Successful landlords do more than list properties and collect rent online. Today’s property owners need to understand the market, budget for their expenses, and make smart decisions to maximize their rental income. For single-family homes, sprawling farmland, and small buildings with multiple units, landlords shape the U.S. rental landscape.
We analyzed the national rental market and created this report to highlight the must-know landlord statistics. In this informative report, we’re breaking down the numbers on income, expenses, rent prices, commercial real estate opportunities, and more.
Whether you’re happy listing out one rental property or you’re actively trying to scale your investments, use these insights to build a resilient business tailored to today’s market.
Landlord Stats Highlights
Before we drill deeper into the data, here’s a quick overview of our key findings.
- Landlords own 68.7% of U.S. residential rental properties.
- U.S. landlords collected $428 billion in total rent in 2024.
- 9.72 million tax-paying Americans owned rental property in 2024.
- Landlords own 18.2 million rental units, or 1.89 units per landlord.
- 88.5% of landlord-owned properties are single-family units.
- Among rental properties with individual landlords, 80.0% are owner-managed; 16.9% have a hired property manager or management company.
- 78% of property owners plan to increase rents in 2025 by a weighted average of 6.21%.
Keep in mind: A landlord is not the same as a property manager. Learn more in our report on the Property Management Industry.
Independent Landlord Statistics
| Property Owner | Number of Properties | Annual Properties Added* |
|---|---|---|
| Individual | 13,284,000 | -595,000 |
| LLP, LP, or LLC | 3,139,000 | 43,000 |
| Estate trustee | 482,000 | -50,000 |
| Tenant in Common | 416,000 | 41,000 |
| Nonprofit Organization | 369,000 | 28,000 |
| Other | 273,000 | 5,000 |
| General Partnership | 182,000 | -9,000 |
| Real Estate Corporation | 116,000 | 6,000 |
| Real Estate Investment Trust | 106,000 | -5,000 |
| Housing Cooperative or Tenant in Common | 8,000 | <500 |
| Unreported ownership | 966,000 | 139,000 |
*Average year-to-year difference between 2015 and 2021.
Independent Landlord Statistics
Our studies show that most landlords own both single-family homes and buildings with fewer than 10 units. Here are a few more interesting data points about independent landlords:
- Americans claim income from rental property in 5.99% of tax returns.
- Landlords represent 3.73% of the U.S. population over 18 years old and 2.92% of the total U.S. population.
- In 2021, there were 9.635 million American landlords.
- Data projections indicate that, between 2021 and 2024, a net 82,367 more Americans became landlords.
- Landlords owned 13.284 million rental properties in 2021.
- 98.2% of landlord-owned properties are 1–4 units.
- Landlords own 70.6% of all 2–4 unit rentals.
- Private individuals owned 71.6% of rental properties in 2018, and 99.0% of landlord-owned properties had 1–4 units.
- The average U.S. landlord owned 1.72 properties in 2018.
While the majority of landlords in the U.S. are everyday people who own a handful of rental units, they make a significant impact on the rental market. Knowing these numbers can help you understand market trends, portfolio averages, and what rental ownership looks like today.
Landlord Business Statistics
Some landlords choose to keep it small, and others want to scale their operations. We found that independent landlords often form small businesses or sole proprietorships to facilitate their growth.
Property owners typically expand to multiple units and hire help, like a property management team. Here’s what our research found:
- Landlords hire paid employees for 16.9% of individually owned properties.
- 13.5% of landlord-owned properties have unpaid employees.
- 54% of surveyed rental properties have been owned by the same landlord for over a decade.
- 1.07% of landlord-owned rental properties haven’t changed owners in over 50 years.
- 45.8% of real estate and rental businesses fail in the first 5 years.
- 97.6% of landlord-owned properties consist of a single building, while 2.00% include 2–3 buildings.
- Landlords have an average of 1.37 units per property.
- The average landlord owns 1.38 properties.
As you can see, there’s no one-size-fits-all solution for rental property operations. Consider your specific circumstances to determine the best strategy for your business.
Landlord Income & Expense Statistics
You collect rent, but you also have to calculate expenses, conduct maintenance, and invest in marketing, which cuts into your profits.
Here’s an overview of how much most landlords spend and earn so you can benchmark your own finances:
- In 2024, 82% of landlords saw their costs of ownership increase, and 26% saw increases of over 20%.
- In 1 year, 64.7% of landlord-owned properties have operating expenses of $2,500 or more per unit.
- In 2024, the average landlord reported income of $16,166 from leased property.
- After expenses, most property owners make a gross profit of $8,552.
- 36% of the rent collected is profit.
