Affordable 100

2025 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, 2024. 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 (2024 rank shown in parentheses)	Headquarters	Total Number of Units
Rank	Management Company (2024 rank shown in parentheses)	Headquarters	Subsidized*	Residential**
1. ^	(2)	Boston, MA	83,825	116,337
2	(1)	Folsom, CA	73,124	162,497
3. ^	Related Real Estate (5)	New York, NY	60,000	87,000
4. ^	(3)	Camden, NJ	54,739	80,592
5	(4)	Houston, TX	52,398	288,665
6	Highmark Residential	Dallas, TX	49,486	95,419
7. ^	Dominium (6)	Dallas, TX	42,546	43,035
8	Greystar (100)	Charleston, SC	30,000	825,000
9	(12)	Virginia Beach, VA	28,594	36,890
10	The John Stewart Company (7)	San Francisco, CA	28,308	31,025
11	KMG Prestige, Inc. (9)	Mt. Pleasant, MI	28,000	34,000
12	CONAM Management Corporation (8)	San Diego, CA	27,567	62,818
13. ^		Suffern, NY	26,994	50,370
14. ^	Mercy Housing (13)	Denver, CO	24,550	24,677
15. ^	National Church Residences (15)	Columbus, OH	23,080	23,471
16	Royal American Management, Inc. (14)	Panama City, FL	22,978	24,169
17	Capstone Real Estate Services, Inc. (11)	Austin, TX	22,537	34,914
18. ^	Capital Realty Group (17)	Spring Valley, NY	21,689	21,689
19	RPM Living LLC (96)	Austin, TX	21,676	216,984
20	Envolve Client Services Group (19)	Memphis, TN	19,867	24,009
21	TM Associates (20)	Rockville, MD	18,202	18,500
22	Richman Property Services (23)	Tampa, FL	18,000	21,300
23. ^	Pratum Companies / Edgewood Management (22)	Gaithersburg, MD	17,855	17,855
24	Gateway Management Company (31)	Birmingham, AL	17,573	20,020
25	C+C Apartment Management (24)	New York, NY	17,060	23,364
26. ^	(28)	Newton, MA	16,926	22,056
27	Fairway Management, Inc. / JES Holdings LLC (26)	Columbia, MO	16,000	17,000
28	(30)	Columbia, SC	15,756	16,093
29	Fairfield Residential (25)	San Diego, CA	15,519	40,925
30. ^	Gene B. Glick Company (37)	Indianapolis, IN	15,507	22,013
31. ^	Aperto Property Management, Inc. (40)	Irvine, CA	15,312	18,250
32. ^	Millennia Housing Management Corp. (16)	Cleveland, OH	15,000	21,500
32. ^	Volunteers of America (33)	Alexandria, VA	15,000	15,000
34. ^	(36)	Lexington, KY	14,848	15,237
35	Retirement Housing Foundation (35)	Long Beach, CA	14,358	15,013
36. ^	(42)	New York, NY	14,194	17,311
37	Allied Orion Group (27)	Houston, TX	14,000	27,800
37	Kittle Property Group, Inc. (59)	Indianapolis, IN	14,000	17,400
37	The NRP Group, Inc. (47)	Cleveland, OH	14,000	22,000
40	Woda Cooper Companies, Inc. (49)	Columbus, OH	13,884	14,026
43	Pedcor Management Corporation (69)	Carmel, IN	13,400	25,000
44. ^	SPM, LLC (29)	Birmingham, AL	13,309	20,668
45	(34)	Rochester, NY	13,149	13,886
46	Evergreen Real Estate Group (58)	Chicago, IL	13,000	13,000
46	United Apartment Group (43)	San Antonio, TX	13,000	23,000
48	Preservation of Affordable Housing (48)	Boston, MA	12,529	12,921
49	Fitch Irick Management, LLC	Charlotte, NC	12,500	12,600
50	The Hallmark Companies, Inc. (41)	Atlanta, GA	12,448	13,945
51	Avanath Realty, Inc. (60)	Irvine, CA	12,400	14,400
51	EAH Housing (21)	San Rafael, CA	12,400	12,900
53. ^	Peabody Properties (51)	Braintree, MA	12,361	15,072
54	Pennrose (52)	Philadelphia, PA	11,973	13,047
55	USA Multifamily Management, Inc. (64)	Roseville, CA	11,898	12,699
56. ^	Solari Enterprises, Inc. (62)	Orange, CA	11,844	12,183
57	Peak Living (53)	Provo, UT	11,600	24,300
58	Enterprise Residential, LLC (54)	Baltimore, MD	11,500	11,700
58	Lincoln Property Company (55)	Dallas, TX	11,500	225,000
60	Mayfair Management Group (38)	Dallas, TX	11,487	14,504
