2026 NAHMA Affordable 100
The NAHMA Affordable 100 comprises the largest affordable multifamily property management companies, ranked by the number of subsidized units. 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, 2025. 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).
| Rank | Management Company (2025 rank shown in parentheses) | Headquarters | Total Number of Units | |
| Subsidized* | Residential** | |||
| 1 ^ |  (5) | Houston, TX | 137,178 | 445,235 |
| 2 ^ | WinnCompanies (1) | Boston, MA | 96,833 | 122,183 |
FPI Management listing removed due to a reporting duplication identified after publication. | ||||
| 4 ^ | Related Real Estate (3) | New York, NY | 60,000 | 87,000 |
| 5 ^ |  (4) | Camden, NJ | 54,739 | 80,592 |
| 6 | Highmark Residential (6) | Dallas, TX | 49,486 | 95,419 |
| 7 ^ | Dominium* (7) | Dallas, TX | 43,100 | 43,600 |
| 8 | Envolve Communities/Envolve Client Services Group (20) | Memphis, TN | 34,343 | 36,923 |
| 9 |  (9) | Virginia Beach, VA | 30,456 | 38,150 |
| 10 | Brighthaven Communities | Irvine, CA | 30,000 | 30,000 |
| 11 | CONAM Management Corporation | San Diego, CA | 29,485 | 62,940 |
| 12 | The John Stewart Company (10) | San Francisco, CA | 29,256 | 31,708 |
| 13 ^ |  (13) | Suffern, NY | 26,675 | 47,170 |
| 14 | KMG Prestige, Inc. (11) | Mt. Pleasant, MI | 25,052 | 32,920 |
| 15 ^ | Mercy Housing Management (14) | Denver, CO | 25,026 | 25,249 |
| 16 | Fairstead (36) | New York, NY | 24,110 | 26,722 |
| 17 | Capstone Real Estate Services, Inc. (17) | Austin, TX | 23,362 | 35,792 |
| 18 ^ | National Church Residences (15) | Columbus, OH | 23,344 | 23,344 |
| 19 ^ | Capital Realty Group | Spring Valley, NY | 22,829 | 22,829 |
| 20 | Royal American Management, Inc. (16) | Panama City, FL | 22,108 | 23,058 |
| 21 | RPM Living, LLC (19) | Austin, TX | 21,676 | 216,984 |
| 22 ^ | Aperto Property Management, Inc. (31) | Irvine, CA | 18,953 | 21,654 |
| 23 | C+C Apartment Management (25) | New York, NY | 18,584 | 22,512 |
| 24 ^ |  (26) | Newton, MA | 18,115 | 23,505 |
| 25 ^ | Pratum Companies/Edgewood Management (23) | Gaithersburg, MD | 17,855 | 17,855 |
| 26 | Gateway Management Company (24) | Birmingham, AL | 17,573 | 20,020 |
| 27 |  . (28) | Columbia, SC | 17,000 | 17,179 |
| 28 | TM Associates (21) | Rockville, MD | 16,843 | 16,895 |
| 29 | Fairway Management, Inc. (27) | Columbia, MO | 16,800 | 17,000 |
| 30 | Paths Management Services, LLC | New York, NY | 16,000 | 16,000 |
| 30 | Silver Tree Residential, LLC (100) | Memphis, TN | 16,000 | 16,000 |
| 32 ^ | Gene B. Glick Company (30) | Indianapolis, IN | 15,507 | 22,013 |
| 33 | Fairfield Residential (29) | San Diego, CA | 15,176 | 50,800 |
| 34 | Richman Property Services, Inc. (22) | Greenwich, CT | 15,103 | 22,523 |
| 35 ^ | Millennia Housing Management (32) | Cleveland, OH | 15,000 | 21,500 |
| 35 ^ | Volunteers of America (32) | Alexandria, VA | 15,000 | 15,000 |
| 37 | EAH Housing (51) | San Rafael, CA | 14,800 | 19,000 |
| 38 | Woda Cooper Companies, Inc. (40) | Columbus, OH | 14,608 | 15,309 |