- While the average landlord collected $40,226 in rent, gross profit from rental properties was $6,522 in 2021.
- Tenant turnover costs landlords an estimated $1,795 per month, per unit.
- 23.3% of landlord-owned rental properties require or have required substantial renovations.
- Among landlord-owned properties with reported maintenance expenses, 12.17% have annual expenses of $5,000 or more per unit, and 43.3% have annual expenses between $1,000 and $4,999 per unit.
- Among properties with maintenance expenses, landlords spend between $500 and $999 per unit on 26.0% of their properties, and less than $500 per unit on 18.6% of their properties.
- Landlords report spending nothing on maintenance for 2.86% of their rental properties.
- Property owners didn’t provide maintenance reports for 34.4% of rentals.
- 1.02% of landlord-owned properties have no operational expenses.
- The average maintenance cost for a single-family home exceeds $10,000 per year.
These numbers showcase the financial responsibilities of most property owners. Even when your rental income is noteworthy, many costs affect the amount you walk away with.
As a best practice, landlords should keep clear financial records, practice smart budgeting, and take a proactive stance on property maintenance.
Average Rent Prices Statistics
Understanding recent rent pricing trends nationwide can help you set competitive prices for your properties. Use these numbers to get a clear picture of how much tenants are paying in today’s market.
- In November 2025, the average rent price in the U.S. is $2,000.
- The average monthly rent for houses in November 2025 is $2,250.
- 2024’s median rent of $1,964.80 marks a 32% increase from 2019.
- 84% of landlords increased rent prices in 2024, with nearly one-third raising them by 6–10%.
- 78% of property owners plan to increase rents in 2025 by a weighted average of 6.21%.
- In 2024, there were 43,914,059 occupied rental units in the U.S.
- 11,579,846 rental properties charged between $1,000 and $1,499 for rent in 2024.
- 9,757,469 rental properties were charged between $1,500 and $1,999 for rent in 2024.
- 5,802,287 rental properties charged between $2,000 and $2,499 for rent in 2024.
- 2,841,215 rental properties charged between $2,500 and $2,999 for rent in 2024.
- As of November 2025, these are the average rent prices for the following major metros:
- Phoenix, Arizona: $1,876
- Los Angeles, California: $2,750
- Dallas, Texas: $1,995
- Orlando, Florida: $1,995
- Miami, Florida: $3,100
- San Diego, California: $3,000
- Chicago, Illinois: $1,950
- Houston, Texas: $1,900
- New York, New York: $3,524
- Atlanta, Georgia: $2,095
The rental market is constantly adjusting, so always keep an eye on both the national numbers and prices in your local area.
Landlord Property Management Statistics
Most landlords also handle day-to-day property management, including collecting rent and responding to tenant calls. However, some landlords hire professional managers to oversee their properties. Here’s what you need to know:
- Landlords directly employ managers for 7.30% of their properties.
- Landlords work with property management companies for 9.64% of properties.
- In 1.65% of landlord-managed rental properties, the owner works full-time as the property manager (160+ hours per month).
- In 43.8% of landlord-managed properties, the owner spends less than 4 hours per month actively managing the property.
- Landlords spend less than 20 hours per month managing 77.4% of their properties.
- 16.6% of landlord-managed properties have owners who spend between 20 and 79 hours per month actively managing their properties.
Property Owner-Manager’s Average Working Hours
| Weekly Hours | Share of Owner-Managed Properties | Share of Landlord-Owned Properties |
| All Owner-Managed | 100.0% | 80.0% |
| <1 | 43.8% | 35.0% |
| 1 to 2 | 18.1% | 14.4% |
| 2 to 4 | 15.6% | 12.4% |
| 4 to 9 | 11.4% | 9.15% |
| 9 to 18 | 5.19% | 4.15% |
| 18 to 28 | 1.12% | 0.90% |
| 28 to 37 | 0.00% | 0.00% |
| 37+ | 1.65% | 1.32% |
| Unreported | 3.18% | 2.54% |
| Not applicable | 0.00% | 20.0% |
Pro Tip: Hiring help can help landlords grow their business, but they can also use digital tools to streamline tasks and stay organized.
However, research shows that 35% of landlords cite cost as the most significant barrier to adopting digital tools. Free property management software is a great way to optimize landlord workflows without cutting into your bottom line.
Landlord & Tenant Statistics
For some landlords, particularly those who are also property managers, tenants are as much of a concern as their real estate investment. After all, tenants are what keep your rental income flowing. But renters can also cause high turnover rates, property damage, and legal disputes.
