The best property managers efficiently run large multifamily investment properties, maintaining efficiencies and maximizing returns. If you have student housing, senior housing, income-based apartments, or any other type of multifamily investment property, these are the top 20 property management companies according to the National Multifamily Housing Council. The NMHC has ranked these companies for 2022 in the following order, and included some basic details about them.
Top Property Management Companies
The list of top rated property management companies includes the largest ones in the country. Most of these companies manage properties regionally or nationally, and they all are responsible for 60,000 to 600,000 units.
Commercial Property Management Company
1. Greystar Real Estate Partners
Greystar Real Estate Partners is the largest property management company with almost 700,000 managed units in 2022. That’s up slightly from the 669,00 units managed in 2021. The company is headquartered in Charleston, South Carolina, but has offices throughout the country and properties in all 50 states.
Uniquely, the company invests in property development in addition to property management. Greystar was listed in NMHC’s Top Owner, Top Developer and Top Builder listings for 2022.
2. Lincoln Property Company
Lincoln Property Company is a distant second, with a stable 210,000 managed units in 2022 and 2021. The Dallas, Texas company has a sizeable portfolio of military properties. It was also a 2022 Top Owner.
3. Cushman & Wakefield
Cushman & Wakefield is also based in Dallas, and has a stable portfolio of ~170,000 units in 2021 and 2022. Current unit counts approximately match those from 2008. This is the largest listed company that’s steady but not growing quickly.
4. Asset Living
Asset Living continues to grow under CO Ryan McGrath’s 35+ years of leadership. The Houston, Texas company jumped from 103,000 units in 2021, to 159,000 units in 2022. A number of these units are student housing.
5. FPI Management
Based in Folsom, California, FPI Management has ~140,000 units throughout the United States, excluding the Northeast. That’s up from 129,500 in 2021. The company has been expanding into the Southeast.
6. Apartment Management Consultants, LLC
Apartment Management Consultants, LLC is from Cottonwood Heights, Utah. The company grew approximately 13% from 2021 to 2022, increasing its unit count from 100,300 to 113,700. These are all market-rate units.
7. RPM Living
RPM Living is among the newest large property managers, having started in just 2020. The company grew from 81,500 units in 2021, to 112,000 units in 2022. The Austin, Texas company is mostly in the Central and Southeast U.S.
BH is a well-established property management company from Des Moines, Iowa. The company has steadily been increasing its portfolio for more than 20 years. The portfolio went from 100,000 units to 106,000 between 2021 and 2022.
WinnCompanies from Boston, Massachusetts manages 103,000 properties throughout all 50 states. That’s nominally up from 101,000 in 2021. More than one-third is military housing. The company’s growth has been slow for the past ~10 years.
MAA from Germantown, Tennessee has 100,000, which is the same as in 2021. These are all market-rate units throughout the Midwest, Central, and Southern U.S. The company was also a 2022 Top Owner, as it manages many of its own properties.
11. Morgan Properties
Morgan Properties develops and manages properties in the Midwest, South and Mid-Atlantic. The company’s reach is increasing as it grows, however. The company increased from 94,300 units in 2021, to 96,100 in 2022. It’s also a 2022 Top Owner.
12. Avenue5 Residential, LLC
Avenue5 Residential, LLC has only been in business for 5 years, but those are 5 years of steady growth. It expanded from 75,800 to 86,900 units between 2021 and 2022. The company is out of Seattle, Washington.
Bozzuto is slowly expanding through development. The firm was a 2022 Top Developer, and went from 80,000 to 83,300 units between 2021 and 2022. These are throughout the West Coast, East Coast, and Upper Midwest. The company is in Greenbelt, Maryland.
14. AvalonBay Communities, Inc
AvalonBay is a 2022 Top Manager, Top Owner, Top Developer, and Top Builder from Arlington, Virginia. It’s slowly increasing units, which only went from 79,700 in 2021 to 80,500 in 2022.
15. Highmark Residential
Highmark Residential from Dallas, Texas is cementing itself as a major property management company. It has 79,000 units, up from 68,300 in 2021. These are everywhere except the West Coast and New England.
16. Equity Residential
Equity Residential continues to be one of the largest property management companies, but its holdings are in decline. The Chicago, Illinois company had 77,800 units in 2021, and just 77,300 in 2022. It is a 2022 Top Owner, however.
17. RangeWater Real Estate
RangeWater Real Estate is quickly making a splash, having grown to 74,100 units in just three years. Its 2021 count was 53,100. The newer company is based in Atlanta, Georgia.
18. Bell Partners
Greensboro, North Carolina Bell Partners has had oscillating holdings over the past 13 years, but they increased from 62,400 to 68,800 between 2021 and 2022. The company is everywhere except the Midwest.
19. Edward Rose Building Enterprise
Edward Rose Building Enterprise has some of the most consistent historical growth. The continued trend took this company from 67,000 units in 2021, to 68,300 in 2022. The company from Bloomfield Hills, Michigan is also a 2022 Top Owner.
20. Monarch Investment & Management Group
The Monarch Investment & Management Group is both a 2022 Top Manager and 2022 Top Owner. The company went from 63,700 units in 2021, to 66,900 a year later. It’s based in Franktown, Colorado.
3 Things to Consider When Choosing the Best Property Manager
While these are the 20 top commercial property management companies, non of these companies is the best in every situation. The property manager that you choose should be specifically suited for your properties. These five considerations will help you determine which property manager is best suited for your particular properties:
- Region: The property management company should already have properties in your state, so they’re at least somewhat familiar with the local and regional markets.
- Specialty: If you have student, senior, military or other specific properties, look for a company that has lots of specialized housing already.
- Ratings: Good ratings by both professional organizations and tenants are marks of a quality property management company.
How Much Do Property Managers Charge?
The fees that property managers charge vary. Expect to pay 8 to 12 percent of rents as a property management fee. There can also be setup fees, repairs/maintenance fees, vacancy fees, eviction fees, termination fees, and other charges. Review any contract closely, as it’ll delineate all fees that a property manager charges.
Choose a Good Property Manager
If you need a property manager for one or more multifamily properties, these are some of the top property management companies throughout the country. One may indeed be well-suited for attending to your property. Investigate them further to find out which one company that is.
When investing in multifamily commercial rental properties, it is vital to have partners that you can trust to not only maintain the property, but can secure the best financing options available to you.
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