The Top 10 Multifamily Property Management Companies of 2022
According to iPropertyManagement’s 2021 Trends and Statistics Report, there are currently over 300,000 property management companies in the US, with the industry generating a whopping $88.4 billion in annual revenue, a figure that is expected to continue to grow.
Although real estate has classically been and continues to be a relatively stable endeavor, many multifamily property management properties across the U.S. faced significant challenges as a result of the COVID-19 pandemic. From mitigating health risks for employees and customers, to difficulties obtaining permits, to construction delays and material shortages, the effects were widespread across the value chain.
While many companies have simply weathered the storm to survive, a select few ultimately flourished under these pressure-cooker conditions. The companies that managed to thrive shared a common thread: a commitment to innovation, sustainability, and community.
Here is our handpicked list of the top 10 multifamily property management companies that are set to make an impact in 2022.
1. AvalonBay Communities
AvalonBay Communities, Inc. is a real estate investment trust that acquires, develops, renovates, and operates multifamily residential properties in the United States with a distinct focus on leading metropolitan areas, upscale properties, and high-barrier to entry markets like Los Angeles, New York City, and Seattle. As of September 30, 2021, AvalonBay Communities owned or held a direct or indirect ownership interest in 293 apartment communities containing an impressive 87,416 apartment homes in 13 states and the District of Columbia.
Why AvalonBay Communities Made Our List
AvalonBay Communities takes a serious and dedicated approach to its bold purpose of creating a better way to live within the multifamily property management space
In 2019, they were confirmed as a constituent of the FTSE4Good Index Series, which measures the performance of companies demonstrating strong Environmental, Social, and Governance practices. The multifamily property management company has also doubled down on their commitment to the environment. In February 2019, the company publicly announced its commitment to setting aggressive emissions reduction goals, with Chairman and CEO Tim Naughton stating, "We know that fulfilling our purpose of creating a better way to live requires us to continue to set ambitious and innovative goals aligned with climate science, and, as a result, AvalonBay is committed to setting science-based targets."
Beyond the broader issue of climate change and moving towards a low-carbon economy, the company has also been praised for other pioneering environmental work. In 2018, AvalonBay Communities was honored by the International Risk Management Institute for its innovative loss prevention program aimed at eliminating construction site fires. The company's approach involves progressive building processes, the implementation of new technologies, and a novel wood treatment to help reduce structural fires.
“It’s an honor to be recognized with this prestigious award when our efforts are a result of wanting to do the right thing for our industry, associates, trade partners and residents,” said Michael Feigin, AvalonBay’s Executive Vice President and Chief Construction Officer. “We are now sharing our efforts with industry groups and our REIT and multifamily peers in the hope that we can make the entire industry safer for everyone.”
2. The Bozzuto Group
Founded in 1988, The Bozzuto Group is a generationally-owned family construction and multifamily property management company driven by a vision to provide sanctuary for all. The company strives to enrich the neighborhoods and lives of the communities they serve by developing, building, and managing apartment communities, homes, and retail experiences. Bozzuto currently has over 2,700 employees, 78,000 managed residences, and 50,000 homes and apartments developed, bought, and built.
Why The Bozzuto Group Made Our List
Bozzutto fosters a family culture within the workplace and allows its core values of concern, creativity, passion, and perfection to guide its actions. In addition, being socially responsible and giving back to the community is something that Bozzuto devotes significant time and energy to, namely through their “Rise” program which revolves around making a tangible difference for individuals facing homelessness and housing challenges.
Bozzuto’s former Corporate Social Responsibility and Communications Manager Kirkland Locey said, “Our team members and communities are always looking for ways to give back and contribute to the world around them. Now we have one centralized purpose as a company and together we can rise to the challenge of impacting homelessness.”
Their outstanding initiative has earned praise from the industry at large. In 2020, Buzzuto's Rise program was selected as the winner of the inaugural award for Best Corporate Social Responsibility Program by Multihousing News, a national multifamily real estate news resource.
Committed to building communities and creating sanctuaries through property, the company is mindful to partner with like-minded multifamily property management companies that share their values. In September 2021, Bozzuto joined forces with TheGuarantors, an insurance technology company that helps landlords, brokers, tenants, and prospective renters with innovative financial solutions.
