Top 50 Multifamily Property Management Firms of 2022
Find out which companies made MHN’s annual ranking of industry leaders.
Multifamily property management companies performed exceptionally well over the past year as they overcame pandemic-related restrictions and reenergized their portfolios. Those efforts resulted in near record-high occupancy rates, particularly for properties in suburban zones and the Sun Belt, Midwest and Southwest. Assets in gateway markets were the slowest to recover but still showed significant growth as many young people returned to urban cores across the country.
Demand for multifamily properties will persist as inflation and increasing interest rates drive homeownership further out of reach for the average household. An established property management firm will be critical to maximizing increasing opportunity.
This year’s Top Multifamily Property Management Companies list includes 50 firms with a combined 3.05 million units under management. The portfolios of our participants increased an average of 10 percent between 2020 and 2021 as firms continued expanding footprints across regions and asset types.
Our respondents had an overall occupancy rate of 95 percent, an increase of 2 percent from 2020. Thirty of the 50 companies had occupancy rates of 95 percent or better, while four respondents boasted total occupancy of 98 percent or better: S.L. Nusbaum Realty Co. (98.03 percent), Habitat America LLC (98 percent), The Breeden Co. (98 percent) and Burton Carol Management LLC (98 percent).
Greystar topped our list for the second year in a row with just over 700,000 units under management in 2021. Lincoln Property Co. retained the second position with about 210,000 units under management, and Cushman & Wakefield remained in third place with more than 165,000 units.
You can also read our other Property Management Firms rankings.
| Rank | Company Name | Units Managed 2021 | Units Managed 2020 | Portfolio Occupancy | Owner/Third-Party Mgr. | Diversity |
| 1 | Greystar | 701,413 | 728,910 | 94.40% | O/M | A, MR, St, Se |
| 2 | Lincoln Property Co. | 210,086 | 210,183 | 95.3 | O/M | A, MR, X |
| 3 | Cushman & Wakefield | 166,271 | 163,222 | – | M | A, MR |
| 4 | RPM Living | 112,872 | 81,586 | 93% | M | A, MR, L, St |
| 5 | FPI Management | 139,852 | 127,541 | 92.8% | M | A, MR, L, St, Se, X |
| 6 | Morgan Properties | 95,440 | 73,428 | 95.03% | O | MR |
| 7 | BH Cos. | 106,353 | 100,177 | 95.50% | O/M | A, MR, St, Se |
| 8 | Avenue5 Residential | 86,958 | 75,872 | 95.60% | M | A, MR, L, Se |
| 9 | Bozzuto | 83,324 | 80,080 | 95% | O/M | A, MR, L, Se, X |
| 10 | Highmark Residential | 75,712 | 68,343 | 96.80% | O/M | A, MR, L |
| 11 | Edward Rose Building Enterprise | 68,379 | 67,016 | 96.20% | O | A, MR, Se, X |
| 12 | Bell Partners Inc. | 67,000 | 61,200 | 91.70% | O/M | MR |
| 13 | Harbor Group International | 53,750 | – | 95% | O/M | A, MR |
| 14 | UDR Inc. | 57,483 | 52,589 | 97.10% | O | A, MR |
| 15 | Related Cos. | 60,349 | 60,549 | 97.70% | O/M | A, MR, L, X |
| 16 | ZRS Management LLC | 60,193 | 54,269 | 95% | M | MR, L |
| 17 | Essex Property Trust Inc. | 62,661 | 62,125 | 96.10% | O | MR |
| 18 | Camden Property Trust | 58,300 | 56,850 | 97% | O | MR |
| 19 | FPA Multifamily | 42,500 | 37,500 | 95% | O | A, MR, L, St |
| 20 | TCN Worldwide | 64,211 | – | – | O/M | MR |
| 21 | Village Green | 43,100 | 41,500 | 96.70% | M | A, MR, L |
| 22 | S.L. Nusbaum Realty Co. | 32,923 | 23,639 | 98.03% | O/M | A, MR, L, Se |
| 23 | Balfour Beatty Communities | 48,150 | 50,413 | 95% | O/M | MR, St |
| 24 | Dominium | 37,731 | 34,784 | 95.91% | O/M | A, MR, L, Se |
| 25 | Cardinal Group Management | 36,781 | 32,040 | 93.40% | O/M | A, MR, St |
| 26 | SVN International Corp. | 23,793 | 19,804 | 95% | M | A, MR, L, St, Se, X |
