-facts-figures/quick-facts-data-download/

^[41] https://stateline.org/2024/09/12/rent-is-eating-up-a-greater-share-of-tenants-income-in-almost-every-state/#:~:text=Arizona%20and%20Nevada%20had%20the,housing%20from%202019%20to%202023.

^[42] https://stateline.org/2024/09/12/rent-is-eating-up-a-greater-share-of-tenants-income-in-almost-every-state/#:~:text=Arizona%20and%20Nevada%20had%20the,housing%20from%202019%20to%202023.

^[43]https://www.gao.gov/assets/gao-24-106643.pdf, p. 14

^[44]https://www.nmhc.org/research-insight/quick-facts-figures/quick-facts-data-download/

^[45]https://www.gao.gov/assets/gao-24-106643.pdf, p. 15

^[46] https://www.apartmentlist.com/research/cost-burdened-renter-households-hits-all-time-high