2025 Top Multifamily Property Owners
MHN’s annual ranking, listing the 70 industry leaders, represents a broad range of market-rate and affordable asset categories.
Key: A=Affordable Housing, Mi=Military Housing, MR=Market Rate, L=Luxury, St=Student Housing, Se=Senior Housing, X=Other
Though we make every effort to include all major commercial owners, several notable firms (among them MAA, Equity Residential and Monarch Investment and Management Group) did not participate this year.
To be included in upcoming surveys, email Agota Felhazi at agota.felhazi@cpe-mhn.com.
An Industry of Scale: 2M Units and Counting
The seventy companies highlighted in our 2025 Top Multifamily Property Owners ranking have a sprawling portfolio of more than 2 million units, with an estimated value of $616.9 billion.
Multifamily continued to navigate a complex environment with easing inflation and a slowdown in job growth and further interest rate cuts in the near future. Heavily influenced by the macroeconomic forces at play, investors applied a more selective approach to both disposition as well as expansion while developers weighed more heavily the risk of new construction.
The national average advertised asking rent was $1,753 as of June, marking a 0.8 percent increase year-over-year based on Yardi Matrix data. The national occupancy rate was 94.8 percent at the close of the first half of the year. Among the companies that reported occupancy data, 25 had averages above the national figure with five firms having occupancy rates at or above 97 percent. LIHC Investment Group once again achieved the highest occupancy rate of 97.99 percent.
With a presence in more than 250 markets globally, Greystar held onto the number one spot, marking the sixth year the company led the ranking. AvalonBay Communities maintained second place, having gained 5,800 units year-over-year. Morgan Properties climbed from fourth place in 2024 to third place by expanding 4,300 units.
Detailed insights into this year’s top 10 can be found below.
1. Greystar
Greystar kept its hold on the number one position in 2024. The company had a sprawling portfolio of close to 280,000 units, larger than the footprint of the next three companies combined. The value of their holdings jumped to $78.2 billion as the company shuffled around their investment mix. Amid a marked expansion in student housing, the company also completed strategic dispositions, such as the $370 million sale of a 948-unit affordable asset in San Jose, Calif. Greystar maintained an average occupancy of 93 percent, propelling the firm to the number one spot on the Top Multifamily Property Management Companies of 2025 ranking as well.
2. AvalonBay Communities
AvalonBay Communities claimed the second spot once again. The REIT’s portfolio grew by 5,800 units and now spans 11 states and Washington, D.C. In one of AvalonBay’s notable transactions last year, the company acquired eight assets totaling 2,701 units across the Dallas-Ft. Worth Metroplex and Greater Austin for a combined $618.5 million. AvalonBay also raised occupancy to 96.2 percent, sitting well above the national average.
3. Morgan Properties
Morgan Properties advanced from fourth to third place. Despite the addition of 4,300 units, the company’s investment strategy did not shift from predominantly market-rate multifamily with student housing representing only a small fraction. This year, the company announced it will acquire Dream Residential REIT in a $354 million all-cash transaction. The move will increase the company’s footprint by 3,300 units throughout Texas, Ohio, Kentucky and Oklahoma.
4. GID Investment Advisers
GID Investment Advisers climbed from sixth to fourth place. While the number of units in the company’s portfolio didn’t change significantly in 2024, GID did reshuffle its portfolio composition and markedly increased its share of green properties. In fact, GID had the largest proportion of green assets among the top 10. GID also ranked high among the largest multifamily property management companies of the year.
5. Cortland
Cortland held steady in fifth place. Year-over-year, the company shed more than 7,800 units. Cortland’s portfolio, however, remained dominated by market rate properties along with a smidgen of affordable and senior housing units. In 2025, the Atlanta-based company agreed to purchase a 19-asset portfolio totaling nearly 5,800 units from Elme Communities. The $1.6 billion transaction is expected to close by the end of the year.
6. UDR
UDR climbed from seventh to sixth place. Although the number of units remained relatively stable compared to other companies on the ranking, the REIT increased its portfolio value by $2 billion and substantially boosted its share of green assets. UDR also improved portfolio occupancy, adding 20 basis points year-over-year to a tight 97 percent. With a presence in 21 U.S. markets, the Denver-based REIT was also one of the top multifamily property management companies of 2025.
7. FPA Multifamily
FPA Multifamily rose to seventh place—up from 11th. The privately held real estate investment firm increased its footprint by an impressive 12,750 units compared to the 2024 ranking. The firm grew its share of both larger affordable and student housing units. During its 40-year history, FPA has traded more than 152,500 units. In 2025, FPA’s transactions have included a 693-unit portfolio acquisition in Connecticut that closed in late June.
8. Hunt Cos.
Hunt Cos., one of the few participants in the military housing sector on our list, surged from 13th to eighth place. The El Paso-based firm added more than 8,750 units to its portfolio, which is largely composed of military housing, and improved its occupancy rate from 93.5 percent to 95.5 percent. Hunt Military Communities, one of its subsidiaries, started the year with the acquisition of a 1,846-unit military housing asset in the Hampton Roads submarket of Norfolk, Va.
9. Edward Rose Building Enterprise
Edward Rose Building Enterprise landed in ninth place, down from eight on the 2024 ranking. The company, with a legacy spanning over a century, added more than 1,200 units to its portfolio while maintaining its focus on market-rate assets. Edward Rose Building Enterprise also improved its portfolio occupancy from 96.0 percent to 96.4 percent. The occupancy figure was well above the national average as well as the average of the ranking.
10. The Related Cos.
The Related Cos. closed out our top 10, down from ninth place on the 2024 ranking. The company gained more than 1,900 units compared to last year’s numbers while keeping its portfolio mix axed on affordable housing. The Related Cos. also had one of the largest shares of green assets among the top 10—second only to GID. The company also boosted its overall occupancy rate from an already tight 96.7 percent to 97.3 percent.
Methodology
Multi-Housing News’ 2025 Top Multifamily Property Owners ranking utilized self-reported data for all firms. The ranking results from a weighted formula based on a variety of factors (only a few of which being specified here), including the number of units owned, owned portfolio value, sustainability and a focused or diversified participation in property sectors. The ranking represents what we feel is a balanced combination of firm growth, market share and property diversity. All data is as of June 30, 2025.
—Agota Felhazi, Senior Associate Editor
