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14 Single -Family Homes Now Account for Well Over One -Third of the Nation's 47 Million Rental Units Share of National metal Stock Multitamilies with 2 -4 Units 18% , Multifamilics with 5-19 Units 22% O1n110-Family Homes H94'n Muhifamilies with 20 or Mora Units 21% Notes. Stack estimates include rentor -occupied units, vacant units torrent, and muted but unoccupied units. Single family homes include detached and attached units, mobile homes, and units such as Hi and boats, Source. JCI IS tabulations of US Census Bureau, 2016 American Community Survey 1 Year Estimates, Individual Investors Are the Largest Owners of Rental Stock, with Most of Their Units Concentrated in Small Buildings Share of Hental Units IPercent) too g0 30 70 60 50 40 30 20 10 0 All Urice ]Unit 2-4full 5-49made 50 of Moro Units Ownership ■ Individual Investor !3I nP/LP/LLC N NI Other Structure Type 0 HEIT/Real Estate Corporation 0 Non-Profltar Co op NoIn All other includes tenants in common, general partnerships, trustees forestate, and units far whleh ownership was act reported, Source'. JCHS tabulations of US Census Bureau, 2015 Rental Housing Finance Survey. rentals make up just 8 percent of rentals in Boston, but 51 percent in Stockton (Online Figure 2). Over a third (35 percent) of Boston's rental stock consists of units in buildings with 2-4 apartments. Another 22 percent of rentals are in buildings with 5-19 units, 29 percent are in buildings with 20 or more units, and the remaining 6 percent are divided between attached single-family homes (5 percent) and mobile homes and other structures (1 percent). In contrast, just over 10 percent of the rental units in Stockton are in buildings with 2-4 units, 14 percent are in buildings with 5-19 units, and slightly more than 12 percent are in buildings with 20 or more units. Attached single-family homes (10 percent of the rental stock) and mobile homes (just under 3 percent) are somewhat more common in Stockton than in Boston. In rural areas (as defined by the US Census Bureau), the rental stock primarily consists of single-family homes. Indeed, almost three- quarters of rural rentals are single-family units. The highest con- centrations of single-family rentals are in New Mexico (89 percent of the rural stock) and Oregon (86 percent). But even in states with the smallest shares (Massachusetts, New Hampshire, and Vermont), single-family homes still make up about half of rural rentals. Mobile homes are also an important component of the rural rental stock, contributing fully 20 percent of rural rental housing nationwide. At the state level, however, mobile homes are much more common in the rural communities of South Carolina (39 percent of the stock) and North Carolina (36 percent) than in the rural areas of Hawaii (0.4 percent of the stock) and Massachusetts (2.0 percent). OWNERSHIP OF RENTAL HOUSING Individual investors are the largest group of rental housing owners, followed by business entities such as limited partnerships (LPs), limited liability companies (LLCs), and limited liability partnerships (LLPs). Individual investors primarily own single-family rentals and small apartment properties, while LPs, LLCs, and LLPs own a majority of large apartment properties. As a result, individuals own three-quarters of rental properties (74 percent) but just under half of the nation's rental units (48 percent), while business entities own 15 percent of rental properties but a third of units (Figure 15). Housing cooperatives and nonprofit organizations own 2 percent of rental properties and 4 percent of rental units, while real estate corpora- tions and investment trusts own 1 percent of rental properties and 5 percent of rental units. The remaining 8 percent of properties and 10 percent of units are under other forms of ownership, such as trustee for estate, tenant in common, and general partnership. The latest Rental Housing Finance Survey reports that the single- family ownership share of individual investors slipped from 83 per-