|Rank||Company||Units Managed 2020||Units Managed 2019||Portfolio Occupancy||Owner/Third-Party Mgr.||Diversity|
|1||Greystar Real Estate Partners||728,910||536,342||91.9%||O/M||A, MR, St, Se|
|2||Lincoln Property Co.||210,183||203,342||92.7%||O/M||A, MR, X|
|3||Cushman & Wakefield||171,713||2,650||–||M||A, MR|
|4||Bozzuto||80,317||73,600||91.0%||O/M||A, MR, L|
|5||BH Cos.||90,926||90,074||94.1%||O/M||A, MR, St|
|7||Avenue5 Residential||75,872||67,858||93.7%||M||A, MR, L, X|
|8||Edward Rose Building Enterprise||67,016||65,600||95.0%||O||A, MR, Se, X|
|9||Cortland||63,915||58,973||89.7%||O/M||A, MR, Se|
|10||Essex Property Trust||61,554||61,782||96.5%||O||MR|
|11||Camden Property Trust||56,850||56,107||95.0%||O||MR|
|12||UDR||52,589||51,294||95.9%||O||A, MR, L|
|13||Balfour Beatty Communities||50,413||49,106||95.0%||O/M||MR, St|
|14||The Related Cos.||65,401||–||–||O/M||A, MR|
|15||Harbor Group International||40,538||31,837||94.7%||O/M||A, MR|
|17||Dominium||35,072||34,743||95.6%||O/M||A, MR, L, Se|
|18||FPA Multifamily||40,200||36,500||92.0%||O||A, MR, L, St|
|19||GID/Windsor Property Management||37,387||36,557||94.8%||O||A, MR|
|20||SVN International Corp.||19,804||18,647||94.0%||M||A, MR, L, St, Se|
|21||RKW Residential||22,781||19,935||94.3%||M||A, L|
|22||Envolve||32,337||24,957||91.0%||O/M||A, MR, L, St, Se|
|23||Hines||6,528||224||64.0%||O||MR, L, St, Se|
|24||The Bainbridge Cos.||20,000||17,500||94.0%||O/M||MR, L, St|
|25||Hunt Cos.||33,887||33,924||91.0%||O||MR, X|
|26||Timberland Partners||17,466||15,935||96.1%||O||A, MR, L|
|27||Carroll Organization||26,983||32,952||94.2%||O/M||A, MR|
|28||The Inland Real Estate Group of Cos.||21,937||19,920||87.0%||O||MR, St, Se, X|
|29||Northland Investment Corp.||24,809||24,723||92.5%||O/M||A, MR, L|
|30||Habitat America LLC||9,636||9,008||98.0%||M||A, MR, L, Se|
|31||Brookfield Properties||23,059||18,071||92.0%||O/M||A, MR|
|33||Block Real Estate Services||6,824||5,211||96.8%||O/M||MR, L|
|34||BlackRock||14,799||12,555||89.2%||–||A, MR, St, Se|
|35||The Breeden Co.||8,699||8,217||97.0%||O/M||MR, L|
|36||Freeman Webb Co.||14,622||13,781||93.0%||O/M||A, MR, Se|
|37||BRIDGE Housing||9,529||8,968||96.2%||O||A, MR|
|38||Kettler||19,309||19,679||–||O/M||A, MR, L|
|39||GMH Communities||7,341||7,341||87.0%||O/M||L, St|
|40||Cascade Management||7,301||6,747||96.0%||M||A, MR, Se|
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 Alliance Residential, MAA and AvalonBay) did not participate this year.
To be included in upcoming surveys, email Agota Felhazi at [email protected].
Through the Storm
During a challenging 2020, multifamily property management firms were positioned right at the center of the turmoil. They were tasked with efficiently operating properties while addressing the heightened safety concerns of residents and staff.
Multifamily properties performed well over the past year, particularly those in suburban zones and the Sun Belt. Assets in gateway markets struggled, however, with rent growth decelerating as demand shifted away from urban cores across the country. Although the sector is well on its way to recovery, the importance of using an established property management firm to navigate the coming years remains top of mind.
This year’s Top Multifamily Property Management Companies includes 40 companies with a combined 2.4 million units under management. The portfolios of our participants increased by more than 25 percent between 2019 and 2020, as firms continued expanding footprints across regions and asset types. Our respondents had an overall occupancy rate of 93 percent, despite wider economic challenges.
Greystar tops our list this year with almost 730,000 units under management in 2020, a 36 percent increase from the year before. Rounding out the top three are Lincoln Property Co., with about 210,000 units under management, and Cushman & Wakefield, which grew its platform to 172,000 units after its acquisition of Pinnacle Property Management Services in early 2020.
The Top 40 Multifamily Property Management Companies of 2021 ranking utilized self-reported data for all firms. The ranking was calculated using a weighted formula based on a variety of factors, including the total units and number of properties under management, property operations (both owned and managed) and presence across property sectors. The ranking represents what we feel is a logical balance between firm growth, market share and property diversity. Ranking factors are not limited to the data that appear on this page.
—Madeline Winthrop, Senior Research Analyst, Yardi Matrix