Commenting on the partnership, Stephanie L. Williams, Bozzuto Management Company President, remarked, "We carefully select partners such as TheGuarantors who share our values and our belief that everyone deserves sanctuary. With technology and innovation at the forefront, we are collectively able to deliver extraordinary experiences to even more consumers."
WinnCompanies is the largest manager of affordable housing and the fifth largest multifamily property management company in the United States, in addition to being one of the largest managers of privatized housing for the United States Armed Forces. With over 100 properties in 11 states, including more than 15,600 apartments, the company has earned its reputation as an innovative and socially responsible multifamily property management firm, employing over 3,000 team members.
Why WinnCompanies Made Our List
To demonstrate their commitment to improving the communities they serve, WinnCompanies established the WinningEdge Scholarship for qualifying residents of their communities who are pursuing higher education. Since the program’s inception in 2012, the company has awarded over $390,000 in scholarship funds. In April of 2020, the company announced their partnership with uAspire, a national nonprofit whose mission is to ensure that all young people have the financial information and resources necessary to find an affordable path to and through college.
WinnCompanies is also committed to environmental sustainability and providing affordable housing. The multifamily property management company is innovative in its adaptive reuse of historic and iconic buildings as residential mixed-income housing, helping local economies by turning vacant properties into vibrant and environmentally friendly apartment communities. From development to property management, WinnCompanies embraces environmentally responsible decisions and is a national leader in sustainable development and in the utilization of renewable energy.
Arthur Winn, Principal and Founder of Winn Companies, summed it up: “We believe we can do well by doing good; that’s why we take pride in operating as a trusted corporate citizen in the communities where we work.”
4. Balfour Beatty Communities
Balfour Beatty Communities is a subsidiary of London-based international infrastructure leader Balfour Beatty plc. A seasoned veteran of the real estate industry, Balfour Beatty has been around for over 110 years, delivering acquisition, management, and renovation services in the multifamily, student, and military housing sectors. The company currently has more than 50,000 units and $6 billion in real estate assets under their management and have renovated a whopping 31,000 units, nearing a combined value of $4 billion.
Why Balfour Beatty Communities Made Our List
The company’s outstanding work has earned them significant industry recognition. In August of 2021, Multihousing News named Balfour Beatty Communities as the 13th top multifamily property management company in their annual ranking of industry leaders.
A key tenet of the company’s mission is to put people first. The Balfour Beatty Communities Foundation is an extension of that promise, offering scholarships to residents looking to aim higher through postsecondary education, in addition to providing financial support to military family-focused organizations and charities. In total, the program has awarded over $1.2 million to 553 scholars and 36 different military organizations and charities.
As their name suggests, Balfour Beatty Communities also prioritizes community building, with a dedicated team whose purpose is to make their mantra of “exceptional living” a reality for residents. From military communities to student housing and multifamily apartment communities, the Balfour Beatty Communities team creates exceptional living experiences tailored to each community’s unique personality and location.
5. Starwood Capital Group
Headquartered in Miami Beach, Florida, Starwood Capital Group is an investment firm focusing on global real estate, energy infrastructure, and oil and gas. The firm was founded 30 years ago in 199 and, since then, has raised over $65 billion of capital with over $95 billion assets under management, employing more than 4,000 employees in 16 offices across the globe.
Why Starwood Capital Group Made Our List
On October 15th 2021, Starwood Capital Group announced the closing of its latest opportunistic real estate fund, Starwood Distressed Opportunity Fund XII (SOF XII), with capital commitments exceeding $10 billion.
Michel Lefton, Managing Director and Global Head of Capital Raising and Investor Relations at Starwood Capital, commented, "We are thrilled to have reached the fund's hard cap even as we've raised capital for SOF XII during a global pandemic. We are privileged to work with a diverse and sophisticated investor base, including pensions, sovereign wealth funds, foundations, endowments, wealth managers, family offices and high net worth investors from more than 30 countries."
Completing the largest capital raise in the multifamily property management company's history in the midst of a global health crisis serves to cement Starwood’s reputation as an industry leader, a status already well established as the recipient of upwards of 20 PERE Awards.
