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

Read the August 2022 issue of MHN.

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