The National Multifamily Housing Council (NMHC) released their 2024 list of the largest firms in the US multifamily housing industry. The firms are ranked by units in buildings with 5 or more units. The results are based on self-reported data provided in response to a survey conducted by Kingsley Associates and the NMHC. Separate categories are provided for owners, managers, builders, developers and syndicators.
Owners
Ownership can be full or partial. In partnerships, the owner is defined as the entity that “exercises effective control of the asset.” The top 5 owners are (2024 ranking and change in number of units in parenthesis):
Greystar with 108,566 units (2, +9,706 units)
MAA with 100,894 units (1, +1,218 units)
Morgan Properties with 92,935 units (3, -659 units)
Nuveen with 84,697 units (7, +11,323 units)
AvalonBay Communities with 82,565 units (4, +2,240 units)
For a list of all firms on the NMHC list of the top 50 owners, see here.
Managers
The managing firm is defined as the one that performs the property management functions such as leasing and property maintenance. The top 5 managers are (2023 ranking and change in number of units in parenthesis):
Greystar with 798,272 units (1, +71,446 units)
Asset Living with 291,322 units (3, +88,574 units)
RPM Living with 226,169 units (6, +77,566 units)
Willow Bridge Property Company with 201,472 units (2, -12,428 units)
Cushman & Wakefield with 182,214 units (4, +4,109 units)
For a list of all firms on the NMHC list of the top 50 managers, see here.
Builders
The builder is defined as the firm responsible for the physical construction of new multifamily properties. They are ranked by the number of units started in 2023. The top 5 builders are (2023 ranking and change in number of units in parenthesis):
Summit Contracting Group with 12,467 units (1, -1,717 units)
Mill Creek Residential with 8,022 units (3, -2,855 units)
Greystar with 7,645 units (5, -3,182 units)
Trammell Crow Residential with 5,823 units (7, -2,610 units)
Wood Partners with 5,137 units (4, -5,513 units)
For a list of all firms on the NMHC list of the top 25 builders, see here.
Developers
The developer is the firm that does the project planning, financing and marketing. The developer selects the builder and is the initial owner of the units once they are completed. Developers are ranked by the number of units started in 2023. The top 5 developers are (2023 ranking and change in number of units in parenthesis):
Greystar with 9,151 units (2, -2,544 units)
Mill Creek Residential with 8,022 units (3, -2,855 units)
Trammel Crow Residential with 5,823 units (5, -3,207 units)
Wood Partners with 5,137 units (4, -5,513 units)
Hillpointe LLC with 4,861 units (13, +1,047 units)
For a list of all firms on the NMHC list of the top 25 developers, see here.
Syndicators
NMHC defines a syndicator as “a company that buys or syndicates tax credits to serve as a general partner with a minority ownership interest.” The top 5 syndicators are (2023 ranking and change in number of units in parenthesis):
Boston Financial Investment Management with 163,706 units (1, -8,598 units)
Raymond James Affordable Housing Investments with 160,727 units
(3, +8,462 units)
PNC Real Estate with 132,458 units (4, -2,583 units)
National Equity Fund with 125,104 units (5, +1,254 units)
Enterprise Housing Credit Investments with 117,132 units (6, +1,920 units)
For a list of all firms on the NMHC list of the top 10 syndicators, see here.
