Blackstone is an American alternative asset manager with significant interests in rental housing. In recent years, the company spent billions acquiring brands such as Tricon Residential, American Campus Communities and AIR Communities.
Blackstone’s rental housing portfolio contains apartment complexes, student housing, mobile home parks, and single-family rental properties. Many of their U.S. assets are concentrated in major cities such as New York and in Sun Belt states including Texas, Georgia and Florida.
A map displays approximate locations of Blackstone Real Estate Income Trust rental housing assets in the U.S. as of June 16, 2025.
“There tends to be a high degree of consistency across our different pools of capital,” Kathleen McCarthy, global co-head of Blackstone Real Estate, said in an interview with CNBC. “Really what we try to follow across the globe is job and population growth.”
Blackstone says it owns less than 1% of the 46 million rental homes scattered across the country.
The Blackstone Real Estate Income Trust currently has an ownership interest in at least 274,859 rental housing units. But this is a narrow slice of their overall portfolio.
“Of their $315 billion in real estate, only roughly $55 billion is in the BREIT product, which is sold to retail investors,” said Craig McCann, principal at SLCG Economic Consulting.
Blackstone Real Estate launched in 1991 with funds raised from accredited and institutional investors. Its parent company, The Blackstone Group, began as a private equity firm that used techniques such as leveraged buyouts to acquire and improve distressed assets.
“They recognized early on the value of diversification,” said Greggory Warren, senior equity analyst at Morningstar.
Blackstone could benefit from their recent acquisitions in the years to come.
“Buying is still cheaper than building in many markets, as is typical at the start of a new cycle. This is limiting construction and supporting rent growth,” Will Pattison, head of real estate research at MetLife Investment Management, said in a statement to CNBC.
Watch the video above to learn more about Blackstone’s rise in the U.S. rental housing market.
