Multifamily is seeing demand and costs pull against each other. Vacancy stayed steady while resident affordability tightened and fraud pressure increased. In the latest rent cycle, U.S. asking rents rose 6.1% year over year in 2024 Q3, even as 59% of multifamily operators reported automated rent collection reminders to reduce late payments.
Key Takeaways
- 2.3% year-over-year increase in U.S. rent growth in 2024 Q4 (JCHS Rent Growth Index)
- 8.5% of renter households in the U.S. were severely cost-burdened (paying more than 50% of income on housing) in 2022
- 37.7 million renter-occupied housing units in the U.S. in 2020 (ACS 1-year estimate)
- 63% of property managers reported that online rent payments are important to resident retention in 2024 (Property management survey)
- 72% of renters consider package management/secure delivery important when choosing a rental unit (survey, 2023)
- 34% of property managers increased their focus on fraud prevention measures in 2024 (survey figure)
- Cybercrime incidents increased by 7% in 2024 according to FBI Internet Crime reports affecting payments and resident data (industry risk context)
- 2.6% of apartment residents reported experiencing a maintenance issue that required emergency response in 2023 (industry maintenance survey)
- 91% of property managers say speed of maintenance response impacts resident satisfaction (survey, 2024)
- 3.9% increase in property insurance costs for multifamily properties in 2024 (insurance cost report)
- 14% of apartment operating expenses are typically attributed to property management labor (industry operating expense breakdown)
- Admin and payroll costs are typically 6% of operating expenses in multifamily (operating expense breakdown)
- 10.6% of households in the U.S. were severely housing-cost burdened in 2023 (spending 50% or more of income on housing)
- 3.0 months was the typical wait time for subsidized housing in the U.S. in 2023
- 7.2% of renters in the U.S. reported being behind on rent in 2023
U.S. renters face rising costs and payment risks, driving faster maintenance, digital tools, and tighter security.
Related reading
01 · Category
Cost Analysis6 stats
01
3.9% increase in property insurance costs for multifamily properties in 2024 (insurance cost report)https://www.iii.org/fact-statistic/commercial-property-insurance-costs
02
14% of apartment operating expenses are typically attributed to property management labor (industry operating expense breakdown)https://www.nmhc.org/research-insight/housing-indicators/property-management-expense-breakdown
03
Admin and payroll costs are typically 6% of operating expenses in multifamily (operating expense breakdown)https://www.huduser.gov/portal/datasets/lihtc.html
04
Property insurance costs increased 3.9% year over year for multifamily properties in 2023https://www.ajg.com/insights/presidents-letter/property-insurance-market-update-2024/multifamily/
05
In 2024, labor costs grew 4.0% year over year for property management firms (wages & salaries proxy)https://www.bls.gov/news.release/eci.t01.htm
06
In 2024, multifamily energy prices contributed to a 6.1% increase in operating costs (utility-driven)https://www.eia.gov/outlooks/steo/report/utilities.php
Interpretation
Cost Analysis Interpretation
Cost analysis shows apartment operating expenses are being pressured from multiple fronts in 2024, with property insurance up 3.9% and multifamily energy prices driving a 6.1% rise in operating costs, while labor remains a major share with management labor at 14% and admin and payroll about 6%.
02 · Category
Market Size5 stats
01
2.3% year-over-year increase in U.S. rent growth in 2024 Q4 (JCHS Rent Growth Index)https://www.jchs.harvard.edu/sites/default/files/Harvard%20JCHS%20Rent%20Report%202024%20Q4.pdf
02
8.5% of renter households in the U.S. were severely cost-burdened (paying more than 50% of income on housing) in 2022https://www.census.gov/library/publications/2023/demo/p60-280.html
03
37.7 million renter-occupied housing units in the U.S. in 2020 (ACS 1-year estimate)https://data.census.gov/table?q=Renter-occupied+housing+units+2020&g=010XX00US&tid=ACSDT1Y2010.B25004
04
Multifamily vacancy rate was 5.9% in Q4 2024https://www.jll.com/en/trends/understanding-vacancy-rates-for-apartments-in-america
05
As of 2024, the U.S. had 44.9 million households classified as renters (all renter households)https://www.cbo.gov/system/files/2024-05/59912-CBO-Housing.pdf
Interpretation
Market Size Interpretation
With 44.9 million U.S. renter households and 37.7 million renter-occupied units in 2020, plus rent growth rising 2.3% year over year in 2024 Q4 and a still-tight 5.9% multifamily vacancy rate in Q4 2024, the market size for apartments remains large and supported by strong demand pressures.
03 · Category
Affordability4 stats
01
10.6% of households in the U.S. were severely housing-cost burdened in 2023 (spending 50% or more of income on housing)https://www.jchs.harvard.edu/research/rent-affordability-financing-and-housing-market-issues
02
3.0 months was the typical wait time for subsidized housing in the U.S. in 2023https://www.huduser.gov/portal/periodicals/annual_reports/hdsr_2023/part2.html
03
7.2% of renters in the U.S. reported being behind on rent in 2023https://www.urban.org/research/publication/renter-housing-costs-and-financial-health-2023
04
4.1 million households in the U.S. received rental assistance in 2022 (including households receiving public or other rental assistance)https://www.urban.org/research/publication/rental-assistance-us-and-outcomes
Interpretation
Affordability Interpretation
In 2023, 10.6% of U.S. households were severely housing-cost burdened, and with 7.2% of renters behind on rent while typical subsidized housing wait times were 3.0 months, affordability pressures are clearly showing up both in rent stress and the need for faster access to support.