Fundraising prowess aside, Starwood Capital is a carbon neutral firm and a signatory of the Principles for Responsible Investment, a UN-supported network of investors that works to promote sustainable investment. The company is dedicated to upholding high standards in the industry for environmentally and socially responsible investing and is committed to fostering, cultivating, and preserving a culture of diversity and inclusion.
6. Equity Lifestyle Properties
Equity Lifestyle Properties is a leading operator of RV resorts, campgrounds, and manufactured home communities in North America. With five decades of experience in the business, their carefully designed properties offer unique living and vacation experiences in some of the U.S.'s most desirable housing markets and leisure destinations. Today, the company has over 434 properties in 33 states and British Columbia, Canada, totaling more than 165,000 sites and employing more than 4000 workers.
Why Equity Lifestyle Properties Made Our List
As their company motto of “Uniting People, Places & Purpose'' implies, Equity Lifestyle Properties’s business is deeply intertwined with respect and concern for the environment. The company is strongly committed to incorporating environmental, social and governance considerations into their business practices, remaining mindful of the impact they have at both a local and national level. As part of this effort, the company actively implements industry best practices, taking steps to reduce their carbon footprint and their impact on the environment, including energy, water, and waste management.
When the pandemic hit, Equity Lifestyle Properties sprang into action to ensure the health and safety of their resident and vacation communities. The multifamily property management company partnered with local health departments and community homeowners' associations to host COVID-19 vaccination events for residents of their communities and surrounding areas so residents could receive the vaccine within the comfort and convenience of their community. According to the company’s most recent sustainability report, as of April 2021, they have helped facilitate approximately 8,700 vaccinations in 39 communities.
7. Baird & Warner
Baird & Warner is the largest family-owned independent real estate services company in Illinois, dedicated to making life easier for buyers and sellers in Chicagoland. The multifamily property management company's story dates back to 1855 when Lyman Baird came to Chicago with a dream of finding opportunity in the city's booming growth. It's safe to say Lyman's dreams were fulfilled; 166 years later, the company is thriving and has received numerous accolades including being named as a top workplace several times by the Chicago Tribune.
Why Baird & Warner Made Our List
As one of the oldest companies in Chicago, Baird & Warner’s story is deeply intertwined with the history of the city itself and helping the community thrive is part of the company’s DNA. The proof is in the pudding; to date, the firm has donated nearly $3 million to Chicagoland nonprofits focusing on housing-related causes through their charitable arm known as “Good Will Works”. Beyond simply providing shelter, the company’s mission is to strengthen communities as a whole to enable the people who live there to lead healthy, safe, and prosperous lives.
In addition to their focus on community, Baird & Warner also prioritizes the use of innovative technology to streamline internal processes. In November 2021, the company announced the launch of Baird & Warner balance, a sophisticated, multifaceted support system that connects agents with various on-demand services to make their day-to-day lives easier — from help with managing listings to support with administrative needs and sales contracts through closing and beyond.
"Baird & Warner has long prioritized providing tools and resources that both support and empower agents by making it easier to grow their business. With homes selling faster than ever, we wanted to offer agents more assistance with daily tasks so they're in a prime position to nurture leads to keep pace with today's market," said Laura Ellis, President of Residential Sales and Executive Vice President of Baird & Warner.
8. The Millennia Companies
In 1995, Frank T. Sinito founded The Millennia Companies, a high-performance business enterprise with a strong sense of mission to enrich lives. Millennia Housing Management’s portfolio includes more than 275 multifamily residential communities in 26 states and the company operates more than 30,000 apartment units nationally, including mid-rise and high-rise apartments as well as garden-style apartments and flats.
Why The Millennia Companies Made Our List
Millenia differentiates itself from other multifamily property management companies through its drive to create communities that enhance resident experiences and its focus on affordable housing. Since 2004, Millennia Housing Development, Ltd. has preserved more than 11,500 units of affordable housing in collaboration with housing and finance partners.
Their efforts in this area have not gone unnoticed. With 2,700 affordable units, the company topped Affordable Housing Finance’s list of Top 10 Companies Completing Substantial Rehabs in 2020 and snagged the #4 spot on the publication’s list of Top 50 Affordable Housing Owners. Millenia also ranked eighth on the 2021 NAHMA Affordable 100, a list published by the National Affordable Housing Management Association that comprises the largest affordable multifamily property management companies, ranked by unit counts.
