{"id":2148,"date":"2026-06-10T16:05:08","date_gmt":"2026-06-10T16:05:08","guid":{"rendered":"https:\/\/durhammovinghub.com\/?p=2148"},"modified":"2026-06-10T16:05:08","modified_gmt":"2026-06-10T16:05:08","slug":"private-equity-firms-now-own-nearly-40-of-triangle-apartments-why-it-matters","status":"publish","type":"post","link":"https:\/\/durhammovinghub.com\/?p=2148","title":{"rendered":"Private equity firms now own nearly 40% of Triangle apartments. Why it matters."},"content":{"rendered":"

AI-generated summary reviewed by our newsroom.<\/p>\n

Read our AI Policy.<\/a><\/p>\n

Private equity firms now own more than 46,700 apartments \u2014 or about 39.5% of total units \u2014 in the Raleigh-Cary metro area, according to new data<\/a> from the Private Equity Stakeholder Project (PESP), a nonprofit financial watchdog.<\/p>\n

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That\u2019s among the highest concentrations in the country \u2014 a level of institutional control that\u2019s reshaping what it means to rent here. It also coincides with the region\u2019s biggest landlords facing accusations of colluding to push rents higher. Two major settlements<\/a> have already followed.<\/p>\n

As the Triangle booms, its rental market is increasingly being steered not by local owners but by \u201cWall Street\u201d landlords, PESP spokesperson Sam Garin, told The News & Observer in an email. The effects are showing up, she said, in \u201crising costs and shrinking affordability.\u201d<\/p>\n

\u201cWe need policymakers to take action to rein in the worst abuses,\u201d Garin said.<\/p>\n

The \u201cRaleigh-Cary\u201d metro analyzed also includes Apex, Wendell and Wake Forest.<\/p>\n

Private equity firms own 70 apartment complexes in the Durham\u2013Chapel Hill metro, totaling more than 18,200 units. However, the total number of all apartment units was not available, PESP said.<\/p>\n

The project previously released separate reports tracking the impact of private-equity firms on the single-family rental market<\/a> and manufactured homes<\/a>.<\/p>\n

Nationwide, 121 firms own at least 11,800 apartment complexes with almost 3 million units, representing about 13% of the total number of apartment units in the United States, the report said.<\/p>\n

About half of those units were acquired just since 2021, illustrating the industry\u2019s \u201crapid incursion\u201d into apartment ownership.<\/p>\n

More than two-thirds (70%) of the total units currently owned by private equity companies are in just 10 states: Texas, Florida, California, Georgia, North Carolina, Colorado, New York, Arizona, Virginia and Washington state.<\/p>\n

Texas has the most private equity-owned apartments in the country, with over 1,900 properties and almost 580,000 total units.<\/p>\n

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Across the country, tenants of private equity-owned properties have reported problems<\/a> such as large rent increases, hidden fees, poor maintenance and repairs, lack of responsiveness to tenant concerns, and aggressive eviction practices.<\/p>\n

New York-based Blackstone, one of the largest private equity firms in the world with over $1 trillion in assets, holds the largest stake \u201cby far\u201d in the U.S., the report said. But it also lists other big names like Charleston-based Greystar and Atlanta-based Cortland.<\/p>\n

All three companies have significant holdings in the Triangle. Examples include Greystar\u2019s Morgan Reserve Apartments<\/a> and Notting Hill<\/a> in Chapel Hill, Cortland at RTP<\/a> and Cortland Olde Raleigh<\/a>, and Blackstone\u2019s Adara Alexander Place<\/a> in Raleigh.<\/p>\n

Private equity firms also have been accused of collusion and illegally setting rents.<\/p>\n

In January 2025, N.C. Attorney General Jeff Jackson sued<\/a> Blackstone\u2019s LivCor, Cortland, Greystar and three other landlords, accusing them of illegally working together with the software company RealPage. Using RealPage\u2019s algorithm, regulators say, the companies \u201csidestepped\u201d market competition and were able to set rents artificially high for approximately a third of all one- and two-bedroom apartments in Raleigh, Durham, Chapel Hill and Charlotte.<\/p>\n

To date, Jackson has settled with Atlanta-based Cortland and secured a $7 million settlement with Greystar, the state\u2019s largest landlord, forcing the company to stop using RealPage\u2019s AI driven rent setting software.<\/p>\n

Jackson\u2019s case against the other four landlords and RealPage continues.<\/p>\n

Keep up with the latest Triangle real estate news by subscribing to On the Market, The News & Observer’s free weekly real estate newsletter. Look for it in your inbox every Thursday morning. Sign up here<\/a>.<\/p>\n

Read more Crypto rent rewards platform MegPrime launches in the Triangle. What\u2019s the catch?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Private equity owns about 39.5% of Raleigh\u2011Cary apartments, driving rent hikes, affordability loss and legal fights over alleged collusion.<\/p>\n","protected":false},"author":1,"featured_media":2147,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-read-todays-edition"],"yoast_head":"\nPrivate equity firms now own nearly 40% of Triangle apartments. 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