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Log outLarge Multifamily Buildings Now Make Up the Biggest Share of U.S. Rentals
Large multifamily buildings account for the largest share of U.S. rental housing, while single-family rentals represent a record-low share, according to a recent analysis of Census Bureau data.
Multifamily buildings lead the rental market
Large multifamily buildings, defined as properties with 20+ units, contain 33.1% of renter-occupied housing units in the U.S., compared with 31% in single-family homes. Single-family rentals therefore no longer represent the largest category of rental housing, while small multifamily buildings account for 27.3% and townhomes account for 8.5%. For homebuyers, the mix of nearby rental properties can help provide context about a neighborhood’s housing options, but it should not replace a review of local prices, taxes, insurance and financing costs.
Single-family homes are less commonly rented
Just 13.7% of single-family homes are occupied by renters, the lowest share in records dating back to 2011. The analysis attributes the broader shift toward multifamily rentals to stronger multifamily construction, particularly during the pandemic period, while noting that most newly built single-family homes go to homebuyers rather than renters. buyers comparing a home with an apartment or other multifamily option should evaluate total monthly costs, maintenance responsibilities, commute needs and how long they expect to stay.
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