Preston Maness ☭<p><span class="h-card" translate="no"><a href="https://mastodon.online/@davidsirota" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@<span>davidsirota</span></a></span> The report:</p><p><a href="https://pestakeholder.org/reports/private-equity-multi-family-housing-tracker/#ownership" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">pestakeholder.org/reports/priv</span><span class="invisible">ate-equity-multi-family-housing-tracker/#ownership</span></a></p><p>says:</p><p>>We have identified 121 private equity companies[36] that own at least 8,200 apartment buildings with over 2.2 million units.[37]<br>><br>>...<br>><br>>Private equity’s ownership of almost 2.2 million apartment units represents about 10 percent of the total number of apartment units in the country.[39]</p><p>Source 37 is only given as:</p><p>>Data Source: Yardi Matrix and Lexis Nexis </p><p>Which, unfortunately, is a duo of proprietary sources. The authors likely can't release it for verification :(</p><p>Source 39 is given as:</p><p>>According to the National Multifamily Housing Council’s tabulation of 2023 American Community Survey microdata from the US Census Bureau, there are almost 23.3 million apartment units in the U.S. An apartment unit is defined as any rental unit in a structure with 5 or more units. <a href="https://www.nmhc.org/research-insight/quick-facts-figures/quick-facts-data-download/" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">nmhc.org/research-insight/quic</span><span class="invisible">k-facts-figures/quick-facts-data-download/</span></a></p><p>Alas, that page gives only a bunch of spreadsheets, with no indication of where the 23.3 million number is coming from. Looks like it comes from the "State Distribution of Apartment Stock, 2022" XLS file, as the sum of all 50 cells with numbers for apartment units for each state comes up to "23,275,718" total units, which is indeed "almost 23.3 million."</p><p>Their underlying data source is the American Community Survey microdata, and the NMHC frustratingly does not release their work/code on how they go from that microdata to their tabulations.</p><p>Attempting to look at building stats from the microdata, for example, gives this:</p><p><a href="https://data.census.gov/app/mdat/ACSPUMS1Y2023/table?cv=BLD&rv=ucgid&wt=WGTP&g=AwFm-BVBlYEYA0wBMSRIKxIGxIBxICcCcwJicqcAzCVnLnAOwkFzHJnKLKrK3J0yLMlzIWyAsmLUy1RNVTVa1dNSzVc1FtQLViYBCEQhUIdCCwhcIFiAIhiGMhkQZaGdBiwZsQA" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">data.census.gov/app/mdat/ACSPU</span><span class="invisible">MS1Y2023/table?cv=BLD&rv=ucgid&wt=WGTP&g=AwFm-BVBlYEYA0wBMSRIKxIGxIBxICcCcwJicqcAzCVnLnAOwkFzHJnKLKrK3J0yLMlzIWyAsmLUy1RNVTVa1dNSzVc1FtQLViYBCEQhUIdCCwhcIFiAIhiGMhkQZaGdBiwZsQA</span></a></p><p>I can't get any of their numbers in their "State Distribution of Apartment Stock, 2022" XLS file (NMHC tabulations of 2023 American Community Survey microdata, US Census Bureau. Updated 10/2024) to line up with this table. According to the above linked table, there are 6,603,715 5+ apartment units, 6,205,203 10+ apartments units, 5,517,342 20+ apartment units, and 9,795,042 50+ apartment units, for a total of 28,121,302 estimated apartment units, across the United States. The table I selected includes DC, but that only accounts for 201,294 of the total.</p><p>28.1 million (or 27.9 million without DC) apartment units is pretty far from 23.3 million apartment units. What gives? Perhaps NMHC uses a different Housing Unit Weight? Does other prodcessing of the microdata?</p><p>The resulting percentage of apartment units owned by private equity would still be alarming (7.88%), just not quite at that double-digit 10.0% mark.</p><p><a href="https://tenforward.social/tags/CivicTech" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CivicTech</span></a> <a href="https://tenforward.social/tags/Census" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Census</span></a> <a href="https://tenforward.social/tags/landlords" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>landlords</span></a> <a href="https://tenforward.social/tags/Apartments" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Apartments</span></a> <a href="https://tenforward.social/tags/PrivateEquity" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PrivateEquity</span></a> <a href="https://tenforward.social/tags/Statistics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Statistics</span></a></p>