2025 NMHC 50

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metricsemibold;">The National Multifamily Housing Council's authoritative rankings of the nation's Top 50 Owners and Top 50 Managers, as well as the Top 25 Developers, Top 25 Builders and Top 10 Syndicators, with this year's lists including Built-to-Rent (BTR) units in its counts for the first time.</p> <div class="takeaction">Collectively, the NMHC 50 owners make up 11% of the total U.S. apartment stock; the NMHC 50 managers oversee 21% of the nation’s apartments. This market share held by top owners has remained relatively unchanged over recent years.</div> </div> </div> <style></style> </article> </div> </div> <div class="page__body"> <div class="container"> <input type="hidden" id="uiHdnYear" name="uiHdnYear" value="2025" ClientIDMode="Static" /> <div class="white"> <div class="content"> <article class="tabSlider" style="min-height: 500px;"> <ul class="tabs lt desktop"> <li><a id="tab1" class="top50 tabAnchor active" data-tab="topOwners" data-link="/research-insight/the-nmhc-50/top-50-lists/2025-top-owners-list/">Top Owners</a></li> <li><a id="tab2" class="top50 tabAnchor" data-tab="topManagers" data-link="/research-insight/the-nmhc-50/top-50-lists/2025-top-managers-list/">Top Managers</a></li> <li><a id="tab3" class="top50 tabAnchor" data-tab="topContractors" data-link="/research-insight/the-nmhc-50/top-50-lists/2025-top-builders-list/">Top Builders</a></li> <li><a id="tab4" class="top50 tabAnchor" data-tab="topDevelopers" data-link="/research-insight/the-nmhc-50/top-50-lists/2025-top-developers-list/">Top Developers</a></li> <li><a id="tab5" class="top50 tabAnchor" data-tab="topSyndicators" data-link="/research-insight/the-nmhc-50/top-50-lists/2025-top-syndicators-list/">Top Syndicators </a></li> </ul> <article class="tab tab1" data-list="owner"> <a id="tab1" class="top50 tabAnchor mobile topOwners active" href="#">Top Owners</a> <div class="graphContainer"> <div id="topOwners" class="topGraph" style="min-height: 465px; height: 100%; width: 100%;"></div> <article class="info"> <h3><a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-owners-list/">See all top 50 owners <img src="/Top50Data/images/arrow-right.png" alt="" /></a></h3> </article> </div> </article> <article class="tab tab2" data-list="manager"> <a id="tab2" class="top50 mobile tabAnchor topManagers" href="#">Top Managers</a> <div class="graphContainer"> <div id="topManagers" class="topGraph" style="min-height: 465px; height: 100%; width: 100%;"></div> <article class="info"> <h3><a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-managers-list/">See all top 50 managers <img src="/Top50Data/images/arrow-right.png" alt="" /></a></h3> </article> </div> </article> <article class="tab tab3" data-list="contractor"> <a id="tab3" class="top50 mobile tabAnchor topContractors" href="#">Top Builders</a> <div class="graphContainer"> <div id="topContractors" class="topGraph" style="min-height: 465px; height: 100%; width: 100%;"></div> <article class="info"> <h3><a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-builders-list/">See all top 25 builders <img src="/Top50Data/images/arrow-right.png" alt="" /></a></h3> </article> </div> </article> <article class="tab tab4" data-list="developer"> <a id="tab4" class="top50 mobile tabAnchor topDevelopers" href="#">Top Developers</a> <div class="graphContainer"> <div id="topDevelopers" class="topGraph" style="min-height: 465px; height: 100%; width: 100%;"></div> <article class="info"> <h3><a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-developers-list/">See all top 25 developers <img src="/Top50Data/images/arrow-right.png" alt="" /></a></h3> </article> </div> </article> <article class="tab tab5" data-list="syndicator"> <a id="tab5" class="top50 mobile tabAnchor topSyndicators" href="#">Top Syndicators</a> <div class="graphContainer"> <div id="topSyndicators" class="topGraph" style="min-height: 465px; height: 100%; width: 100%;"></div> <article class="info"> <h3><a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-syndicators-list/">See all top 10 syndicators <img src="/Top50Data/images/arrow-right.png" alt="" /></a></h3> </article> </div> </article> </article> </div> </div> </div> </div> <div class="page__body"> <article class="article__row article--gray" id="content"> <div class="container"> <div class="row"> <div class="article__col col-md-6"> <div class="card-block horizontal-items"> <div class="card-block__image--col"> <a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-owners-list/" target="_self"> <div class="card-block__image b-lazy" data-src="/globalassets/research--insight/nmhc-50/2025-images-and-media-files/top-owner-logo_thumb.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="></div> </a> </div> <div class="card-block__text--col"> <div class="card-block__text"> <a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-owners-list/" target="_self"> <h3>NMHC Top 50 Owners</h3> <i class="icon icon-arrow-right"></i> </a> <p>Based on portfolio size as of January 1, 2025</p> </div> </div> </div> </div> <div class="article__col col-md-6"> <div class="card-block horizontal-items"> <div class="card-block__image--col"> <a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-managers-list/" target="_self"> <div class="card-block__image b-lazy" data-src="/globalassets/research--insight/nmhc-50/2025-images-and-media-files/top-manager-logo_thumb.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="></div> </a> </div> <div class="card-block__text--col"> <div class="card-block__text"> <a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-managers-list/" target="_self"> <h3>NMHC Top 50 Managers</h3> <i class="icon icon-arrow-right"></i> </a> <p>Based on management portfolio as of January 1, 2025</p> </div> </div> </div> </div> <div class="article__col col-md-6"> <div class="card-block horizontal-items"> <div class="card-block__image--col"> <a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-developers-list/" target="_self"> <div class="card-block__image b-lazy" data-src="/globalassets/research--insight/nmhc-50/2025-images-and-media-files/top-developer-logo_thumb.