The sometimes hard to see symbiotic relationship of landlords and renters
Impoverishing landlords is not a win for renters. Nor is the landslide of evictions heading their way. Another big housing crisis may be ahead—only this time it’s about rentals.
- 66% U.S. markets where renting is more affordable than buying
- 6% American renter households; the highest level in 50 years
- 650 Average resident credit score (2017)
- 4% of rentals are owned by individual investors (43 million units)
4 states with large renter populations have instituted a temporary ban on evictions: California, Florida, New York and Texas
43 million units
Small investors own much of the naturally occurring affordable housing in the U.S.
$1.6 trillion
Total outstanding mortgage debt on multifamily properties in the U.S. (2019)
5% Mortgage defaults in the Great Recession.
Who owns America’s apartment units?
- 8% individual investors
- 2% LP, LLP, LLC
- 2% Trustee, tenant-in-common, general partnership, real estate corp., housing coop, non-profit, other
- 8% REITs
$100 billion
Apartment associations asked Congress to cover some of the rent shortfall with direct payments to property owners
