The Best 15 Multifamily Property Managers of 2024: What Sets Them Apart
Choosing the right property management company for your apartment building is critical to your investment's success. Learn who is our top property management company of 2024.
- The Importance of Exceptional Property Management
- Experience & Expertise
- Operational Efficiency
- Tenant Relations
- Growth & Adaptability
- Technology Integration
- Transparency & Communication
- Top 15 Property Management Companies of 2024
- 1. Asset Living
- 2. RPM Living
- 3. Greystar
- 4. Avenue5 Residential
- 5. FPI Management
- 6. Apartment Management Consultants
- 7. Bozzuto
- 8. Cushman & Wakefield
- 9. BH Companies
- 10. WinnCompanies
- 11. Bell Partners
- 12. Willow Bridge Property Company
- 13. RAM Partners
- 14. AvalonBay Communities
- 15. MAA
- Conclusion
- Related Questions
- Get Financing
The Importance of Exceptional Property Management
The foundation of a successful multifamily investment hinges on the right partnership with an exceptional property management firm.
With the right property manager, you can drive higher occupancy rates, greater tenant satisfaction, and operational efficiencies that simply wouldn't otherwise be possible.
To compile our 2024 top property managers list, we drew from two great resources: NMHC's 2024 property management ranking with some data collected through Multi-Housing News' annual survey. And then, of course, we applied our proprietary weighting formula to arrive at our own ranking.
But before we get to our own list, I need to add a really important caveat: These management companies are ranked on a countrywide basis. That means that whichever firm ranks #1 on our list isn't necessarily the best for your property. Local expertise really matters with property management, as do the team members that work with your multifamily building.
If you're not really sure what qualities to look for, here are some characteristics (or traits) to look for when you're weighing your options.
Experience & Expertise
Their robust track record in managing diverse property types furnishes them with an acute understanding of market nuances, resulting in proactive problem-solving and an enhancement of the asset's value.
Operational Efficiency
Efficient operational processes directly influence tenant retention rates. Exceptional property managers weave best practices into their routine, ensuring optimal cost without compromising on quality.
Tenant Relations
Beyond the numbers, the essence of property management lies in fostering genuine tenant relationships. A satisfied tenant, met with responsive maintenance and regular engagement, is likely to renew their lease.
Growth & Adaptability
The best managers demonstrate agility in adapting to new market conditions. Their forward-thinking approach ensures they're always poised to maximize asset value.
Technology Integration
In our digitized era, top property managers employ technology to enhance operational efficiency and enrich the tenant experience.
Transparency & Communication
Effective communication fosters trust. Whether updating investors or informing tenants, exceptional property managers prioritize transparency.
Top 15 Property Management Companies of 2024
| Rank | Company Name | Units Under Management (2024) | YoY Portfolio Growth | Occupancy (2023) |
|---|---|---|---|---|
| 1 | Asset Living | 291,322 | 43.7% | 92% |
| 2 | RPM Living | 226,169 | 52.2% | 93% |
| 3 | Greystar | 798,272 | 9.8% | 93% |
| 4 | Avenue5 Residential | 121,932 | 21.0% | 93.90% |
| 5 | FPI Management | 167,767 | 11.5% | 95% |
| 6 | Apartment Management Consultants | 145,697 | 11.4% | No data |
| 7 | Bozzuto | 101,961 | 14.9% | 94.00% |
| 8 | Cushman & Wakefield | 182,214 | 2.3% | 93% |
| 9 | BH | 113,993 | 5.8% | 92.40% |
| 10 | WinnCompanies | 109,037 | 3.2% | 94.30% |
| 11 | Bell Partners | 84,621 | 8.6% | 90.20% |
| 12 | Willow Bridge Property Co. | 201,472 | -5.8% | 93.10% |
| 13 | RAM Partners | 74,500 | 18.8% | No data |
| 14 | AvalonBay Communities | 82,260 | 3.6% | No data |
| 15 | MAA | 100,894 | 1.2% | No data |
1. Asset Living
Asset Living takes the first place on our ranking after several years of sustained growth. The company had just shy of 300,000 units under management at the start of 2024, but more impressively still, that signals a growth rate of 43.7% in a single year. Not bad at all.
Of course, this growth wasn't purely by winning contracts — the firm acquired three real estate management companies in 2023, as well. The third-party property manager operates in more than 40 states, handling everything from build-to-rent to student housing assets, in addition to more traditional multifamily and affordable communities.
2. RPM Living
A full-service investment, development, and property management company, RPM Living lands in second place, boasting a portfolio of upwards of 225,000 units across 28 states. While this alone is enough to land RPM in our rankings, it also expanded its management footprint by a huge 52% between 2023 and 2024.
Based in Austin, RPM Living has grown organically but also through a series of key acquisitions in recent years. Earlier in 2024, the firm opened two new corporate offices — one in Nashville, the other in Las Vegas — to handle its ever-growing management portfolio.
