ProInvestorHub Data Report · 2024
The American Rental Ownership Report
Who actually owns America's rental housing — and how they finance it? Using the Census Bureau's 2024 Rental Housing Finance Survey (the most complete public picture of rental ownership, with 2018 and 2021 for the trend), this report tracks the shift from individual “mom-and-pop” owners toward LLCs and larger operators — and the gap between who owns the properties and who owns the units.
58.9%
Individual share of rental properties
2024 · down from 71.6% in 2018 (−12.7 pts)
21.4%
LLP/LP/LLC share of properties
up from 16.2% in 2018 (+5.2 pts)
43.0%
LLC share of rental units
vs 31.6% for individuals — LLCs own more units
63%
Rental properties owned free & clear
only 37.5% carry a mortgage
Key findings
- Individual investors owned 58.9% of U.S. rental properties in 2024, down from 71.6% in 2018 — a −12.7 pts slide in six years (Census Rental Housing Finance Survey, property-weighted).
- Ownership through LLPs, LPs, and LLCs rose from 16.2% to 21.4% of rental properties over the same period, and business/institutional entities together now hold roughly 33% of properties, up from about 25% in 2018.
- Counted by rental units rather than properties, LLC/LP/LLPs (43.0%) now own more than individuals (31.6%) — individuals own the most properties, but entities own the most doors.
- Most rental property carries no debt: only 37.5% of rental properties had a mortgage or other debt in 2024, so roughly 63% are owned free and clear.
- 82.9% of rental properties are single-unit homes, but 39.4% of all rental units sit in buildings of 50+ units — the small-property, big-building split of U.S. rental housing.
The mom-and-pop share is shrinking
Across three survey waves, the individual-investor share of rental properties has fallen while entity ownership climbed. The steepest drop came between 2021 and 2024.
Who owns the properties vs. who owns the units
The headline flips depending on what you count. Individuals dominate the property count; business entities dominate the unit count, because they own the larger buildings. Both charts are 2024.
Ownership by entity, 2024
Every ownership category, by share of properties and share of units.
| Ownership entity | Share of properties | Share of units |
|---|---|---|
| Individual investor | 58.9% | 31.6% |
| LLP, LP, or LLC | 21.4% | 43.0% |
| Trustee for estate | 6.3% | 3.8% |
| Other institution | 2.4% | 2.4% |
| Real Estate Investment Trust (REIT) | 1.0% | 1.3% |
| Real estate corporation | 0.7% | 3.0% |
| Nonprofit organization | 0.6% | 2.1% |
| General partnership | 0.3% | 1.4% |
| Housing cooperative | 0.1% | 0.4% |
Shares are property-weighted and include the “not reported” ownership category (8.2% of properties in 2024) in the denominator, so columns do not sum to 100%.
Small properties, big buildings
U.S. rental housing is overwhelmingly single-unit properties, but the units are concentrated in large buildings — which is why the ownership picture changes so much depending on what you count.
| Property size | Share of properties | Share of units |
|---|---|---|
| 1 unit | 82.9% | 31.5% |
| 2–4 units | 14.6% | 15.4% |
| 5–24 units | 1.7% | 8.2% |
| 25–49 units | 0.4% | 5.4% |
| 50+ units | 0.4% | 39.4% |
Value & equity
The median rental property was worth $275,000 in 2024 against a median purchase price of $150,000 — a large embedded-equity gap that helps explain why so many owners hold free and clear. In 2018 the median value was $125,000.
Financing
Only 37.5% of rental properties carry mortgage or other debt, but because larger buildings are more likely to be financed, 52.7% of rental units sit in a property with debt. See how investors borrow in the Investor Financing Report.
How we built this
Source: U.S. Census Bureau, Rental Housing Finance Survey (RHFS) Public Use Files (2018, 2021, 2024). We compute every estimate directly from the public-use microdata, weighted by the property weight so results represent all U.S. rental properties (unit figures weight by property weight × units). Our weighted totals reconcile to the Census-published universe of about 19.0M rental properties and 49.9M units in 2024. Ownership shares include the "Not reported" ownership category in the denominator (8.2% of properties in 2024), matching Census property totals; a reported-only base is provided in each entity record. Figures are national — the survey publishes no state or metro detail.
Pair it with the numbers
Ownership is the macro backdrop; whether a specific deal works comes down to price, rent, and financing. See where rent goes furthest against price in our Best Cash-Flow Markets report, and where rents are climbing in Where Rents Are Rising Fastest.
Frequently asked questions
Who owns most rental property in America?
Individual investors still own the most rental properties — 58.9% of all U.S. rental properties in 2024 — but their share has fallen sharply from 71.6% in 2018. Counted by rental units instead of properties, LLCs, LPs, and LLPs (43.0%) now own more than individuals (31.6%), because business entities own the larger buildings. Source: U.S. Census Bureau, Rental Housing Finance Survey (RHFS) Public Use Files.
Are individual "mom-and-pop" investors leaving the rental market?
Their share is shrinking, not necessarily their count. The individual-investor share of rental properties dropped −12.7 pts between 2018 and 2024, while LLP/LP/LLC ownership rose from 16.2% to 21.4%. Some of that shift is mom-and-pop owners re-titling their own properties into LLCs for liability protection, and some is genuine consolidation by larger operators. Part of the measured drop also reflects rising nonresponse (owners who didn't report an entity rose to 8.2% of properties).
Do most landlords have a mortgage?
No. Only 37.5% of U.S. rental properties carried mortgage or other debt in 2024 — about 63% are owned free and clear (among properties reporting debt status). Larger properties are far more likely to be financed, so on a per-unit basis 52.7% of rental units carry debt.
What is the Rental Housing Finance Survey?
The Rental Housing Finance Survey (RHFS) is a national survey by the U.S. Census Bureau (sponsored by HUD) of the ownership, financing, and characteristics of U.S. rental properties. It is the most comprehensive public view of who owns rental housing and how it is financed. This report uses the 2018, 2021, 2024 public-use microdata, property-weighted. Figures are national; the survey does not publish state or metro detail.