Quick Facts: Ownership and Management

Who Owns the Nation's Apartments
Apartment Lessors and Managers By State

Who Owns the Nation's Apartment Units
	All Properties	2-4 Unit Properties	5-49 Unit Properties	50+ Unit Properties
Individual Investor	48%	77%	34%	7%
LLP, LP, LLC, or General Partnership	36%	15%	47%	68%
Real Estate Investment Trust (REIT)	2%	0%	1%	2%
Real Estate Corporation	3%	0%	4%	7%
Nonprofit Organization/Housing Cooperative/Tenant in Common	4%	2%	4%	9%
Trustee for Estate	3%	5%	6%	1%
Other	2%	1%	2%	3%
Not Reported	2%	0%	3%	3%
Total	100%	100%	100%	100%
Source: U.S. Department of Housing and Urban Development and U.S. Census Bureau, Rental Housing Finance Survey. Updated 9/2017.

Who Owns the Nation's Apartment Properties
	All Properties	2-4 Unit Properties	5-49 Unit Properties	50+ Unit Properties
Individual Investor	74%	77%	34%	7%
LLP, LP, LLC, or General Partnership	16%	15%	47%	68%
Real Estate Investment Trust (REIT)	1%	0%	1%	2%
Real Estate Corporation	1%	0%	4%	7%
Nonprofit Organization/Housing Cooperative/Tenant in Common	2%	2%	4%	9%
Trustee for estate	4%	4%	6%	1%
Other	1%	1%	2%	3%
Not Reported	1%	0%	3%	3%
Total	100%	100%	100%	100%
Source: U.S. Department of Housing and Urban Development and U.S. Census Bureau, Rental Housing Finance Survey. Updated 9/2017.

Apartment Lessors and Managers by State
	Lessors of Residential Buildings and Dwellings		Residential property managers
State	# of Establishments	# of Paid Employees	# of Establishments	# of Paid Employees
Alabama	811	3,510	357	5,518
Alaska	115	625	58	347
Arizona	890	7,391	975	9,215
Arkansas	617	2,729	262	1,642
California	9,229	44,056	7,258	62,084
Colorado	945	5,020	1,223	10,334
Connecticut	577	2,927	443	3,803
Delaware	182	743	130	1,228
District of Columbia	287	1,828	218	2,061
Florida	3,629	18,638	3,958	37,179
Georgia	1,576	8,213	1,131	11,950
Hawaii	271	1,305	216	2,018
Idaho	306	923	275	1,398
Illinois	1,862	11,011	1,358	12,881
Indiana	1,187	6,007	712	5,509
Iowa	546	2,089	270	1,467
Kansas	504	2,758	424	2,801
Kentucky	743	2,948	316	2,308
Louisiana	763	3,304	566	3,846
Maine	236	887	192	1,443
Maryland	990	10,244	957	9,097
Massachusetts	1,052	6,106	1,131	11,763
Michigan	1,236	8,737	844	13,517
Minnesota	1,142	6,531	728	9,076
Mississippi	581	1,876	229	2,148
Missouri	1,139	5,742	632	7,540
Montana	247	860	206	803
Nebraska	349	1,550	166	2,224
Nevada	583	3,147	573	6,037
New Hampshire	168	1030	274	1,530
New Jersey	2,031	9,952	1067	10,276
New Mexico	326	1,266	246	1,196
New York	11,548	44,732	5,552	39,202
North Carolina	1,546	6,459	1,471	11,365
North Dakota	208	612	126	1,243
Ohio	2,126	12,560	1,314	14,112
Oklahoma	609	2,757	443	4,267
Oregon	1,003	4,585	946	8,341
Pennsylvania	1,768	9,786	1075	10,405
Rhode Island	157	852	164	1,312
South Carolina	602	3,101	575	5,728
South Dakota	284	860	88	901
Tennessee	1,134	4,903	719	6,035
Texas	5,043	28,182	3,195	34,959
Utah	352	1,625	613	4,822
Vermont	75	406	161	684
Virginia	1,504	9,086	1021	12,510
Washington	2,076	9,347	1,482	10,166
West Virginia	389	1,174	98	588
Wisconsin	1029	5,139	577	6,029
Wyoming	180	563	69	440
U.S. total	66,753	330,682	47,084	427,348

Source: U.S. Bureau of the Census, 2015 County Business Patterns Note: Figures are primarily for apartment management but also include management of condominiums and single-family rental properties. An establishment is a single physical location at which business is conducted; a company or enterprise may have multiple establishments. Individual properties leased or managed by property lessors or property managers are not normally considered separate establishments, but rather the permament offices from which the properties are leased or managed are considered establishments. "Lessors of Residential Buildings" (NAICS code 531110) comprises establishments primarily engaged in acting as rental agents for apartments and other rental housing. The establishments in this category include owner-lessors; establishments in this category may manage the property themselves or have another establishment manage it for them. "Residential Property Managers" (NAICS code 531311) comprises establishments primarily engaged in managing residential real estate for others. Establishments and employees are assigned to only one industry, so there is no double counting in the figures above. Neither of these listings include establishments or employees of Real Estate Investment Trusts, which are treated by the Census Bureau as a separate industry. Updated 7/2017.

Caitlin Sugrue Walter