3. Greystar
If our ranking took only size into account, Greystar would easily win first with nearly 800,000 units under management in 2024. The largest multifamily property management company did grow its portfolio over the past year — significantly, even — with a portfolio size increase of nearly 10%.
The organization has a history of acquiring other property management companies even internationally. In 2024, however, the biggest Greystar move was its agreement to take over management of all of Wood Partners' developments, totaling around 38,000 units.
4. Avenue5 Residential
Headquartered in Seattle, Avenue5 Residential lands in fourth place with a portfolio of more than 120,000 units and a steady, rapid growth rate of close to 21% over the year. The firm, led by President & CEO Chip Watts, doesn’t just limit itself to multifamily management — it also handles single-family rental homes as well. Avenue5 began as a management arm for owned properties, expanding in 2016 to offer third-party services.
5. FPI Management
Headquartered outside of Sacramento, California, FPI Management ranks 10th on our list with a portfolio of close to 167,767 units and an annual growth rate of 11.5%.
The company is largely focused on California and other western markets though it operates in 15 states, from Alaska to Florida. FPI handles a diverse mix of properties, from affordable housing to luxury communities.
6. Apartment Management Consultants
Better known as AMC, Apartment Management Consultants launched in 2000 and offers a wide array of services to its clients. The Salt Lake City-bsed property manager had close to 150,000 units under management at the start of 2024, up a little more than 11% from 2023.
7. Bozzuto
A developer and property manager, Bozzuto has a portfolio of just a little more than 100,000 units across 21 states. The company manages a significant amount of retail space, too. The firm boasted an impressive, 15% growth rate for its multifamily assets under management coming into 2024.
Based in the Washington, D.C. suburb of Greenbelt, Maryland, Bozzuto’s focus is nationwide — but its home market remains the largest and most important, comprising close to half of its overall portfolio.
8. Cushman & Wakefield
With more than 180,000 units under management, Cushman & Wakefield's multifamily property management arm entered the industry (in large part) with its 2020 acquisition of Pinnacle Property Management Services. While the firm's annual growth lagged behind most of the others on our list, at 2.3%, it offers significant resources due to the size of its organization.
9. BH Companies
BH Management Services lands in ninth on our list, boasting a portfolio of 114,000 units across the country. Based in Des Moines, Iowa, the firm handles both market-rate and affordable properties. In the past year, BH increased its portfolio size by 5.8%.
10. WinnCompanies
WinnCompanies, headquartered in Boston, is a prominent player in multifamily property management with a portfolio that spans affordable, mixed-income, and market-rate housing. They operate nationwide, but their strongest presence remains in the Northeast. WinnCompanies is known for its work in affordable housing and community revitalization, often partnering with public and private entities to manage and preserve essential housing.
WinnCompanies grew its management portfolio by 3.2% in the past year, bringing its size to just under 110,000 units under management.
11. Bell Partners
Bell Partners, based in Greensboro, North Carolina, is a seasoned property management company specializing in multifamily communities, with a portfolio that includes both high-end and market-rate properties. Operating primarily in the Sunbelt and East Coast regions, Bell Partners manages properties across key markets nationwide. Bell Partners has been in the industry for decades, focusing on core markets with strong growth potential.
In early 2024, Bell's management portfolio spanned 84,621 units, a solid 8.6% increase from the previous year.
12. Willow Bridge Property Company
Willow Bridge Property Company, number 12 on our list, is one you may not have heard of — and that's because the company's name is relatively new. Prior to October 2023, the company was known just as Lincoln Property Company's multifamily management division. The name change follows the early 2023 acquisition of the management arm by Toronto-based Cadillac Fairview.
Today, Willow Bridge manages just north of 200,000 units, marking a somewhat notable drop of 5.8% from 2023's totals.
13. RAM Partners
RAM Partners, based in Atlanta, manages a diverse portfolio of multifamily properties, including market-rate, affordable, and luxury apartments. The company operates primarily in the Southeast and Sunbelt regions, overseeing both owned and third-party properties. RAM Partners provides full-service management, handling leasing, maintenance, and financial operations. Known for its steady regional presence, the firm has built a reputation in varied markets and property types across the multifamily sector.
RAM Partners made our list not just for its portfolio size of 74,500, but more for its strong growth of nearly 20% compared to its 2023 figures.
14. AvalonBay Communities
Arlington, Virginia-based AvalonBay Communities is one of the largest publicly traded multifamily property management and development companies in the U.S. With a portfolio focused on high-density urban and suburban areas, AvalonBay primarily operates in major coastal markets like the Northeast, Mid-Atlantic, and West Coast. The company develops, owns, and manages a mix of luxury and market-rate apartments, often targeting locations with strong employment growth and high demand for housing. Known for its substantial footprint in prime metropolitan areas, AvalonBay plays a significant role in the multifamily market across the country.
Although AvalonBay does not offer third-party management services, the firm's huge portfolio of more than 82,000 units warrants a mention.