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="></div> </a> </div> <div class="card-block__text--col"> <div class="card-block__text"> <a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-developers-list/" target="_self"> <h3>NMHC Top 25 Developers</h3> <i class="icon icon-arrow-right"></i> </a> <p>The biggest developers based on 2024 starts.</p> </div> </div> </div> </div> <div class="article__col col-md-6"> <div class="card-block horizontal-items"> <div class="card-block__image--col"> <a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-builders-list/" target="_self"> <div class="card-block__image b-lazy" data-src="/globalassets/research--insight/nmhc-50/2025-images-and-media-files/top-builder-logo_thumb.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="></div> </a> </div> <div class="card-block__text--col"> <div class="card-block__text"> <a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-builders-list/" target="_self"> <h3>NMHC Top 25 Builders</h3> <i class="icon icon-arrow-right"></i> </a> <p>The most active builders based on 2024 starts.</p> </div> </div> </div> </div> <div class="article__col col-md-6"> <div class="card-block horizontal-items"> <div class="card-block__image--col"> <a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-syndicators-list/" target="_self"> <div class="card-block__image b-lazy" data-src="/globalassets/research--insight/nmhc-50/2025-images-and-media-files/top-syndicator-logo_thumb.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="></div> </a> </div> <div class="card-block__text--col"> <div class="card-block__text"> <a href="/research-insight/the-nmhc-50/top-50-lists/2025-top-syndicators-list/" target="_self"> <h3>NMHC Top 10 Syndicators</h3> <i class="icon icon-arrow-right"></i> </a> <p>Based on portfolio size as of January 1, 2025</p> </div> </div> </div> </div> <div class="article__col col-md-6"> <div class="card-block horizontal-items"> <div class="card-block__image--col"> <a href="https://lsc-pagepro.mydigitalpublication.com/publication/?i=843890" target="_self"> <div class="card-block__image b-lazy" data-src="/globalassets/research--insight/nmhc-50/2025-images-and-media-files/2025-nmhc-cover-thumb.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="></div> </a> </div> <div class="card-block__text--col"> <div class="card-block__text"> <a href="https://lsc-pagepro.mydigitalpublication.com/publication/?i=843890" target="_self"> <h3>Read the Issue Online</h3> <i class="icon icon-arrow-right"></i> </a> <p>View the digital edition of the 2025 NMHC 50 online that goes behind the scenes of the top apartment firms.</p> </div> </div> </div> </div> <div class="article__col col-md-6"> <div class="card-block horizontal-items"> <div class="card-block__image--col"> <a href="/research-insight/the-nmhc-50/faqs-about-the-nmhc-50/" target="_blank"> <div class="card-block__image b-lazy" data-src="/globalassets/advocacy/icons-and-imagery/faqs.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="></div> </a> </div> <div class="card-block__text--col"> <div class="card-block__text"> <a href="/research-insight/the-nmhc-50/faqs-about-the-nmhc-50/" target="_blank"> <h3>FAQs about the NMHC 50</h3> <i class="icon icon-arrow-right"></i> </a> <p>Answers to the most frequently asked questions about the NMHC 50.&nbsp;</p> </div> </div> </div> </div> <div class="article__col col-md-6"> <div class="card-block horizontal-items"> <div class="card-block__image--col"> <a href="/research-insight/the-nmhc-50/nmhc-50-methodology/" target="_self"> <div class="card-block__image b-lazy" data-src="/globalassets/research--insight/nmhc-50/methodology_by_tashatuvango1-1.jpg" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="></div> </a> </div> <div class="card-block__text--col"> <div class="card-block__text"> <a href="/research-insight/the-nmhc-50/nmhc-50-methodology/" target="_self"> <h3>Methodology &amp; Definitions</h3> <i class="icon icon-arrow-right"></i> </a> <p>A look at what goes into the annual rankings and the definitions of each NMHC 50 category.</p> </div> </div> </div> </div> <div class="article__col col-md-6"> <div class="card-block horizontal-items"> <div class="card-block__image--col"> <a href="/research-insight/the-nmhc-50/nmhc-50-resources/" target="_self"> <div class="card-block__image b-lazy" data-src="/globalassets/research--insight/nmhc-50/2025-images-and-media-files/2025-nmhc-50-social-thumb.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="></div> </a> </div> <div class="card-block__text--col"> <div class="card-block__text"> <a href="/research-insight/the-nmhc-50/nmhc-50-resources/" target="_self"> <h3>2025 NMHC 50 Resources</h3> <i class="icon icon-arrow-right"></i> </a> <p>Download the official NMHC 50 logo and social media graphic.</p> </div> </div> </div> </div> <div class="article__col col-md-6"> <div class="card-block horizontal-items"> <div class="card-block__image--col"> <a href="/research-insight/the-nmhc-50/nmhc-50-archive/" target="_self"> <div class="card-block__image b-lazy" data-src="/globalassets/research--insight/nmhc-50/third-party-link-icon.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="></div> </a> </div> <div class="card-block__text--col"> <div class="card-block__text"> <a href="/research-insight/the-nmhc-50/nmhc-50-archive/" target="_self"> <h3>View the NMHC 50 Archive</h3> <i class="icon icon-arrow-right"></i> </a> <p>Check out previous years' NMHC 50 lists.</p> </div> </div> </div> </div> <div class="article__col col-md-6"> <div class="card-block horizontal-items"> <div class="card-block__image--col"> <a href="/research-insight/the-nmhc-50/nmhc-50-sign-up/" target="_self"> <div class="card-block__image b-lazy" data-src="/globalassets/research--insight/nmhc-50/horizontal_signup.jpg" 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