The National Multifamily Housing Council (NMHC) released their 2025 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 122,545 units (1, +13,204 units)
MAA with 102,348 units (2, +1,454 units)
Morgan Properties with 96,727 units (3, +3,792 units)
Nuveen Real Estate with 84,697 units (4, +1,889 units)
Equity Residential with 84,249 units (5, +4,058 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 (2024 ranking and change in number of units in parenthesis):
Greystar with 946,742 units (1, +132,429 units)
Asset Living with 288,665 units (2, -2,657 units)
Willow Bridge Property Company with 220,676 units (4, +19,204 units)
RPM Living with 218,661 units (3, -7,508 units)
Cushman & Wakefield with 167,000 units (5, -15,000 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 2024. The top 5 builders are (2024 ranking and change in number of units in parenthesis):
Summit Contracting Group with 10,289 units (1, -2,178 units)
Greystar with 6,640 units (3, -1,260 units)
Dominium with 5,763 units (15, +2,709 units)
Wood Partners with 5,480 units (5, +346 units)
The NRP Group with 4,824 units (10, +423 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 2024. The top 5 developers are (2024 ranking and change in number of units in parenthesis):
Greystar with 8,247 units (1, -1,315 units)
Dominium with 5,763 units (15, +2,709 units)
Wood Partners with 5,480 units (4, +343 units)
Hillpointe LLC with 4,720 units (5, -105 units)
D.R. Horton, Inc. with 4,590 units (10, +1,157 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 (2024 ranking and change in number of units in parenthesis):
Raymond James Affordable Housing Investments with 170,615 units (2, +9,888 units)
Boston Financial with 154,323 units (1, -9,383 units)
PNC Multifamily Capital with 133,877 units (3, +1,419 units)
National Equity Fund with 133,642 units (4, +8,538 units)
Enterprise Housing Credit Investments with 115,857 units (5, -1,275 units)
For a list of all firms on the NMHC list of the top 10 syndicators, see here.
