In the last few years, rents across the United States have skyrocketed. According to a Congressional Research Service analysis of data from the Census Bureau's American Community Survey, more than 22.7 million renter households, or nearly half, were considered "cost burdened" in 2024, meaning they spent more than 30% of their income on housing costs.

According to a March 2026 report by Zillow, "rents have increased by 36.2%" since the beginning of the COVID-19 pandemic. In March, the typical asking rent was $1,910, according to Zillow, meaning that a household would have to earn at least $76,400 a year to be able to comfortably afford it.

Rising rents in the U.S. are a complex problem. But one factor contributing to higher costs for renters is the concentration in ownership. According to a new report by the Private Equity Stakeholder Project, private equity firms now own "at least 11,800 apartment buildings with almost 3 million units," or approximately 13% of apartment units in the U.S.

The number of apartments owned by private equity firms has increased dramatically in recent years. Over 1.3 million apartment units have been acquired by private equity firms since just 2021.

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