Affordable 100

How many housing units receive at least one form of federal subsidy in the United States today? The annual NAHMA Affordable 100 list provides this important data!

The NAHMA Affordable 100 comprises the largest affordable multifamily property management companies, ranked by affordable unit counts. The NAHMA Affordable 100 list contributes vital data to the ongoing national dialogue on the future of federal funding for affordable housing. In an effort to accurately determine the portfolio of affordable units receiving federal subsidy in the United States, NAHMA publishes this annual listing of affordable units containing at least one of the following federal subsidies: HUD Project-based Assistance (Project-based Section 8, Section 202 and Section 811), Section 42 LIHTC, HOME and CDBG funds, USDA Sections 515 and 538, or Bonds.

Companies in bold provided data for NAHMA’s Affordable 100 survey. All others are based on industry estimates. ** All unit data represent only units directly managed (not owned) that were rented or available to rent on Dec. 31, 2023. Down units, abated units, units under construction or rehabbing units not available for rent are not included. 

NAHMA also presents two specialty lists – the 25 largest housing credit (LIHTC) property management companies, and the 25 largest Rural Development (Sections 515 and 538) property management companies (see the link below for more details).

<1-40> <41-80> <81-120> <Specialty Lists – LIHTC and RD>

Rank	Management Company (2023 rank shown in parentheses)	Headquarters	Total Number of Units
			Subsidized*	Residential**
1.		Folsom, CA	74,284	165,077
2. ^		Boston, MA	68,929	109,037
3. ^		Camden, NJ	52,233	78,211
4.		Houston, TX	47,448	292,113
5. ^	Related Real Estate (4)	New York, NY	40,000	87,000
6. ^	Dominium (6)	Dallas, TX	36,426	38,059
7.	The John Stewart Company (7)	San Francisco, CA	31,706	34,520
8.	ConAm Management Corporation (11)	San Diego, CA	29,695	59,796
9.	KMG Prestige, Inc. (9)	Mt. Pleasant, MI	27,509	31,523
10. ^		Suffern, NY	26,314	45,081
11.	Capstone Real Estate Services, Inc. (13)	Austin, TX	25,905	38,568
12.		Virginia Beach, VA	25,065	31,906
13. ^	Mercy Housing (14)	Denver, CO	24,183	24,355
14.	Royal American Management, Inc. (10)	Panama City, FL	23,749	24,985
15. ^	National Church Residences (15)	Columbus, OH	23,336	23,884
16. ^	Millennia Housing Management Ltd. (16)	Cleveland, OH	22,299	31,463
17. ^	Capital Realty Group (19)	Spring Valley, NY	20,705	20,705
18.	Reliant Realty Services (17)	New York, NY	19,900	20,700
19.	Envolve Client Services Group / Envolve Communities (12)	Memphis, TN	18,071	22,287
20.	TM Associates (46)	Rockville, MD	17,743	18,817
21.	EAH Housing (41)	San Rafael, CA	17,430	17,430
22. ^		Gaithersburg, MD	17,344	17,490
23.	The Richman Group, Inc.	Tampa, FL	16,837	23,074
24.	C&C Apartment Management, LLC (25)	New York, NY	16,077	20,482
25.	Fairfield Residential (28)	San Diego, CA	16,040	35,252
26.	Fairway Management, Inc. (26)	Columbia, MO	16,000	17,000
27.	Allied Orion Group (27)	Houston, TX	15,947	26,790
28. ^		Newton, MA	15,673	20,053
29. ^	SPM, LLC (18)	Birmingham, AL	15,493	21,379
30.		Columbia, SC	15,222	15,376
31.	Gateway Management Company (20)	Birmingham, AL	15,186	17,562
32.	TRG Management Company, LLP (29)	Weston, FL	15,100	21,300
33. ^	Volunteers of America (30)	Alexandria, VA	15,000	15,000
34.		Rochester, NY	14,796	15,765
35.	Retirement Housing Foundation (36)	Long Beach, CA	14,289	15,250
36. ^	Winterwood, Inc. (50)	Lexington, KY	14,207	14,449
37. ^	Gene B. Glick Company, Inc.* (40)	Indianapolis, IN	14,073	20,945
38.	Mayfair Management Group (70)	Dallas, TX	14,035	15,658
39. ^	Beacon Communities, LLC (37)	Boston, MA	13,705	18,193
40. ^	Aperto Property Management, Inc. (47)	Irvine, CA	13,623	17,000

<1-40> <41-80> <81-120> <Specialty Lists – LIHTC and RD>

^ A NAHMA Communities of Quality National Recognition Program Participant

* and ** All unit data represent only units directly managed (not owned) that were rented or available to rent on Dec. 31, 2023. Down units, abated units, units under construction or rehabbing units not available for rent are not included.

* Total affordable units managed. Federal programs only, including HUD, LIHTC, USDA, HOME and Bond programs. Data do not include state or local subsidy, public housing, tenant-based vouchers (Section 8 or RD tenant-protection vouchers), or federal mortgage insurance or loan guarantee programs. If a unit has more than one subsidy, it is counted only once.

** Total residential units managed (including market or affordable).

NAHMA would like to extend its sincere thanks to the NAHMA Affordable 100 Task Force, without whose hard work and support this survey would not have been possible. In particular, sincere appreciation goes to task force chair Nathan Burnett, Watchtower Security and vice chair Jeffrey Promnitz, Zeffert & Associates, Inc.; Amber Day, TrashPro; Leo Delgado, Converged Services Inc.; Sheldon Farnes, FJ & Associates PLLC; Rue Fox, ResMan; T.J. Golson, ResMan; Tracey Gray, Watchtower Security; Tammy Hunter, Choice Property Resources; Barbara (Babbie) Jaco, CAHEC Management Inc.; Julie Klein, Watchtower Security; Mark Livanec, Yardi; Alex Marram, Yardi; Scott Nelson, RealPage Inc.; Andrew Pieplow, Watchtower Security; Scott Ployer, National Property Management Strategies Group; Andy Reithel, Lumina Partners LLC; and Mary Beth, Snyder, Yardi.

For logo sponsorship opportunities, please email Paul Walley at PWalley@naylor.com.

If you believe your company should be included in next year’s survey, please contact Jennifer Jones at jjones@nahma.org.