With the addition of just under 10,000 units to its portfolio, Greystar overtakes MAA to earn the top seed on this year’s leading owners list.
NMHC 50 Owners Summary
The Top 50 owners owners collectively own more than 2.4 million units in the U.S. This represents 9.9% of the total apartment stock, on par with the 10.1% share last year.
REITs in the Rankings
While REIT rankings among the Top 50 jumped around a little bit, there was stability among their peer group. Once again, MAA had the largest unit holdings while AvalonBay Communities retained the highest total capitalization, reflecting diff erences in investment strategy and portfolio makeup.
| Rank in NMHC 50 | Company Name | Apartments with Ownership Interest | Rank Among REITs | Company Total Capitalization ($ millions)* | Cap. Rank Among REITs |
|---|---|---|---|---|---|
| 2 | MAA | 100,894 | 1 | $20,112 | 4 |
| 5 | AvalonBay Communities, Inc. | 82,565 | 2 | $34,657 | 1 |
| 6 | Equity Residential | 80,191 | 3 | $31,016 | 2 |
| 13 | Essex Property Trust, Inc. | 61,997 | 4 | $22,185 | 3 |
| 14 | UDR, Inc. | 59,762 | 5 | $18,534 | 5 |
| 15 | Camden Property Trust | 58,634 | 6 | $14,261 | 6 |
| 31 | Independence Realty Trust | 35,765 | 7 | $6,152 | 8 |
| 46 | AIR Communities | 27,019 | 8 | $8,233 | 7 |
| *Total Capitalization calculated with Q3 2023 Total Debt | Source: NAREIT | |||||
Movers and Shakers
Staff Resource
New to the List*
*Companies sometimes appear as new to this year’s list despite having appeared in past rankings because they did not participate in the prior year’s survey or did not make the list.