| 27 | RKW Residential | 28,559 | 22,711 | 94.50% | M | A, MR |
| 28 | CARROLL | 32,951 | 29,683 | 94.44% | O/M | A, MR |
| 29 | Fogelman Properties | 29,799 | 28,095 | 97.70% | O/M | MR |
| 30 | Waterton | 28,910 | 24,410 | 90.10% | O/M | A, MR, Se |
| 31 | Mission Rock Residential | 28,880 | 27,540 | 95.39 | M | A, MR, L, Se |
| 32 | The Bainbridge Cos. | 25,565 | 21,213 | 97% | O/M | MR, L |
| 33 | Vesta Realty | 8,953 | 5,317 | 93% | O | A, MR |
| 34 | Strategic Management Partners LLC | 35,007 | 26,866 | 93% | M | A, MR, St |
| 35 | Northland | 26,519 | 26,092 | 94.10% | O/M | MR |
| 36 | Hines | 32,404 | 29,043 | – | O/M | MR, St, Se |
| 37 | Envolve Communities | 28,295 | 33,511 | 91% | O/M | A, MR, Se |
| 38 | Timberland Partners | 18,616 | 17,466 | 97.32% | O | A, MR, L |
| 39 | IDM Cos. | 6,390 | 4,444 | 97.80% | O | MR |
| 40 | The Inland Real Estate Group of Cos. Inc. | 21,357 | 21,937 | 92% | O | MR, St, Se |
| 41 | Freeman Webb Co. | 15,671 | 15,111 | 94.20% | O/M | A, MR, L, Se |
| 42 | DASMEN Residential | 10,015 | 8,106 | 94.04% | O/M | MR |
| 43 | Habitat America LLC | 9,641 | 9,636 | 98% | M | A, MR, L, Se |
| 44 | Wallick Communities | 12,835 | 12,134 | 95.20% | O/M | A, MR, Se |
| 45 | The Breeden Co. | 8,701 | 8,386 | 98% | O/M | MR, L |
| 46 | Burton Carol Management LLC | 7,000 | 7,000 | 98% | O | MR |
| 47 | Billingsley Co. | 8,936 | 8,504 | 97% | O | MR, L |
| 48 | BRIDGE Housing | 10,142 | 9,529 | 94.87% | O | A, MR |
| 49 | Indigo Real Estate | 9,462 | 10,363 | 95.44% | M | A, MR, L, Se |
| 50 | Presidium | 5,921 | 7,674 | 94.91% | O | A, MR, L |
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 Cortland, MAA and Alliance Residential) did not participate this year.
To be included in upcoming surveys, email Agota Felhazi at [email protected].
A Stellar Year
Multifamily property management companies performed exceptionally well over the past year as they overcame pandemic-related restrictions and re-energized their portfolios. Those efforts efforts resulted in near all-time high occupancy rates, particularly for properties in suburban zones and the Sun Belt, Midwest, and Southwest. Assets in gateway markets were the slowest to recover but still showed significant growth as many young people returned to urban cores across the country.
Demand for multifamily properties will persist as inflation and increasing interest rates drive homeownership further out of reach for the average household. An established property management firm will be critical to maximize increasing opportunity.
This year’s Top Multifamily Property Management Companies includes 50 companies with a combined 3.05 million units under management. The portfolios of our participants increased an average of 10 percent between 2020 and 2021 as firms continued expanding footprints across regions and asset types.
Our respondents had an overall occupancy rate of 95 percent, an increase of 2 percent from 2020. Thirty of the 50 companies had occupancy rates of 95 percent or better while four respondents boasted an overall occupancy rate of 98 percent or better: S.L. Nusbaum Realty Co. (98.03), Habitat America LLC (98), The Breeden Co. (98), and Burton Carol Management LLC (98).
Greystar tops our list for the second year in a row with just over 700,000 units under management in 2021. The second and third spots were also maintained by Lincoln Property Co., with about 210,000 units under management, and Cushman & Wakefield, with more than 165,000 units.
Methodology
The Top 50 Multifamily Property Management Companies of 2022 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 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.
—Jen Mix, Senior Research Analyst, Yardi Matrix
