Private equity firms have significantly expanded their U.S. multifamily ownership positions over the last year, according to annual reports by the Private Equity Stakeholder Project.
In April 2025, there were at least 8,200 multifamily buildings with more than 2.2 million units, representing about 10% of the total units.
By May 2026, that had expanded to at least 11,800 buildings with almost 3 million units, or about 13% of the total. That was a 43.9% increase in the number of buildings and about a 36.4% increase in units.
In 2026, Blackstone was the largest owner of U.S. apartments, with more than 230,601 units, compared to second-place Greystar, with 141,107.
Blackstone was also the largest owner in 2025, with 230,667 units. Greystar had 138,319 last year.
As of 2026, PE firms had acquired 1.7 million units (57% of the total) since 2018. They acquired 1.3 million (45% of the total) since 2021.
About 70% of the total units held by private equity companies were in 10 states: Texas, Florida, California, Georgia, North Carolina, Colorado, New York, Arizona, Virginia, and Washington state. Texas was home to more than 1,900 properties and 580,000 total units.
Last year, the organization said 55% of the units were in five states: Texas, Florida, California, Georgia, and North Carolina. Texas had 1,500 properties and more than 440,000 units.
In 2026, PE firms owned 31% of all units in Georgia and 24% in North Carolina. The 10 metro areas with the largest number of PE-owned units are Dallas, Atlanta, Houston, Denver, Austin, Phoenix, Orlando, Charlotte, Seattle-Tacoma, and Washington, DC/Suburban Maryland/Northern Virginia, for a total of 1.1 million units. The firms have more than 30% of the units in the Atlanta, Austin, Charlotte, Orlando, and the Dallas-Fort Worth metropolitan areas.
The 10 largest PE owners by units are Blackstone (230,601), Greystar (141,107), Starwood Capital (104,902), Related Companies (94,305), Monarch Investment and Management Group (78,269), Bridge Investment Group (72,130), FPA Multifamily (71,276), Cortland (71,088), Harbor Group International (65,220), GID (58,834), and Brookfield (57,246).
With all the ownership, though, have come volumes of problems, the report noted. For example, they mentioned theFederal Trade Commission and State of Colorado lawsuit against Greystar, alleging the company in Colorado advertised rents that excluded mandatory charges. The case was settled last December, resulting in a $24 million penalty — $23 million of which will be refunded to consumers and a mandate that the company "stop deceptive advertising practices."
Greystar agreed not to misrepresent total monthly leasing prices, to "prominently disclose" full monthly costs, and to specify "clearly and conspicuously" which fees are mandatory. The companyseparately emphasized that it did not admit wrongdoing and maintained that its advertising had been transparent.
The Private Equity Stakeholder Project also referred to cases involving different private equity firms of tenant complaints in various geographic areas. These included sharp rental increases; aggressive evictions, sometimes even during the pandemic eviction moratorium; undisclosed add-on fees; ongoing facility malfunctions, including a lack of heat; and poor property maintenance.
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