2026 Top Brokerage Firms
MHN unveils its annual ranking highlighting 15 leading firms, including best performers for investment and product diversity.
You can also read our other Top Brokerage Firms rankings.
Note: The following noteworthy firms did not submit responses: JLL, Avison Young and Berkadia.
Key: A=Affordable Housing, L=Luxury, MR=Market Rate, SFR=Single-Family Rentals, Se=Senior Housing, St=Student Housing, Mi=Military Housing, X=Other
To be included in upcoming surveys, email Agota Felhazi at agota.felhazi@cpe-mhn.com.
Cautious Confidence Drives Investment Recovery
Higher financing costs, rising operating expenses and oversupply concerns in select markets continued to keep investors constrained. Nevertheless, multifamily investment activity regained traction in last year after a subdued 2024.
Multifamily transaction volume on a national scale rose more than 10 percent year-over-year, climbing to $97.3 billion in 2025 from $88.1 billion in the previous year, according to Yardi Matrix data. Seattle, Dallas and Phoenix were among the most active metros for multifamily sales, with each metro seeing more than $4 billion in sales during the past year.
Despite weakening fundamentals, multifamily continued to be a staple for commercial real estate investors. Multifamily was the largest transaction sector, accounting for 44 percent of the overall volume (up 5 percentage points from 2024), according to the DLA Piper 2025 Year-End Real Estate Trends Report. Within the sector, senior housing recorded a major increase year-over-year with 29 percent of activity. In 2024, this asset type only made up 16 percent of multifamily sales.
Average U.S. advertised asking rents stood at $1,735 in December, unchanged year-over-year, according to Yardi Matrix. National occupancy was at 94.6 percent in November, also unchanged on an annual basis. The economy remained relatively resilient, though growth signals were mixed. The national unemployment rate averaged 4.3 percent in 2025, according to the Bureau of Labor Statistics.
Overall, the Top 15 firms arranged approximately $121.5 billion in multifamily transactions in 2025—a significant step up from $98.3 billion in 2024 and $113 billion in 2023. Here is a closer look at the top five firms on the list.
—Agota Felhazi, Senior Associate Editor, MHN
1. Marcus & Millichap
Marcus & Millichap retained its leading position after arranging $26.7 billion in multifamily transactions during the past year, up from $25 billion in 2024. The firm’s close to 600 multifamily brokers executed deals across some 95,000 units, roughly 3,000 more than in 2024. Notable transactions brokered by Institutional Property Advisors included the $148.4 million disposition of The Venue at Orange in Redlands, Calif. The 328-unit community sold for $452,439 per unit.
2. Northmarq
Northmarq moved up to second place. The firm’s more than 100 multifamily brokers helped complete $5.5 billion in transactions during the past year. This marked an improvement on the $4.6 billion closed in 2024. Among recent notable transactions, Northmarq represented Centerspace in its entry into the Salt Lake City market with the acquisition of Sugarmont Apartments, a 341-unit luxury asset. The $149 million sale was Utah’s largest multifamily transaction in nearly half a decade.
3. Colliers
Number three on our ranking, Colliers had more than 250 multifamily brokers arrange more than $7.5 billion in sales during the past year. Once again, the transaction volume increased from $5.6 billion closed in 2024. A highlight among Colliers’ transactions was the sale of Country Brook Apartments, a 396-unit luxury community in Chandler, Ariz. In addition to the $109.5 million transaction, Colliers Mortgage secured a $76.7 million Fannie Mae loan for the buyer.
4. Newmark
Newmark secured fourth place, once again neck and neck with CBRE. The commercial real estate advisor and service provider closed $23.8 billion in multifamily sales during the past year, a significant step up from the $16.5 billion of 2024. Newmark played a key role in the $810 million sale of 800 Fifth Ave. in the Lenox Hill neighborhood of Manhattan. The brokerage firm also arranged a $675 million acquisition loan funded by JP Morgan and GoldenTree Asset Management for the 208-unit luxury community.
4. CBRE
CBRE climbed to fourth place to be on par with Newmark. At $41.2 billion, the global giant had the largest multifamily sales volume of 2025. This marked a significant improvement over the $33 billion volume of 2024. Among the notable transactions that were closed in 2025, CBRE arranged the disposition of a five-property portfolio for $124 million on behalf of Centerspace. The sale of the assets totaling 832 units marked the REIT’s exit from the St. Cloud, Minn., market.
5. Cushman & Wakefield
Number five on our ranking, Cushman & Wakefield brokered multifamily sales totaling $10.6 billion during the past year. This marked an improvement over the $9.1 billion volume of 2024. Among the standout deals facilitated by Cushman & Wakefield was the sale of One Camelback, a 163-unit office-to-multifamily conversion project in Phoenix. The firm also arranged $56.5 million to finance the project.
Methodology
Multi-Housing News’ ranking of the 2026 Top Brokerage Firms is based on self-reported data from all firms. We considered various factors, including a firm’s performance in 2025 and previous years, investment sales volume and other details. The ranking represents what we feel is a logical balance between firm growth and market share. Ranking factors are not limited to the data that appear on this page.
