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March 27, 2025
NMHC 2024 Rankings: Big Movers Among Apartment Owners, Managers, and Developers
The National Multifamily Housing Council (NMHC) has just released its 2024 rankings of the nation’s largest apartment owners, managers, and developers — and this year’s list includes some notable shakeups, strategic expansions, and surprise returns.
Let’s take a look at the biggest movers and trends shaping the multifamily landscape:
🏢 Top Owners: Greystar Extends Its Lead
Greystar once again tops the NMHC 50 Owners list, expanding its portfolio by a massive 13,200 units in 2024. That brings its total to 122,500 units owned, further solidifying its position as the nation's largest apartment owner.
Other big gainers include:
Related Companies: +11,400 units
FPA Multifamily: +10,500 units
Fairfield Residential: +7,000 units
UBS Realty: +6,500 units
Weidner Apartment Homes: +4,500 units
New to the NMHC Top 50 Owners list this year are:
S2 Capital, Richman Group, MLG, AMLI Residential, and Kairos Investment Management.
🛠 Property Managers: Greystar’s Unmatched Growth
In the property management arena, Greystar is in a league of its own. The company added 132,000 units to its management portfolio in 2024 — more than the next 10 largest gainers combined. For perspective: if those 132k units stood alone, they would still rank 9th nationwide.
Greystar is now managing 946,700 units total, outpacing its four closest competitors combined.
Other major gainers:
Avenue5 Residential: +20,900 units
Bozzuto: +19,200 units
Willow Bridge: +19,200 units
ZRS Management: +14,800 units
Hawthorne Residential: +12,900 units
FPA Multifamily: +10,500 units
New entrants to the NMHC Top 50 Managers list:
Mission Rock Residential, Valiant Residential, Westdale Real Estate Investment, and Knightvest Capital.
🚧 Developers: Strategic Moves Amid Slowdowns
While some developers pulled back in 2024, a few went big. Greystar retained its No. 1 spot, starting 8,247 units, though that was down slightly from 2023.
Four standout firms increased starts by more than 1,000 units year-over-year:
Dominium: +2,700 to 5,763 units
Continental Properties: +2,300 to 3,517 units
Crescent Communities: +1,500 to 2,388 units
D.R. Horton: +1,200 to 4,590 units
The 2024 Top 25 Developers list welcomed several familiar names returning after sitting out in 2023, including:
Continental, Crescent, Annex, AvalonBay, Landmark, Quarterra (Lennar), TWG, and Dinerstein.
⚡ Final Thoughts: Any Surprises?
While Greystar’s dominance may not be surprising, the scale of its growth — especially on the management side — is eye-popping. The return of several development heavyweights suggests confidence in the market despite broader headwinds.
Stay tuned — if this year’s NMHC list is any indication, the multifamily industry is in for another dynamic year.
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