15. MAA
Mid-America Apartment Communities, based in Germantown, Tennessee, is a large REIT that focuses on multifamily properties. Its portfolio spans the Sunbelt region, including high-growth markets in the Southeast, Southwest, and Texas. MAA exclusively manages properties it owns, covering a mix of suburban and urban communities, with a range that includes both luxury and market-rate apartments. Known for its regional focus, MAA is a significant player in the multifamily sector across the Sunbelt, emphasizing properties in areas with favorable population and job growth trends.
In early 2024, the REIT owned and managed just a touch more than 100,000 units, marking a slow but steady increase of 1.2% from the previous year.
Conclusion
Although the multifamily sector is facing many headwinds, the asset class remains a solid investment choice for many, even those without a deep level of experience in operating apartment buildings. Many larger and less experienced investors opt to utilize a major property management company to oversee the day-to-day operations of a community — especially if it’s not close to home.
While our list did not include any strong local multifamily property managers, don’t forget to look within your own market when selecting which company will operate your next investment. One key thing to remember, however, is that size isn’t everything — choosing a property management company that aligns with your investment strategy and asset type is the key to success.
Looking for previous years' rankings? Find our 2022 list here.
Related Questions
Do I need to use a third-party property manager for my apartment building?
- It depends on your financing. Many types of multifamily loans, from HUD to Fannie and Freddie products, require or encourage the use of a third-party property management company as a way of mitigating risk.
What are the advantages of multifamily investing?
- Multifamily investing is attractive to many investors due to its potential for higher returns, liquidity, and diversified tenant mix. Additionally, multifamily investments can be less volatile than other investments, as multiple tenants can help reduce the risk of performance.
What are the disadvantages of multifamily investing?
- The main disadvantage of multifamily investing is the initial cost associated with the purchase and maintenance of the property. Additionally, multifamily investments often require a significant amount of time and effort to manage multiple tenants, and investors must be aware of applicable laws and regulations.
What are the best practices for selecting a multifamily property manager?
The best practices for selecting a multifamily property manager include looking for a company that has attention to detail, is efficient, and aligns with your investment strategy and asset type. It is also important to look within your own market when selecting which company will operate your next investment.
For more information, please see this article and this article.
What are the benefits of hiring a multifamily property manager?
Hiring a multifamily property manager can provide several benefits. According to this article, some of these benefits include:
- Time, money, and energy savings
- Professional standards for running the property
- Deductible operating expenses and maintenance costs, including management fees, insurance, and marketing costs
- Deductible legal and professional services, such as property management companies
What are the most important qualifications to look for in a multifamily property manager?
The most important qualifications to look for in a multifamily property manager are attention to detail, strict enforcement of rules, excellent customer service, and a thorough understanding of the local market.
Attention to detail is essential for a property manager to ensure that all tenants' needs are met and that the property is well maintained. Strict enforcement of rules is necessary to ensure that tenants and staff alike follow all rules and regulations, and to mitigate liability risk. Excellent customer service is important to maintain a great reputation with tenants in the market. Lastly, a thorough understanding of the local market is necessary to ensure that the property is competitive and attractive to potential tenants.
For more information, please see this article.
What are the common mistakes to avoid when selecting a multifamily property manager?
When selecting a multifamily property manager, it is important to consider the size of the company, their experience in the asset class, and their ability to align with your investment strategy. Additionally, it is important to look within your own market when selecting a property manager.
Common mistakes to avoid when selecting a multifamily property manager include:
- Not considering the size of the company
- Not considering the company's experience in the asset class
- Not considering the company's ability to align with your investment strategy
- Not looking within your own market when selecting a property manager
For more information, please see this article and this article.
What are the most important questions to ask a potential multifamily property manager?
When considering a potential property manager for your multifamily property, it is important to ask questions that will help you determine if they are the right fit for your needs. Here are some of the most important questions to ask:
- What experience do you have managing multifamily properties?
- What services do you provide?
- How do you handle tenant complaints and maintenance requests?
- What is your approach to tenant screening and lease enforcement?
- How do you handle tenant move-outs and evictions?
- What is your fee structure?
- Do you have references from other clients?
Asking these questions will help you get a better understanding of the property manager's experience and capabilities, and will help you make an informed decision when selecting a property manager for your multifamily property.
What are the top 15 multifamily property managers of 2023?
The top 15 multifamily property managers of 2023 are:
Rank Company Name Units Managed, 2022 YoY Growth 1 Greystar 698,257 4.4% 2 Asset Living 159,352 54.6% 3 RPM Living 112,872 38.3% 4 Highmark Residential 79,050 106.2% 5 Avenue5 Residential 86,957 14.6% 6 Apartment Management Consultants 113,728 13.3% 7 FPI Management 140,271 8.3% 8 BH 106,353 6.2% 9 Cushman & Wakefield 172,145 1.7% 10 Lincoln Property Company 210,086 0.0% 11 Bozzuto 83,324 4.1% 12 WinnCompanies 103,064 1.8% 13 Morgan Properties 96,107 1.8% 14 AvalonBay Communities 80,573 1.0% 15 MAA 100,002 -0.5%