| 39 | The NRP Group, Inc. (37) | Cleveland, OH | 14,500 | 25,000 |
| 40 ^ | Partnership Property Management (41) | Greensboro, NC | 14,440 | 14,610 |
| 41 | Retirement Housing Foundation (35) | Long Beach, CA | 14,358 | 15,013 |
| 42 ^ | Wilhoit Properties, Inc. (69) | Springfield, MO | 14,250 | 15,100 |
| 43 | Allied Orion Group (37) | Houston, TX | 14,000 | 27,800 |
| 43 | Kittle Property Group, Inc. (37) | Indianapolis, IN | 14,000 | 17,400 |
| 45 ^ | National Community Renaissance/National CORE (71) | Rancho Cucamonga, CA | 13,679 | 14,329 |
| 46 ^ | Beacon Communities, LLC (42) | Boston, MA | 13,670 | 18,017 |
| 47 | Elmington Property Management (76) | Nashville, TN | 13,581 | 20,067 |
| 48 ^ | PK Management, LLC | Cleveland, OH | 13,500 | 13,500 |
| 49 ^ | Seldin Company (88) | Omaha, NE | 13,472 | 21,813 |
| 50 | Pedcor Management Corp. (43) | Carmel, IN | 13,400 | 25,000 |
| 51 |  (45) | Rochester, NY | 13,182 | 13,919 |
| 52 | Allied Residential, Inc. | Renton, WA | 13,000 | 20,000 |
| 52 | DevCo/HNN (98) | Bellevue, WA | 13,000 | 13,500 |
| 52 | Evergreen Real Estate Group (46) | Chicago, IL | 13,000 | 13,000 |
| 52 | United Apartment Group (46) | San Antonio, TX | 13,000 | 23,000 |
| 56 ^ | Preservation of Affordable Housing, Inc. (48) | Boston, MA | 12,997 | 13,668 |
| 57 ^ | Peabody Properties (53) | Braintree, MA | 12,993 | 16,210 |
| 58 | Mayfair Management Group (60) | Dallas, TX | 12,664 | 14,646 |
| 59 | Fitch Irick Management, LLC (49) | Charlotte, NC | 12,500 | 12,600 |
| 60 | The Hallmark Companies, Inc. (50) | Atlanta, GA | 12,448 | 13,945 |
| 61 | Picerne Management (73) | Altamonte Springs, FL | 12,400 | 39,000 |
| 62 | Pennrose (54) | Philadelphia, PA | 11,973 | 13,047 |
| 63 ^ |  (34) | Lexington, KY | 11,967 | 13,797 |
| 64 ^ | Solari Enterprises, Inc. (56) | Orange, CA | 11,844 | 12,183 |
| 65 | USA Multifamily Management, Inc. (55) | Roseville, CA | 11,758 | 12,574 |
| 66 | Enterprise Residential, LLC (58) | Baltimore, MD | 11,700 | 12,300 |
| 67 ^ | Residential One, LLC (65) | Columbia, MD | 11,501 | 12,782 |
| 68 | Lincoln Property Company (58) | Dallas, TX | 11,500 | 225,000 |
| 69 | Hyder & Company (108) | San Marcos, CA | 11,359 | 11,362 |
| 70 ^ | The Community Builders, Inc. (68) | Boston, MA | 11,323 | 12,218 |
| 71 | McCormack Baron Management (62) | Saint Louis, MO | 11,259 | 14,064 |
| 72 | MACO Management Company, Inc. (63) | Clarkton, MO | 11,100 | 11,300 |
| 73 | TRG Management Company, LLP (64) | Weston, FL | 11,000 | 11,000 |
| 74 | AWI Management Corporation (67) | Auburn, CA | 10,815 | 10,835 |
| 75 ^ | SHP Management Corp. (75) | Cumberland Foreside, ME | 10,694 | 10,694 |
| 76 ^ | Wallick Communities (70) | New Albany, OH | 10,418 | 10,418 |
| 77 ^ | SPM, LLC (44) | Birmingham, AL | 10,314 | 18,111 |
| 78 ^ |  (66) | Weatogue, CT | 10,277 | 11,589 |
| 79 | Peak Living (57) | Provo, UT | 10,200 | 23,000 |
| 80 | Eden Housing (73) | Hayward, CA | 10,000 | 10,000 |
| 81 ^ | Preservation Management, Inc. (78) | South Portland, ME | 9,803 | 9,803 |