61	Bridge Housing Corp.	San Francisco, CA	11,300	12,100
62	McCormack Baron Management, Inc. (50)	Saint Louis, MO	11,206	14,646
63	MACO Management Company, Inc. (74)	Clarkton, MO	11,100	11,300
64	TRG Management Company, LLP (32)	Weston, FL	11,000	11,000
65. ^	ResidentialONE	Columbia, MD	10,957	11,990
66. ^	Vesta Corporation (101)	Weatogue, CT	10,824	12,254
67	AWI Management Corporation (65)	Auburn, CA	10,815	10,835
68. ^	The Community Builders, Inc. (68)	Boston, MA	10,533	11,392
69	Wilhoit Properties (57)	Springfield, MO	10,500	12,100
70. ^	Wallick Communities (46)	New Albany, OH	10,418	10,418
71. ^	National Community Renaissance (National CORE) (79)	Rancho Cucamonga, CA	10,210	10,860
72. ^	Habitat America, LLC* (63)	Annapolis, MD	10,012	10,793
73	Eden Housing (66)	Hayward, CA	10,000	10,000
73	Picerne Management (66)	Altamonte Springs, FL	10,000	21,600
75. ^	SHP Management Corp. (83)	Cumberland Foreside, ME	9,477	9,477
76	Elmington Property Management (70)	Nashville, TN	9,400	25,000
77	S.L. Nusbaum Realty Co. (44)	Norfolk, VA	9,300	28,000
78. ^	Preservation Management, Inc. (92)	South Portland, ME	9,227	9,227
79. ^	(77)	Denver, CO	9,205	9,205
80. ^	Maloney Properties, Inc. (72)	Wellesley, MA	9,170	9,471
81	RLJ Management Co., Inc. (80)	Columbus, OH	9,100	9,200
82	Columbia Residential (119)	Atlanta, GA	9,042	9,042
83	Continental Management (75)	Bingham Farms, MN	9,000	9,700
84	Cambridge Management, Inc. (78)	Tacoma, WA	8,885	9,992
85	Buckingham Property Management (81)	Clovis, CA	8,600	9,200
86. ^	Community Management Corporation (82)	Winston-Salem, NC	8,518	8,558
87	Rose Community (84)	Brooklyn, NY	8,300	10,200
88. ^	Seldin, LLC (71)	Omaha, NE	8,165	16,411
89	Avenue5 Residential	Seattle, WA	8,100	14,400
90	Cascade Management, Inc. (97)	Portland, OR	8,090	8,152
91. ^	(73)	Pleasantville, NJ	8,032	8,175
92	J & A, Inc. (87)	Corinth, MS	7,878	7,900
93	Burlington Capital Properties* (90)	Omaha, NE	7,700	10,600
93	Cohen-Esrey Real Estate Services, LLC* (90)	Overland Park, KS	7,700	8,100
95	Indigo Real Estate Service (112)	Seattle, WA	7,400	7,800
95	Pivotal Housing Partners, LLC	West Chester, OH	7,400	8,100
97. ^	Arnold Grounds Apartment Management & Affordable Housing Specialists (95)	Grapevine, TX	7,347	7,539
98	Coast Property Management (119)	Everett, WA	7,300	12,400
98	HNN Communities (106)	Bellevue, WA	7,300	8,000
100. ^	California Commercial Investment Group (94)	Westlake Village, CA	7,100	7,300
100	Phipps Houses Services, Inc.	New York, NY	7,100	9,000
100	Silver Tree Residential, LLC (102)	Memphis, TN	7,100	7,100
103. ^	(108)	Warren, MI	7,022	7,022
104	CAPREIT (102)	North Bethesda, MD	7,000	15,000
104. ^	LHP Management (98)	Knoxville, TN	7,000	7,000
104	Midpen Housing (102)	Foster City, CA	7,000	7,100
107	Lemle and Wolf, Inc.	Bronx, NY	6,900	6,900
108	Hyder & Company (86)	San Marcos, CA	6,800	7,100
109. ^	(89)	Quincy, MA	6,744	6,836
110	Trinity Management, LLC (110)	Boston, MA	6,616	7,252
111	CommonBond Communities (109)	Saint Paul, MN	6,600	6,800
112. ^	Guardian Management, LLC	Portland, OR	6,578	8,800
113	WSH Management, Inc.	Irvine, CA	6,381	6,628
114	The Integral Group (110)	Atlanta, GA	6,300	6,500
115	Monarch Properties, Inc. (113)	Albuquerque, NM	6,281	7,631
116	Standard Enterprises, Inc.	Monroe, LA	6,068	6,304
117	Yarco Company, Inc. (93)	Kansas City, MO	6,064	8,460
118. ^	Corcoran Management Co.	Braintree, MA	6,000	12,000
118. ^	Meridian Group	Middleton, WI	6,000	6,245
119. ^	Community Housing Partners (114)	Christiansburg, VA	5,900	6,100

