That's how many U.S. apartment units are owned by private equity firms — about 13 percent of all apartments nationwide — with 57 percent of those acquired since 2018 and nearly half since 2021, according to a new analysis by the Private Equity Stakeholder Project. More than two-thirds of the units are concentrated in just 10 states, with Texas leading the way at nearly 580,000 units; private equity firms own nearly 1 in 3 apartment units in Georgia and almost 1 in 4 in North Carolina. The metros with the highest private equity ownership shares — Atlanta; Austin, Texas; Charlotte, N.C.; Dallas-Fort Worth; and Orlando, Fla. — are among the same markets that have seen some of the largest increases in cost-burdened renters, meaning households spending at least 30 percent of their income on rent and utilities.
