FAQs about the NMHC 50

What share of the overall apartment sector does NMHC 50 represent?

In the 2025 NMHC 50 Survey, the top 50 owners represented 10.8% of the overall apartment stock and the top 50 managers represented 21.4%. For a more detailed summary of the NMHC 50 owners and managers, take a look at the online issue for the 2025 NMHC 50. 2024 NMHC 50.

It appears that there are some companies with large portfolios missing from the list.

Occasionally firms will choose not to participate in the NMHC 50 despite our best efforts to include all qualifying firms.

Can I get a list of the Top 51-100 Owners or Managers/Top 11-20 Syndicators/Top 26-50 Builders or Developers?

Unfortunately, we are unable to provide that information. We validate the information that top 50/25/10 firms provide, but we do not validate that information for the firms who do not meet our cutoff.

Do you have a list of top companies by region?

We do not. However, you can view the regions in which a company appearing on the overall Top 50/25/10 list operates by selecting their name on any of the lists.

My company made the list. Do you offer placards/signage/certificates or something we can post on our web site?

We do not, although we provide press and social media resources for firms that make the list here. The resources include badges to showcase your achievement on your company website.

When does the NMHC 50 survey go out and what is the deadline to respond?

In general, the survey is sent out in early December and responses are due in mid-January. To ensure your firm is included, sign for the coming year’s NMHC 50 survey here.

I’ve submitted my response. When will I hear if we made the list?

Firms that have made at least one NMHC 50/25/10 list will be notified the day before the lists are publicly announced in early April. Please note that NMHC staff are unable to provide information on whether or not a firm will appear on the list before the notification emails have been sent out.

I missed the deadline, but we have a lot of units in our portfolio or pipeline, can I still make this year’s list?

Unfortunately we are not able to accept submissions beyond the deadline. However, the relevant firm contact should complete our sign up form to ensure they’re included in outreach for next year’s survey.

I just saw the latest list and my firm would have qualified. Can we be added to the online list?

Firms cannot be added to the online lists. Those who have missed the submission deadline for the 2025 NMHC 50 should complete our sign up form to participate in next year’s survey.

How do I sign up to participate in NMHC 50 in the future?

Please have the relevant contact at your firm complete our sign up form to participate in next year’s survey.

Can you explain how you determine ownership when multiple entities have partial ownership in a property and its units?

In the case of partnerships, joint ventures and investment funds, the owner is the entity – typically the managing general partner – that exercises effective control over the asset, such as when the asset gets sold.

What kinds of rental units are not included in NMHC 50 lists?

Rental units NOT included in our lists are condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes, ADUs, and scattered-site, single-family rental houses.

Are Built-to-Rent (BTR) units included in NMHC 50 lists?

As of 2025, the NMHC 50 lists include BTR units both in the total count for each company and as a breakout category. For the full definition of BTR units applied for our lists, see our methodology.

Do the lists include outside analysis or other data sources?

They do not. The NMHC 50 lists are compiled solely through outreach to staff at firms that own, manage, develop, build or syndicate qualifying units. For a full explanation of what kinds of rental units are included in NMHC 50 lists, see our methodology.

If you do not publish lists beyond the top 50/25/10, where can I find additional information on the apartment stock or apartment firms of varying sizes?

NMHC compiles data from other sources, such as the U.S. Census Bureau, on apartment stock that can be found on our Quick Facts page. Private apartment data providers may also have additional insight into company portfolios that are not featured on the NMHC 50 lists.

Which states are included in each of the regions?

Mid Atlantic (NY, PA, NJ, DE, MD, DC)
Mid West (WI, MI, IL, IN, OH, MO, ND, SD, NE, KS, MN, IA)
Mountain (ID, MT, WY, NV, UT, CO, AZ, NM)
New England (ME, NH, VT, MA, RI, CT)
Pacific (AK, WA, OR, CA, HI)
South Atlantic (VA, WV, NC, SC, GA, FL)
South Central (KY, TN, MS, AL, OK, TX, AR, LA)