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.
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
Apartment associations asked Congress to cover some of the rent shortfall with direct payments to property owners