The Top 15 Multifamily Property Managers of 2022
Take a closer look at the top 15 multifamily management companies of 2022, which manage a combined 2.3 million units across the U.S.
- 1. Greystar Real Estate Partners
- 2. Lincoln Property Company
- 3. Cushman & Wakefield
- 4. Asset Living
- 5. FPI Management
- 6. Apartment Management Consultants LLC
- 7. RPM Living
- 8. BH Management
- 9. Winn Companies
- 10. MAA
- 11. Morgan Properties
- 12. Avenue5 Residential LLC
- 13. Bozzuto
- 14. Avalon Bay Communities
- 15. Highmark Residential
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Our 2023 ranking of top property management companies is here.
The multifamily sector has for a long time been a safe haven for investors, though the pandemic created an increasingly competitive environment in many respects. An effective way of staying ahead of the competition is to hire a property management company that can keep your asset in top condition and ensure that renters have a seamless experience.
While there are countless property management companies, a handful of large players dominate the market. In the article below we examine the top 15 largest multifamily management companies in the U.S., based on the number of units they manage. To rank the companies, we utilized data from the National Multifamily Housing Council’s 50 Largest Apartment Managers list from the beginning of 2022. The companies on the list below collectively manage more than 2.3 million units across the U.S.
1. Greystar Real Estate Partners
Greystar continues to be the nation’s highest-ranking property management company by a large margin, with a portfolio encompassing a total of 698,257 rental units. Broken down into sectors, the firm manages 637,250 market-rate, 30,681 student housing, and 14,168 senior housing units. Greystar’s management portfolio grew by 4.4% compared to 2021, increasing from 669,137 units.
Besides being active in every U.S. state, the company has a presence in 224 global markets and has $58.2 billion in assets under management. Greystar also develops properties across the globe and currently has a construction pipeline worth $14 billion. Last year, Multi-Housing News named the firm as the number one multifamily developer.
2. Lincoln Property Company
Just as in the previous years, Lincoln Property Co. came in second place, with a total of 210,086 units under management, slightly below the 210,183 units managed in 2021. The company’s portfolio encompasses 173,053 market-rate units and 37,033 military housing apartments.
In addition to multifamily, the firm also manages and leases around 406 million square feet of commercial real estate and has developed more than 112 million square feet of office, industrial, and retail space. LPC currently has more than $82 billion in assets under management, according to the company’s LinkedIn profile. With more than 8,000 employees, the Dallas-based company has a presence in over 400 cities across the U.S. and 10 countries in Europe.
3. Cushman & Wakefield
Cushman & Wakefield has a multifamily management portfolio of 172,145 units across the U.S. The company scaled up its property management portfolio after acquiring Pinnacle Property Management Services in March 2020. At the time of the acquisition, Pinnacle managed more than 169,000 units across 839 properties. The investment also helped Cushman & Wakefield gain a strong foothold in 20 key U.S. markets.
Rick Graf, former president & CEO of Pinnacle, continues to lead Cushman & Wakefield’s management platform as the president of the company’s Multifamily Asset Services division. The company focuses on market-rate and affordable properties, as well as niche assets such as single-family rentals, senior housing, and co-living.
4. Asset Living
Asset Living is another property management company with a nationwide portfolio, comprising 159,352 units. The company’s property management portfolio increased by 54.6% compared to 2021, when it was managing 103,063 units. Looking at the portfolio’s components, the company manages 98,503 market-rate, 43,703 student housing, and 7,762 senior housing units. Beyond this, the National Affordable Housing Management Association also ranked Asset Living as one of the top LIHTC property management companies.
The Houston-based company is led by President & CEO Ryan McGrath. At the start of July this year, Asset Living announced that it’s relocating its headquarters from 950 Corbindale Road to 945 Bunker Hill in West Houston this fall. The firm will occupy 24,040 square feet on the top floor of the 14-story building, McGrath revealed on LinkedIn.
5. FPI Management
Headquartered in Folsom, Calif., and with offices in Costa Mesa, Calif., Round Rock, Texas, and Seattle, FPI Management is currently present in 16 states with a management portfolio encompassing 140,271 apartments, including 70,946 market-rate, 26,836 senior housing, and 1,850 student housing units.
The firm also focuses on affordable housing and luxury rentals. A joint venture of Titan Development and Pivot Development recently revealed that FPI Management will be the operator of The Lock at Flatirons, an $80 million, 254-unit luxury multifamily development in Denver. As part of the Interlocken Technology Park, the community is scheduled for completion in the second quarter of 2024.
6. Apartment Management Consultants LLC
Utah-based AMC has a property management portfolio of 113,728 units across 713 properties in 29 states. Over the past decade, the company’s property management portfolio has expanded by 53,872 units, representing a growth rate of 90% growth.
With a total of 2,905 employees, Apartment Management Consultants focuses on providing services such as LIHTC training, supervision of capital projects and new construction, owner asset protection programs, resident retention programs, investment management services, and business management.
7. RPM Living
RPM Living manages conventional, senior, student, and affordable housing units across 21 states. The company’s property management portfolio comprises 112,872 units. Since last year, the firm’s portfolio has grown by 31,286 units, representing a 38.3% increase. In addition to property management, RPM Living is also an active investor and developer in the multifamily sector.
The Austin-based company recently signed a 16,403-square-foot office lease at Preston Commons in Dallas, ReBusiness Online reported. In early June, the firm partnered with ASB Real Estate Investments to acquire a 680-unit property in Atlanta for $204 million, according to Multi-Housing News.
8. BH Management
BH’s property management portfolio encompasses 106,353 units across 330 properties around the U.S. Over the past decade, the firm has more than doubled its management portfolio. In 2012, BH’s collection included around 45,900 units, and the company’s portfolio size has rapidly expanded over the years.
