2023 Top Multifamily Property Owners

MHN’s annual ranking represents a broad range of market-rate and affordable asset categories.

You can also read our other Top Owners rankings.

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 Equity Residential, Nuveen and MAA) did not participate this year.

To be included in upcoming surveys, email Agota Felhazi at [email protected]

Multifamily Performs Amid Softening Economy

Image by jacoblund/iStockphoto.com

Image by jacoblund/iStockphoto.com

In the face of inflation and high interest rates, multifamily has shown resilience throughout the year. Occupancy rates remain stable and rents continue to rise, despite a slowdown from the post-pandemic boom. Investment activity, on the other hand, is down roughly 70 percent.

The companies in our 2023 Top Multifamily Owners ranking own a combined 1.4 million units, with an estimated value of $355 billion. Twenty-six owners showcased portfolios with occupancy rates at or above the national average of 95 percent in August, with only two companies surveyed reporting occupancies below 90 percent.

Eighty-five percent of the combined portfolios contained market rate-housing, with 48 percent including affordable housing and 32 percent including luxury rentals. The average portfolio consists of approximately 28,700 units worth nearly $7.5 billion.

For the fourth consecutive year, the top multifamily property owner was Greystar. In August, the company’s 183,074 units were valued at approximately $50 billion. The firm’s portfolio consists of market-rate, affordable, student and senior rentals in markets across the U.S. and abroad.

GID Investment Advisers ranked second this year with 54,000 units valued at $25.8 billion. The firm’s portfolio consists of luxury and market-rate housing with a total occupancy rate of 96.1 percent. Cortland placed third with more than 76,000 market-rate, affordable and senior housing units averaging an occupancy rate of 93.2 percent across its entire portfolio.


The 2023 Multi-Housing News Top 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 are specified here), including the number of units owned, owned portfolio value, historic performance and a focused or diversified participation in property sectors. The ranking represents what we feel is a logical balance between firm growth and market share, as well as property diversity.

—Brittney Peacock, Senior Research Analyst, Yardi Matrix

Read the November 2023 issue of MHN.

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