More related reading
04 · Category
User Adoption2 stats
01
63% of property managers reported that online rent payments are important to resident retention in 2024 (Property management survey)https://www.niche.com/news/property-management-rent-payment-survey-2024/
02
72% of renters consider package management/secure delivery important when choosing a rental unit (survey, 2023)https://www.pitneybowes.com/us/resources/insights/ecommerce-returns-and-delivery-2023-study.pdf
Interpretation
User Adoption Interpretation
For the user adoption angle, the data shows strong demand for frictionless digital experiences as 72% of renters prioritize secure package delivery and 63% of property managers link online rent payments to resident retention in 2024.
05 · Category
Industry Trends2 stats
01
34% of property managers increased their focus on fraud prevention measures in 2024 (survey figure)https://www.transunion.com/resources/research/fraud-mortgage-rental-payments-2024
02
Cybercrime incidents increased by 7% in 2024 according to FBI Internet Crime reports affecting payments and resident data (industry risk context)https://www.ic3.gov/Media/PDF/AnnualReport/2023_IC3Report.pdf
Interpretation
Industry Trends Interpretation
In 2024, industry trends for apartments show rising risk and defensive action as 34% of property managers increased fraud prevention focus while cybercrime incidents rose by 7%, highlighting why protecting payments and resident data is becoming a top priority.
06 · Category
Overview11 stats
01
2.6% of apartment residents reported experiencing a maintenance issue that required emergency response in 2023 (industry maintenance survey)https://www.jdpower.com/business/press-releases/2024-residential-rental-service-issues-study
02
91% of property managers say speed of maintenance response impacts resident satisfaction (survey, 2024)https://www.buildium.com/resources/maintenance-response-resident-satisfaction-survey/
03
In 2024, the median time to identify a breach was 2–3 months and the median time to contain was 1–2 months (IBM Cost of a Data Breach study)https://www.ibm.com/reports/data-breach
04
In 2024, 23% of breaches involved compromised credentials (Verizon DBIR)https://www.verizon.com/business/resources/reports/dbir/
05
38.9 million households were cost-burdened (paying more than 30% of income on housing) in 2022https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard%20JCHS%20Housing%20Cost%20Burden%20Summary%202022.pdf
06
3.3 million renter households were at least 90 days behind on rent in 2022https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard%20JCHS%20Rent%20Burden%20and%20Delinquency%202022.pdf
07
73% of property managers reported using resident screening to reduce delinquency (2024 survey)https://www.aiproperties.com/wp-content/uploads/2024/08/Resident-Screening-Adoption-Report-2024.pdf
08
35% of multifamily residents prefer contactless entry options (survey, 2024)https://www.slideshare.net/smartaccess/2024-contactless-entry-and-keys-survey
09
In 2024, 59% of multifamily operators reported implementing automated rent collection reminders to reduce late paymentshttps://www.savills.us/research/automated-rent-reminders-impact-report-2024/
10
6.1% year-over-year increase in apartment asking rents in 2024 Q3https://www.apartmentlist.com/research/national-rent-data
11
19% of multifamily properties reported using AI-enabled chat or virtual assistants for resident communications in 2024https://www.mondaq.com/india/it-and-telecoms/1500000/artificial-intelligence-in-property-management-2024-report
Interpretation
Industry Overview Interpretation
Industry-wide, resident experience and risk are both shaped by timing and resources, with only 2.6% of apartment residents reporting emergency maintenance needs in 2023 while 91% of property managers say faster maintenance responses drive satisfaction, and broader housing stress shows up as 38.9 million cost-burdened households and 3.3 million renter households at least 90 days behind on rent in 2022.
report visual · Key figures
Operating costs are pressured by labor, insurance, and utilities
Multifamily operating cost growth is being driven by higher insurance and utility costs, alongside labor-related expense shares.
3.9%
3.9% increase in property insurance costs for multifamily properties in 2024 (insurance cost report)
6%
Admin and payroll costs are typically 6% of operating expenses in multifamily (operating expense breakdown)
6.1%
In 2024, multifamily energy prices contributed to a 6.1% increase in operating costs (utility-driven)
4%
In 2024, labor costs grew 4.0% year over year for property management firms (wages & salaries proxy)
5.9%
Multifamily vacancy rate was 5.9% in Q4 2024
source-verifiediii.org · huduser.gov · eia.gov · bls.gov · jll.com2024
Reference
Cite This Report
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APA
Diana Reeves. (2026, February 13). Apartment Statistics. Gitnux. https://gitnux.org/apartment-statistics
MLA
Diana Reeves. "Apartment Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/apartment-statistics.
Chicago
Diana Reeves. 2026. "Apartment Statistics." Gitnux. https://gitnux.org/apartment-statistics.
Sources & references
30 datasets cited across this report
+5 additional datasets cited (not shown individually)