| 82 ^ |  (79) | Denver, CO | 9,718 | 9,718 |
| 83 | Elmington Property Management | Nashville, TN | 9,400 | 25,000 |
| 84 | S.L. Nusbaum Realty Co. (77) | Norfolk, VA | 9,300 | 28,000 |
| 85 ^ | Maloney Properties, LLC (80) | Wellesley, MA | 9,252 | 9,553 |
| 86 | Buckingham Property Management (85) | Clovis, CA | 9,200 | 9,200 |
| 87 | RLJ Management Company, Inc. (81) | Columbus, OH | 9,100 | 9,200 |
| 88 ^ |  (91) | Pleasantville, NJ | 9,010 | 9,153 |
| 89 | Continental Management (83) | Bingham Farms, MN | 9,000 | 9,700 |
| 89 | Pivotal Housing Partners, LLC (95) | West Chester, OH | 9,000 | 9,100 |
| 91 | Cambridge Management, Inc. (84) | Tacoma, WA | 8,885 | 9,992 |
| 92 ^ | Community Management Corporation (86) | Winston-Salem, NC | 8,622 | 8,662 |
| 93 | Indigo Real Estate Service (95) | Seattle, WA | 8,600 | 11,500 |
| 94 ^ | Habitat America, LLC (72) | Annapolis, MD | 8,472 | 9,253 |
| 95 | Rose Community (87) | Brooklyn, NY | 8,300 | 10,200 |
| 96 | GRC Management | Brooklyn, NY | 8,200 | 11,000 |
| 97 | Avenue5 Residential (89) | Seattle, WA | 8,100 | 14,400 |
| 97 ^ | Cohen-Esrey Real Estate Services, LLC (93) | Overland Park, KS | 8,100 | 8,100 |
| 99 ^ | Burlington Capital Properties* (93) | Omaha, NE | 7,700 | 10,600 |
| 100 ^ |  | Westlake Village, CA | 7,594 | 8,078 |
| 101 | Cascade Management, Inc. (90) | Tigard, OR | 7,509 | 7,531 |
| 102 | Ingerman | Collingswood, NJ | 7,500 | 7,700 |
| 103 ^ | Arnold Grounds Apartment Management & Affordable Housing Specialists (97) | Grapevine, TX | 7,347 | 7,539 |
| 104 ^ | LHP Management (104) | Knoxville, TN | 7,100 | 7,100 |
| 104 | Phipps Houses Services, Inc. (100) | New York, NY | 7,100 | 9,000 |
| 106 ^ |  (103) | Warren, MI | 7,022 | 7,022 |
| 107 | CAPREIT (104) | North Bethesda, MD | 7,000 | 15,000 |
| 107 | Columbia Residential/AHP Management (82) | Atlanta, GA | 7,000 | 9,000 |
| 107 | Midpen Housing (104) | Foster City, CA | 7,000 | 7,100 |
| 110 | Lemle and Wolf, Inc. (107) | Bronx, NY | 6,900 | 6,900 |
| 111 | Quality Management Group, Inc. | Ontario, CA | 6,800 | 7,800 |
| 112 ^ | Trinity Management, LLC (110) | Boston, MA | 6,506 | 7,452 |
| 113 | WSH Management, Inc. (113) | Irvine, CA | 6,381 | 6,628 |
| 114 | Monarch Properties, Inc. (115) | Albuquerque, NM | 6,281 | 7,631 |
| 115 | Thomas Safran & Associates | Los Angeles, CA | 6,230 | 6,500 |
| 116 | Rampart Multifamily Management | Baton Rouge, LA | 6,200 | 11,000 |
| 117 | Hayes Gibson Property Services | Bloomington, IN | 6,179 | 6,834 |
| 118 ^ | Standard Enterprises, Inc. (116) | Monroe, LA | 6,161 | 6,397 |
| 119 | J & A, Inc. (92) | Corinth, MS | 6,000 | 6,000 |
| 119 ^ | Meridian Group (118) | Middleton, WI | 6,000 | 6,245 |
| 119 | RY Management Co., Inc. | New York, NY | 6,000 | 10,000 |
| 119 | The Integral Group (114) | Atlanta, GA | 6,000 | 6,200 |
| 120 ^ | Community Housing Partners (120) | Christiansburg, VA | 5,900 | 6,100 |
Companies in bold provided data for NAHMA’s survey. All others are based on industry estimates.
