Top Multifamily Property Management Companies of 2024
Find out which companies made MHN’s annual ranking of industry leaders.
You can also read our other Property Management Firms rankings.
Key: A= Affordable Housing, MR= Market Rate, L= Luxury, St= Student Housing, Se= Senior Housing, X= Other
Though we make every effort to include all major property management companies, several notable firms (among them MAA, Cortland and AvalonBay Communities Inc.) did not participate this year.
To be included in upcoming surveys, email Agota Felhazi at [email protected].
Pressures Mount for Building Stewards
Multifamily property management firms continue to navigate the new normal after years of rent increases and high demand. The U.S. multifamily market is facing rising expenses, which are being mitigated in part by creative cost cutting and improved efficiencies. These companies also contend with pressure from new supply entrants in some cities as well as labor shortages.
This year’s Top Multifamily Property Management Firms ranking includes 75 companies managing an impressive 4.1 million units across 19,101 communities. While a few respondents saw a decrease in their portfolio, most firms increased their reach by an average of 9.9 percent compared to 2022.
In 2023, the average occupancy rate among the featured firms was 94 percent, on par with the previous year. Summit Management has maintained a fully leased portfolio over the past three years. Additionally, four firms achieved occupancy rates of 97 percent or higher: Ironstate, The Related Cos., Habitat America, and Choice NY Property Management LLC.
Greystar maintained its top position, managing nearly 835,000 units (a 12.6 percent increase) across 3,198 multifamily properties. RPM Living climbed to the second place, up from fifth place in 2023. Willlow Bridge Property Co., the residential arm of Lincoln Property Co., secured third place. RPM Living demonstrated remarkable growth, expanding its footprint by 52.2 percent between 2022 and 2023. However, Tishman Speyer saw the largest gains with an impressive 192.8 percent growth, followed by Sentral, which increased its portfolio by 110 percent.
Methodology
The Top Multifamily Property Management Firms of 2024 ranking utilized self-reported data for all firms. Positions were calculated using a weighted formula based on a variety of factors, including the total units under management, property operations (both owned and managed), and presence across property sectors. The ranking represents what we feel is a logical balance among firm growth, market share and property diversification. Ranking factors are not limited to the data that appear on this page.
—Agota Felhazi, Senior Associate Editor