Besides property management, BH has several other subsidiaries, including BH Construction, BH Architecture & Design, and BH Equities. BH Management is headquartered in Des Moines, Iowa, and is currently led by President Joanna Zabriskie.
9. Winn Companies
The Boston-based Winn Cos. manages a total of 103,064 apartments across 500 communities in 23 states and the District of Columbia. The company operates market-rate, luxury, and affordable housing units and has a sizable military housing portfolio, encompassing 40,454 units.
Winn Cos. also owns more than 111 properties comprising 13,715 units in 11 states. The firm has several projects under construction, including housing — both affordable and market rate — and mixed-use developments targeting both urban and suburban areas.
10. MAA
Mid-America Apartment Communities is a publicly-traded REIT headquartered in Memphis, Tenn., with a focus on acquiring, developing, redeveloping, and operating multifamily properties in the Southeast, Southwest, and Mid-Atlantic regions. The firm’s apartment management portfolio currently includes 100,002 units, slightly down from the 100,490 units managed in 2021. MAA also ranked second on NMHC’s 50 Largest Apartment Owners list this year, ousted from the top spot by Starwood Capital Group.
11. Morgan Properties
Morgan Properties manages 96,107 apartments in 20 states in the Northeast, Midwest, and Sun Belt regions. The company started scaling up its management portfolio in 2020, expanding it by more than 26,167 units compared to 2019. Last year, the company added another 17,553 units to its portfolio, bringing it to 94,384 units.
Morgan Properties is also one of the top three apartment owners in the country, with a portfolio of 94,107 units. In February 2021, the company teamed up with Olayan America to purchase a 48-property, 14,414-unit multifamily portfolio for $1.8 billion, MHN reported. Morgan Properties manages all the joint venture communities.
12. Avenue5 Residential LLC
Avenue5 Residential, headquartered in Seattle, manages a total of 86,958 units across the U.S. Over the past five years, the firm has added 55,100 units to its property management portfolio, representing a 173% expansion.
Overall, Avenue5 has around 2,400 associates across the country and manages $22 billion in multifamily and single-family assets. The company has offices in Orange County, Calif., Phoenix, Portland, Salt Lake City, Spokane, Wash., and Washington, D.C., but also employs local experts in several key markets nationwide, including Dallas, Atlanta, Baltimore, and Charleston S.C..
13. Bozzuto
Bozzuto’s multifamily management portfolio includes 83,324 units in 12 states. The company also manages more than 2.7 million square feet of retail space. Bozzuto’s overall management portfolio is worth $15 billion. NMHC also named the firm one of the top builders in 2022, with 3,585 units started in 2021, significantly more than the 2,412 units started the year before.
The company, based in Greenbelt, Md., saw record growth last year, the Baltimore Business Journal wrote. The company hired 1,000 employees in 2021 alone, and it posted record earnings over a 24-month period. CEO Toby Bozzuto said that the firm has more than $1.5 billion in active multifamily projects from Northern Virginia to Boston.
14. Avalon Bay Communities
Avalon Bay Communities is yet another REIT focusing on investing, developing, and managing multifamily communities across the country. The company’s business strategies include a hyper focus on top markets and the rehabilitation and revamping of assets to increase value for its investors. The company’s property management portfolio includes 80,573 units, up from the 79,789 units reported in 2021.
Headquartered in Arlington, Va., the firm also owns 81,803 units and is one of the top five largest apartment owners, according to NMHC. Avalon Bay also made it into the organization’s 50 largest developers and builders lists.
15. Highmark Residential
With a multifamily management portfolio of 79,050 units, Highmark Residential is the 15th-largest property management company in the U.S., coming in before Equity Residential, a company that manages 77,357 units. Compared to 2021, Highmark Residential’s portfolio grew by 15.6% or 10,680 units. The Dallas-based company is active in 15 states, including Alabama, Arizona, Colorado, Michigan, Florida, and the Carolinas. Since 2017, Highmark Residential has been owned by an affiliate of Starwood Capital Group and was formerly known as Milestone Management.
Related Questions
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. Additionally, it is 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, these benefits include:
- Time, money, and energy savings
- Maintenance of professional standards
- Deductible operating expenses and maintenance costs
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 most 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 avoid the following common mistakes:
- Not researching the company thoroughly: It is important to research the company’s background, experience, and track record before making a decision.
- Not considering the size of the company: Larger companies may have more resources, but smaller companies may be more flexible and better able to meet your needs.
- Not considering the company’s experience in the asset class: It is important to select a company that has experience in the asset class you are investing in.
- Not considering the company’s ability to align with your investment strategy: It is important to select a company that is able to align with your investment strategy and asset type.
Source: Top 4 Qualities to Look for in a Property Management Company and The Top 15 Multifamily Property Managers of 2023
What are the differences between a residential and a multifamily property manager?
The primary difference between a residential and a multifamily property manager is the size and complexity of the property. Residential properties are typically smaller and less complex than commercial properties, making them easier to manage and maintain. On the other hand, commercial properties are often larger and more complex than residential properties, requiring more specialized knowledge and expertise to manage effectively. Self-storage properties are generally easier to manage than data centers, for example.
What are the advantages of using a professional multifamily property manager?
The advantages of using a professional multifamily property manager include saving time, money, and energy. Professional property managers can help ensure that your property is run by professional standards, and they can also help you take advantage of tax incentives. For example, you can deduct operating expenses and maintenance costs, including management fees, insurance, and marketing costs, or any legal and professional services, such as property management companies. Learn more about property management fees here.