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.

Staff Resource