Private equity’s expansion into housing comes at the same time as Americans are increasingly struggling to afford rent.

A new report by the Private Equity Stakeholder Project (PESP) shows that private equity firms now own almost 3 million apartment units in the U.S., which amounts to one in eight apartment units, some 13 percent of apartment units in the country. Approximately half of these units were bought since 2021, highlighting private equity’s turn to the housing market even as the U.S. suffers from a housing…

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