2023 NAHMA 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 Section 515, 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, 2022. 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 (Section 515) property management companies (see the link below for more details).

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

Rank Management Company
(2022 rank shown in parentheses)
Headquarters Total Number of Units
Subsidized* Residential**
1. ^ WinnCompanies (3) Boston, MA 65,179 105,673
2. ^ Folsom, CA 61,263 141,903
3. Houston, TX 40,135 150,095
4. ^ Related Real Estate (2) New York, NY 40,000 87,000
5. ^ Camden, NJ 38,056 67,231
6. ^ Dominium (5) Dallas, TX 36,426 38,059
7. The John Stewart Company (6) San Francisco, CA 31,640 34,748
8. Suffern, NY 30,245 48,395
9. KMG Prestige, Inc. (7) Mount Pleasant, MI 28,070 32,140
10. ^ Royal American Management, Inc. (15) Panama City, FL 26,280 27,311
11. ^ CONAM Management Corporation (16) San Diego, CA 26,218 53,162
12. ^ Envolve Communities / Envolve Client Services Group (9) Memphis, TN 25,214 28,553
13. Capstone Real Estate Services, Inc. (11) Austin, TX 24,921 36,073
14. ^ Mercy Housing Management Group (10) Denver, CO 24,210 24,210
15. ^ National Church Residences (13) Columbus, OH 22,641 23,120
16. ^ Millennia Housing Management, Ltd. (12) Cleveland, OH 22,299 31,463
17. ^ Reliant Realty Services  (49) New York, NY 19,900 20,700
18. ^ SPM, LLC (56) Birmingham, AL 19,646 109,112
19. ^ Capital Realty Group (116) Spring Valley, NY 17,584 17,584
20. Birmingham, AL 17,320 19,210
21. ^ Edgewood Management Corporation (17) Gaithersburg, MD 17,182 20,073
22. Elmington Property Management, LLC (38) Nashville, TN 16,718 40,581
23. S.L. Nusbaum Realty Co. (20) Norfolk, VA 16,651 28,420
24. The Franklin Johnston Group (28) Virginia Beach, VA 16,172 21,369
25. C&C Apartment Management LLC (18) New York, NY 16,077 20,482
26. Fairway Management Inc. Columbia, MO 16,000 17,000
27. Allied Orion Group (27) Houston, TX 15,947 26,790
28. Fairfield Residential (23) San Diego, CA 15,885 36,146
29. TRG Management Company, LLP (85) Weston, FL 15,100 21,300
30. ^ Volunteers of America  (21) Alexandria, VA 15,000 15,000
31. ^ Wallick Communities  (43) New Albany, OH 14,421 15,341
32. Columbia, SC 14,201 14,201
33. ^ Wingate Management  (39) Newton, MA 14,198 18,511
34. Cushman and Wakefield (88) Chicago, IL 14,069 171,713
35. Woda Cooper Companies, Inc. (32) Columbus, OH 13,968 14,156
36. Retirement Housing Foundation (29) Long Beach, CA 13,880 17,044
37. ^ Beacon Communities  (44) Boston, MA 13,734 18,477
38. Conifer Realty, LLC (26) Rochester, NY 13,546 14,723
39. ^ Fairstead New York, NY 13,418 15,330
40. ^ Gene B. Glick Company, Inc. (24) Indianapolis, IN 13,355 20,935


<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, 2022. 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.; Guthrie Alberts, Paysafe Merchant Services, Inc.; Joe Anderson, The Buckner Company; Phil Bogucki, Watchtower Security, Inc.; Andrew Boyle, New Hampshire Housing Finance Authority; Mike Coco, Choice Property Resources, Inc.; Amber Day, TrashPro; Leo Delgado, Converged Services, Inc.; Rue Fox, ResMan; Janel Ganim, ResMan; Eddie Garrett, McGriff Insurance Services; Tracey Gray, Watchtower Security, Inc.; Jenny Hidalgo, Omnia Partners; Babbie Jaco, CAHEC Management; Jennifer Kelly, MRI Software; Mark Livanec, Yardi Systems, Inc.; Amy Losek, Converged Services, Inc.; Carlita Mendez, CMS Results; Scott Nelson, RealPage, Inc.; Dion O’Brien, Watchtower Security, Inc.; Andrew Pieplow, Watchtower Security, Inc.; Scott Ployer, National Property Management Strategies Group, LLC; Greg Proctor, Lumina Partners; Scott Scharlach, Columbus Metropolitan Housing Authority; Christopher Voss, Yardi Systems, Inc.; Colleen Winship, Appfolio; and John Yang, Rental Housing Deals.com, Inc.

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.