25 Largest Housing Credit (LIHTC) Property Management Companies

Rank	Management Company	Headquarters	Housing Credit Units*
1. ^	FPI Management, Inc.	Folsom, CA	63,448
2	Asset Living	Houston, TX	50,232
3. ^	WinnCompanies	Boston, MA	47,825
4. ^	Dominium	Dallas, TX	40,015
5	Franklin Group	Virginia Beach, VA	27,646
6. ^	The Michaels Organization	Camden, NJ	24,624
7	CONAM Management Corporation	San Diego, CA	23,584
8	The John Stewart Company	San Francisco, CA	22,823
9	Capstone Real Estate Services, Inc.	Austin, TX	20,333
10	Gateway Management Company	Birmingham, AL	17,573
11. ^	Mercy Housing	Denver, CO	17,387
12	Royal American Management, Inc.	Panama City, FL	16,986
13	Fairfield Residential	San Diego, CA	14,562
14. ^	Aperto Property Management, Inc.	Irvine, CA	14,309
15	CAHEC Management, Inc.	Columbia, SC	14,064
16	MMS Group	Suffern, NY	13,994
17	Woda Cooper Companies, Inc.	Columbus, OH	13,897
18. ^	National Church Residences	Columbus, OH	13,337
19	Envolve Client Services Group	Memphis, TN	12,990
20	Conifer Realty	Rochester, NY	12,736
21	USA Multifamily Management Inc.	Roseville, CA	11,898
22	McCormack Baron Management, Inc.	Saint Louis, MO	11,006
23	Preservation of Affordable Housing	Boston, MA	10,988
24. ^	Fairstead	New York, NY	10,621
25. ^	Wingate Management	Newton, MA	10,222

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	13,408
2	CAHEC Management, Inc.	Columbia, SC	11,789
3	The Hallmark Companies, Inc.	Atlanta, GA	10,717
4. ^	The Michaels Organization	Camden, NJ	8,812
5. ^	Partnership Property Management	Greensboro, NC	8,500
6	AWI Management Corporation	Auburn, CA	7,290
7. ^	Winterwood Inc.	Lexington, KY	6,327
8	Hamilton Valley Management, Inc.	Burnet, TX	5,490
9	Intervest Corporation	Madison, MS	3,800
10	Woda Cooper Companies, Inc.	Columbus, OH	3,553
11	Viridian Management, Inc.	Enterprise, OR	3,422
12	MAC Real Estate, LLC	Metairie, LA	2,320
13	Royal American Management, Inc.	Panama City, FL	2,299
14. ^	Mercy Housing	Denver, CO	1,344
15	Red Oak Management Co., Inc.	Cedar Springs, MI	1,320
16. ^	Community Management Corporation	Winston-Salem, NC	1,062
17. ^	WinnCompanies	Boston, MA	754
18	Olympia Management, Inc.	Albertville, AL	684
19. ^	CRM Rental Management, Inc.	Rome, NY	619
20. ^	Wallick Communities	New Albany, OH	580
21. ^	TELACU	Los Angeles, CA	521
22	Mayfair Management Group	Dallas, TX	502
23. ^	Preservation Management, Inc.	South Portland, ME	476
24. ^	AAMCI – Management, Inc.	Knoxville, TN	466
25	Sellers Management & Development	Draper, UT	460

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, 2024. 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 and vice chair T.J. Golson, ResMan; Jeffrey Promnitz, Zeffert and Associates Inc.; Rue Fox, ResMan; Tammy Hunter, Choice Property Resources; Mark Livanec, Yardi; Lauren Monaco, DeSilva Housing Group; Scott Nelson, RealPage Inc.; Gustavo Sapiurka; Ryan Sweeney, HelloSpoke; 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.