Single-Family Rentals On The Decline After Wave Of Multifamily Building

Roughly 1 in 3 renter-occupied housing units in America are in large multifamily buildings, the highest share in records dating to 2011, according to a Redfin report.

Large multifamily buildings are defined in the study as having 20 units or more. The results demonstrate the impact of 15 years of heavy multifamily development while single-family inventory has grown at a more measured pace.

Single-family homes made up 31% of rentals, their lowest share on record. 

Redfin’s report is based on its analysis of Census Bureau data through 2024, the most recent year for which data was available when Redfin conducted the survey.

Construction of multifamily housing and single-family homes has been on the rise following the Great Recession, but multifamily construction has grown at a faster rate, Redfin 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,” Redfin senior economist Asad Khan said in a statement. 

Multifamily construction starts were up in 2025, which contributed to falling rents and rising concessions. However, the permitting pipeline has fallen back to pre-pandemic figures, suggesting the rate of multifamily construction may have been headed for a broader slowdown. 

“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,” Khan said.

Earlier this month, President Donald Trump issued an executive order limiting institutional investors from buying single-family homes, though it contained a carve-out for master-planned build-to-rent properties.