Census Data Show Individual Investors Still Dominate Single-Family Rental Ownership

A closer look at the US Census Bureau’s Rental Housing Finance Survey shows that individual investors still account for the majority of single-family rental ownership, even as legal structures continue to evolve.

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New data from the US Census Bureau’s Rental Housing Finance Survey (RHFS) provide updated insight into the ownership structure of single-family rental (SFR) housing and how it has evolved since 2021.

As of 2024, the ownership distribution for one-unit rental properties is as follows:

• Individual investors: 59.6%

• LLP / LP / LLC: 20.6%

• Trustee for estate: 6.8%

• REITs + real estate corporations (combined): 1.8%

• Not reported: 8.2%

• Other (partnerships, nonprofits, etc.): 3.0%

  
  

Individual investors remain the largest ownership cohort by a wide margin. Although public discussion has increasingly focused on institutional participation in the SFR sector, the survey data indicate that institutional ownership — even when combining REITs and real estate corporations — represents a small share of the total.

It is important to note that some institutional owners may operate through LLP, LP, or LLC structures. However, even if a meaningful portion of that category were institutional, individual investors would still directly account for nearly 60% of single-unit rental ownership.

The composition of ownership has shifted since 2021. Individual ownership declined from 70.9% to 59.6%, while LLP/LP/LLC usage increased from 15.2% to 20.6%. Trustee ownership rose from 1.9% to 6.8%, suggesting a growing role for estate structuring and demographic turnover.

These changes point to greater formalization of ownership and generational transition within the sector rather than a pronounced increase in institutional concentration.

The broader takeaway is that while ownership structures are evolving, the single-family rental market remains predominantly held by individual investors.