US Single-Family Rental Stock Falls to Lowest Level on Record in 2024

Large multifamily buildings account for the largest share of US rental housing, while single-family homes make up the smallest share on record, according to US Census Bureau data through 2024, the most recent year available, Redfin reported on Thursday.

Redfin found that 33.1% of renter-occupied housing units are located in large multifamily buildings, the highest share in records dating back to 2011. By comparison, 31.0% of rentals are single-family homes, the lowest share on record. Units in small multifamily buildings account for 27.3% of rentals, while townhomes make up 8.5%.

Just 13.7% of all single-family homes are occupied by renters, also the lowest share since 2011.

Redfin noted that large multifamily buildings surpassed single-family homes as the most common type of rental housing in 2022, as multifamily construction surged during the pandemic-era housing boom. Construction of large multifamily buildings reached a record in 2024, while single-family home construction has remained below early-2000s housing-bubble levels. Redfin said most newly built single-family homes are purchased by homebuyers rather than renters.

Commenting on the findings, Redfin Senior Economist Dr Assad Khan said:

“Big apartment buildings make up a growing piece of the rental-market pie because America has been building a lot of them, which has made them more affordable for renters. Increased supply gives renters more options and more room to negotiate prices. While multifamily construction has slowed recently, there are still more apartments for rent than people who want to rent them, which has kept rent growth at bay.

Record-low mortgage rates during the pandemic drove Americans to buy up a large chunk of the single-family homes on the market, meaning the pool available for renters shrunk. The people who own these homes are now hesitant to move because housing costs have soared, and they’re typically locked into low mortgage rates. That makes the single-family-home market locked up for both renters and buyers and keeps prices high.”