In September 2021, the company closed on $52 million in financing to renovate 175 affordable housing units for families at Cordoba Courts Apartments in Opa-Locka, Florida. Frank T. Sinito, Founder and Chief Executive Officer of The Millennia Companies, said, "Affordable housing is critical, and the supply is diminishing while the need is increasing. Rehabilitating apartment developments that have experienced decline over time is essential, and we are proud of our mission to not only provide residents with a quality home, but also a community enriched with services."
9. Asset Living
Asset Living is a third-party property management company with over 35 years of industry-leading service managing over 100,000 units throughout the U.S. Headquartered in Houston, Texas, the company is a recognized member of the National Apartment Association and has been the recipient of various accolades, including the Inc 500/5000 Award and numerous Student Housing Business (SHB) Innovator Awards, just to name a few.
Why Asset Living Made Our List
With a diverse portfolio comprised of campus, multifamily and affordable housing, Asset Living has proven itself to excel in various segments of the market, as is evident by their numerous industry awards and recognitions. On the student housing side, they’ve held SHB’s #1 ranking for third party manager since 2010 — a whopping 11 years running. The company currently holds the fifth spot on the National Multifamily Housing Council's Top 50 Largest Apartment Managers list, and are ranked #11 on the 2021 NAHMA Affordable 100 list.
Asset Living is driven by the belief that everyone deserves a roof over their head and their team strives to exceed affordable living needs for clients and communities. The company takes this mission seriously, partnering with Covenant House, a global non-profit organization that provides housing and supportive services to youth facing homelessness. Additionally, the multifamily property management company raised nearly $75,000 for Covenant House’s most recent Sleep Out event, dedicated to raising awareness around the issue of homelessness in Texas.
“At Asset Living, we’re dedicated to doing good while doing well. We’re constantly looking for ways to serve the communities in which we work and live.” said Ryan McGrath, CEO and President of Asset Living. “With a shared mission that everyone deserves a place to call home, the Sleep Out felt like the perfect place for us to roll up our sleeves and help out.”
10. Lerner Enterprises
Lerner Enterprises is a best-in-class real estate developer and property manager, with a diverse, award-winning portfolio of office, residential, retail, hospitality, and mixed-use properties. Founded by Theodore N. Lerner in 1952 and based in Rockville, Maryland, the company has been at the forefront of commercial real estate in the Washington area for over 60 years and has helped transform and define the landscape of the city.
Why Lerner Enterprises Made Our List
With unparalleled vision and ingenuity, Lerner applies its specialized skills and knowledge to develop and maintain dynamic communities where people live and work, and businesses thrive and mature. The multifamily property management company’s willingness to embrace new technologies and their ability to foresee entire new cities and communities where little to nothing exists sets them apart.
In addition to their commitment to building enduring properties that stand the test of time, Lerner takes sustainability seriously. The organization is committed to building and operating high performance buildings that are resource-efficient and create healthy environments for residents. Through intelligent planning and the use of state-of-the-art design, materials, and construction techniques, Lerner has become an established leader in green building by adhering to the LEED Green Building System standards established by the U.S. Green Building Council.
Lerner has long been a pioneer in this field, with projects that have set new sustainability standards in their respective markets, including the first LEED Platinum office building in the Mid-Atlantic region, the first LEED office building in Washington, D.C. and the first major sports stadium to be LEED certified.
Technology-Driven Innovation in the Multifamily Property Management Industry
At its core, innovation is about supporting and adopting new ideas, technology, methods and uncovering new ways to do things. Innovation is vital in the business world and particularly in real estate, as it gives companies an edge in penetrating markets and driving better and faster results.
Going forward, multifamily property management companies that embrace creative problem-solving and cutting-edge technology are poised to become industry pioneers, paving the way for an even more promising future rooted in digital transformation.
Given the impressive track records of the multifamily property management companies on this list in embracing new ideas and fostering community, adopting new AI technologies represents the next step in serving their communities and achieving business goals. Multifamily property management companies that deploy conversational AI can quickly engage with prospects, boost lead generation efforts, increase sales, manage tenants and properties, and more.
Hyro is looking forward to exhibiting at RETCON 2022 in New York City and meeting key players in the multifamily property management industry. Until then, keep innovating!