25 Largest Housing Credit (LIHTC) Property Management Companies
| Rank | Management Company | Headquarters | Housing Credit Units* |
| 1 ^ | Asset Living | Houston, TX | 106,845 |
| 2 ^ | WinnCompanies | Boston, MA | 56,843 |
| 3 ^ | The Michaels Organization | Camden, NJ | 36,543 |
| 4 | Franklin Group | Virginia Beach, VA | 30,456 |
| 5 | CONAM Management Corporation | San Diego, CA | 28,837 |
| 6 | KMG Prestige, Inc. | Mt. Pleasant, MI | 22,990 |
| 7 | Envolve Communities / Envolve Client Services Group | Memphis, TN | 22,334 |
| 8 | Capstone Real Estate Services, Inc. | Austin, TX | 21,537 |
| 9 ^ | Aperto Property Management, Inc. | Irvine, CA | 17,496 |
| 10 ^ | Mercy Housing Management | Denver, CO | 16,584 |
| 11 | Royal American Management, Inc. | Panama City, FL | 15,820 |
| 12 | CAHEC Management, Inc. | Columbia, SC | 15,615 |
| 13 | Fairfield Residential | San Diego, CA | 15,176 |
| 14 | Richman Property Services, Inc. | Greenwich, CT | 14,284 |
| 15 ^ | MMS Group | Suffern, NY | 13,904 |
| 16 | Elmington Property Management | Nashville, TN | 13,581 |
| 17 ^ | National Church Residences | Columbus, OH | 13,414 |
| 18 | TM Associates | Rockville, MD | 13,261 |
| 19 | DevCo/HNN | Bellevue, WA | 13,000 |
| 20 | Conifer Realty, LLC | Rochester, NY | 12,872 |
| 21 | Mayfair Management Group | Dallas, TX | 12,512 |
| 22 ^ | Preservation of Affordable Housing, Inc. | Boston, MA | 11,904 |
| 23 | USA Multifamily Management, Inc. | Roseville, CA | 11,758 |
| 24 ^ | Wingate Management Company | Newton, MA | 11,596 |
| 25 | Woda Cooper Companies, Inc. | Columbus, OH | 11,082 |
Based on submitted survey results only
25 Largest Rural Development (Sections 515 and 538) Property Management Companies
| Rank | Management Company | Headquarters | RD Units* |
| 1 | TM Associates | Rockville, MD | 15,333 |
| 2 | CAHEC Management, Inc. | Columbia, SC | 11,909 |
| 3 ^ | The Michaels Organization | Camden, NJ | 7,412 |
| 4 ^ | Partnership Property Management | Greensboro, NC | 7,252 |
| 5 ^ | Winterwood, Inc. | Lexington, KY | 6,918 |
| 6 | Hamilton Valley Management | Burnet, TX | 5,450 |
| 7 | Viridian Management, Inc. | Enterprise, OR | 3,929 |
| 8 | Royal American Management, Inc. | Panama City, FL | 3,116 |
| 9 ^ | Aperto Property Management, Inc. | Irvine, CA | 2,686 |
| 10 | Woda Cooper Companies, Inc. | Columbus, OH | 2,590 |
| 11 | MAC Real Estate, LLC | Metairie, LA | 2,161 |
| 12 | Intervest Corporation | Madison, MS | 2,023 |
| 13 ^ | Asset Living | Houston, TX | 1,641 |
| 14 | Red Oak Management Co., Inc. | Cedar Springs, MI | 1,300 |
| 15 ^ | WinnCompanies | Boston, MA | 834 |
| 16 | Olympia Management, Inc. | Albertville, AL | 740 |
| 17 ^ | CRM Rental Management, Inc. | Rome, NY | 679 |
| 18 | Mayfair Management Group | Dallas, TX | 626 |
| 19 | Hyder & Company | San Marcos, CA | 605 |
| 20 | Preservation Management Inc. | South Portland, ME | 460 |
| 21 ^ | Mercy Housing Management | Denver, CO | 448 |
| 22 ^ | Intermark Management Corporation | Columbia, SC | 348 |
| 23 | Trimac Management, Inc. | Wabash, IN | 292 |
| 24 ^ | CRM Residential | Pleasantville, NJ | 254 |
| 25 | CONAM Management Corporation | San Diego, CA | 159 |
Based on submitted survey results only
^ A NAHMA Communities of Quality National Recognition Program Participant
* Unit data represent only units directly managed (not owned) that were rented or available to rent on Dec. 31, 2025. Down units, abated units, units under construction or rehabbing units not available for rent are not included. 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.
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 Scott Ployer, National Property Management Strategies Group, LLC; vice chair T.J. Golson, ResMan; Lauren Monaco, DeSilva Housing Group; Stephanie Fo, CMS Bremerton Housing Authority; Rue Fox, ResMan; Tammy Hunter, Choice Property Resources; Mark Livanec, Yardi; Scott Nelson, RealPage, Inc.; Greg Proctor, Lumina Partners, LLC; Jeffrey Promnitz, Zeffert and Associates, Inc.; Kayla Roche, Entrata; Gustavo Sapiurka, GSAP Advisory Group and Diane Van Lear, SatisFacts.
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.