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The Dunn Report
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Commercial Real Estate Intelligence
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SPECIAL EDITION · APRIL 2026
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The NMHC 2026 Industry Report
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Top 10 Managers · Top 10 Owners · Top 10 Developers
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By Adam Dunn · Managing Director, Berkadia
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Data sourced from the National Multifamily Housing Council
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~4.1M
Units Managed
Top 50 Managers
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~2.79M
Units Owned
Top 50 Owners
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1M+
Greystar Managed
A historic first
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55%
Asset Living
YoY Mgmt Growth
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At A Glance
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2026 Industry at a Glance
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The Top 50 Owners hold roughly 11% of U.S. apartments. The Top 50 Managers run roughly 24%. Greystar leads both lists — and now stands as the first manager ever to surpass 1 million units under management.
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Part 1 — Managers
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Top 10 Apartment Managers
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Units under management as of January 1, 2026 · Ranked by portfolio size
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#1 Greystar · Charleston, SC · 1,014,091 units
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First manager ever to surpass 1 million units.
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#2 Asset Living · Houston, TX · 446,427 units
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+157K units YoY — a 55% single-year surge.
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#10 ZRS Management · Orlando, FL · +8 ranks
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Climbed from #13 to #10, adding 21,026 managed units.
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4 New Entrants
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Morgan Properties, Arqline, SRG Residential, Kairoi.
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Top 10 — Managers
| # |
Company |
Units |
Δ |
| 1 | Greystar | 1,014,091 | — |
| 2 | Asset Living | 446,427 | — |
| 3 | Willow Bridge Property Co. | 244,457 | — |
| 4 | RPM Living | 241,479 | — |
| 5 | AMC | 156,223 | ▲2 |
| 6 | Avenue5 Residential | 153,968 | ▲2 |
| 7 | Cushman & Wakefield | 135,892 | ▼2 |
| 8 | Bozzuto | 133,117 | ▲1 |
| 9 | WinnCompanies | 122,183 | ▲1 |
| 10 | ZRS Management | 113,953 | ▲3 |
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Part 2 — Owners
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Top 10 Apartment Owners
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Units owned as of January 1, 2026 · Ranked by portfolio size
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#1 Greystar · Charleston, SC · 119,160 units
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Down 3,385 units YoY — a rare retreat at the summit.
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#2 Morgan Properties · Conshohocken, PA · 110,475 units
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+13,748 units YoY — leaped from #3 to #2.
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#9 Hunt Companies · El Paso, TX · +8 spots
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Climbed from #17 to #9, adding 10,427 units owned in one year.
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5 New Entrants
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Liberty Military, Trammell Crow, Fairstead, Continental, Wood.
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Top 10 — Owners
| # |
Company |
Units |
Δ |
| 1 | Greystar | 119,160 | — |
| 2 | Morgan Properties | 110,475 | ▲1 |
| 3 | MAA | 103,083 | ▼1 |
| 4 | AvalonBay Communities | 87,501 | ▲2 |
| 5 | Nuveen Real Estate | 86,990 | ▼1 |
| 6 | Equity Residential | 85,190 | ▼1 |
| 7 | Cortland | 81,258 | ▲2 |
| 8 | The Related Companies, LP | 80,720 | ▼1 |
| 9 | Hunt Companies | 79,997 | ▲8 |
| 10 | Monarch Investment & Mgmt | 78,830 | ▼2 |
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Part 3 — Developers
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Top 10 Apartment Developers
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Ranked by units started in 2025 · Developer = firm controlling entire development process from planning through delivery
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#1 Greystar · Charleston, SC · 7,188 starts
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Down 1,059 starts YoY — still dominant at the top.
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#2 JPI · Dallas, TX · 6,372 starts
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Rocketed from #18 last year — +4,208 starts YoY.
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~70K Total Starts · Top 25 Combined
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Developers restarting pipelines in key markets.
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6 New Entrants
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Middleburg, Harbor Group, LDG, Willow Bridge, OHT, Gilbane.
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Top 10 — Developers
| # |
Company |
2025 Starts |
Δ |
| 1 | Greystar | 7,188 | — |
| 2 | JPI | 6,372 | ▲16 |
| 3 | D.R. Horton | 6,099 | ▲2 |
| 4 | Alliance Residential | 5,501 | ▲4 |
| 5 | Hillpointe | 5,466 | ▼1 |
| 6 | Mill Creek Residential | 5,282 | — |
| 7 | Trammell Crow Residential | 5,021 | ▲6 |
| 8 | The NRP Group | 4,502 | ▲3 |
| 9 | Wood Partners | 4,414 | ▼6 |
| 10 | Core Spaces | 4,286 | ▲2 |
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Source: National Multifamily Housing Council (NMHC) · 2026 Rankings · nmhc.org
All data as of January 1, 2026 · Developer data based on 2025 starts · * Not an NMHC member as of Jan. 31, 2026
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