2024 Top Multifamily Property Owners
MHN’s annual ranking 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 [email protected].
Leading owners stay nimble amid market shifts
The 2024 multifamily investment landscape was shaped by several key trends.
Durable economic growth, sustained demand and high interest rates pushed potential homebuyers toward renting, but some markets faced challenges due to a record level of new supply. Oversupply slowed rent increases and, in some markets, even caused a decline. Meanwhile, the trend toward build-to-rent and single-family rental communities continued to gain momentum.
While the multifamily sector was navigating a complex environment, investors that adjusted their strategies were able to capitalize on market shifts.
The companies featured in our 2024 Top Multifamily Property Owners ranking collectively hold nearly 1.9 million units, with an estimated value of $543 billion. The average portfolio includes approximately 31,500 units, valued at nearly $9 billion.
In June, the national occupancy rate was 94.6 percent, according to Yardi Matrix data. Among the owners which reported occupancy rates, 20 had figures above the national average, while only three companies had rates below 90 percent. LIHC Investment Group achieved the highest occupancy rate of 98.11 percent.
For the fifth year in a row, Greystar retained its position as the top multifamily property owner, with nearly 200,000 units valued at around $53 billion. Its portfolio includes market-rate, affordable, student and senior housing, as well as mixed-use properties in both U.S. and international markets.
AvalonBay Communities secured the second spot this year with more than 91,000 units valued at $37.3 billion. Nuveen came in third, owning more than 95,000 market-rate, affordable, student and senior housing units.
Methodology
Multi-Housing News’ 2024 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.
—Agota Felhazi, Senior Associate Editor