Here’s what our market research revealed:
- 56% of landlords report tenant turnover of less than 10% over 12 months.
- Tenant turnover is lowest in the Southeast region of the U.S., where 63% of landlords report turnover of less than 10%.
- 9.00% of landlord-owned rental units accept Section 8 vouchers.
- Evictions cost landlords an average of $3,500 per eviction.
- The eviction rate in 2022 was 14%, about half of 2019’s 30%.
- 23% of landlords surveyed in 2020 evicted or had plans to evict a tenant for nonpayment (down from 29% in 2019).
- In cases where tenants were behind on rent by 6+months, 70% of landlords pursued eviction.
- 56.7% of landlords report they would evict a renter after 1–2 months of missed rent.
Landlords’ Top Concerns About Tenants
| Reporting | Concern | Potential Issue |
| 84% | Payment problems | Tenants may have difficulty paying rent. |
| 56% | Prior eviction history | Evictions may indicate previous problems as a tenant. |
| 45% | Prior criminal history | Arrests or convictions may indicate a pattern of behavior that could impact property or other tenants. |
| 34% | Fraudulent application | If purposeful, application fraud may indicate a pattern of dishonesty. |
| 32% | High maintenance | Tenants may monopolize managers’ time and incur higher costs due to frequent repairs or replacements. |
| 11% | Frequent moves | A person may move often for many reasons; difficulty with landlords or neighbors is just one possibility. |
Smart tenant screening can help you choose responsible renters who are less likely to miss payments or break the terms of your lease. If you do notice a tenant falling behind on rent, we recommend reaching out.
Practicing transparent communication can help you reach an agreement and avoid a costly eviction process.
Landlord COVID-19 Statistics
The 2020 pandemic and subsequent economic downturn disrupted the residential rental market. While years have passed since this challenging period, here’s a recap of how it impacted landlords and their rental businesses:
- 37% of landlords reported collecting less than 90% of their total due rent in 2020 (a 236.4% increase from 2019).
- 9% of landlords collected less than half of their total due rent value in 2020, a 200% increase from 2019.
- 8.352 million or 5.8% of reporting households were behind on rent payments in the first week of May 2022.
- 21.9% of landlords are reportedly unaware of the federal government’s Emergency Rental Assistance program.
- 59.3% of landlords who have applied to the program have received funds.
The pandemic showed us how quickly tenants’ inability to pay rent can disrupt landlords’ income. As a takeaway, landlords should understand the importance of risk management strategies, supporting their tenants, and staying aware of available assistance programs.
Closing Considerations: Commercial Landlord Statistics
Beyond office buildings and retail spaces, commercial real estate also intersects with the residential market through farmland and mixed-use properties. Here’s what you need to know about these property types:
- Landlords own 75.8% of residential properties with commercial use.
- Landlords own 14.1% of units with commercial use.
- 39% of farmland in the 48 contiguous United States is rented.
- 80% of that farmland is owned by non-operating landlords who do not operate farms.
- In 2017, farms owned by non-operating landlords were a $9.8 billion market.
- Also in 2017, farm-tenant-occupied housing owned by farm-operator landlords grossed $100 million.
- Nearly one-third of all farmland in the Lower 48 is rented out by landlords that don’t operate farms (called “nonoperating” landlords).
Use the above numbers to identify opportunities and trends outside of the traditional scope of residential real estate.
Whether you’re a small landlord or an experienced pro managing multiple properties, we hope this data report helps inform your business. Use these landlord statistics insights to build a successful rental business in an ever-changing market landscape.
Landlord Stats FAQs
What percentage of Americans are landlords?
According to the Pew Research Center, about 6.7% of Americans are landlords.
How much do landlords make per house?
After expenses, most landlords make $8,552 per property.
What is the average landlord’s net worth?
There are no clear numbers defining the average net worth of landlords. However, the 2019 Survey of Consumer Finances found that homeowners had a median net worth of $255,000.
What percentage of houses are owned by landlords?
They own 68.7% of U.S. residential properties.
Sources
- United States Census Bureau
- National Multifamily Housing Council
- Pew Research Center, As National Eviction Ban Expires, A Look at Who Rents and Who Owns in the U.S.
- Internal Revenue Service, Individual Income Tax Returns Line Item Estimates
- U.S. Bureau of Labor Statistics, Business Employment Dynamics
- TransUnion, SmartMove
- Realtor.com, Avail Research: Emergency Rental Assistance Programs Failing to Help Landlords and Renters
- The White House Briefing Room, Fact Sheet: White House Summit on Building Lasting Eviction Prevention Reform
- Harvard Joint Center for Housing Studies