Rocket Companies Inc., through a Redfin analysis of U.S. Census Bureau data, reports a significant shift in the U.S. rental housing market. As of 2024, large multifamily buildings have become the most common type of rental housing, making up 33.1% of all renter-occupied units—the highest share since records began in 2011. In contrast, single-family homes now represent just 31% of rentals, their lowest share on record. The trend is driven by record-low mortgage rates during the pandemic, which led many Americans to purchase single-family homes, shrinking the pool available for renters and pushing up prices. Currently, only 13.7% of single-family homes are occupied by renters, the lowest level since 2011. Meanwhile, multifamily construction hit record highs in 2024, increasing the supply of apartments and keeping rent growth in check, while single-family home construction remains below early 2000s levels. This shift highlights the growing prominence of large apartment buildings in the rental market and changing dynamics in U.S. housing.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Rocket Companies Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20260129684032) on January 29, 2026, and is solely responsible for the information contained therein.