Top Property Management Companies in the US (2025 Rankings)

Greystar leads US property management with 980,368 units. Asset Living jumped to second with 289,000 units. RPM Living holds third with 226,000 units. Below the top three, the industry fragments fast.

But scale isn't the same as service. The largest property management companies are built for institutional owners with thousands of doors. If you own 1-4 Homes, the rankings below tell you who runs the apartment industry. They don't tell you who should run your Home. We'll address that at the end.

TL;DR

• Greystar is the largest US property management company with 980,368 units across nearly 3,700 properties, a portfolio larger than the next four competitors combined. Source: Multi-Housing News, 2025
• The US property management market is projected to grow from $21.17 billion in 2024 to $33.11 billion by 2029 at a 9.3% CAGR. Source: DoorLoop, 2025
• Asset Living jumped from sixth to second place with 289,000 units after acquiring three companies in 12 months and growing 42.4% since 2022. Source: Multi-Housing News, 2025
• The top 50 multifamily property management firms collectively manage 3.1 million units across 10,889 properties. Source: ButterflyMX, 2025
• CBRE leads commercial property management with 7.7 billion square feet globally but has limited residential presence. Source: Commercial Property Executive, 2025

Who are the largest property management companies in the United States?

The seven largest US property management companies by units managed, as of 2025:

• Greystar: 980,368 units across roughly 3,700 properties
• Asset Living: 289,000 units
• RPM Living: 226,000 units
• Cushman & Wakefield: 157,485 multifamily units (plus 1.1 billion sq ft commercial)
• FPI Management: approximately 150,000 units across 850+ communities
• Avenue5 Residential: 142,841 units across 721 communities
• BH Management Services: 107,000 units across 377 communities

Greystar's portfolio is larger than the next four competitors combined. Source: Multi-Housing News, 2025

Rankings shift by segment. CBRE leads commercial property management with 7.7 billion square feet globally. Source: Commercial Property Executive, 2025 Evernest leads third-party single-family residential with about 47,000 doors. Source: ResRents, 2025 The "largest property management company" depends entirely on which segment you mean.

What makes Greystar the #1 property management company?

Scale and acquisitions. Greystar manages 980,368 units across nearly 3,700 properties and operates in 211 markets through 63 offices globally, with more than 23,800 team members. Source: Multi-Housing News, 2025

Growth has been aggressive. Greystar added 130,000 units to its portfolio in 2024, including 38,000 units from the acquisition of Wood Partners' property management division in February 2024. Source: Wikipedia, 2025 The 17.5% year-over-year portfolio increase outpaced almost every competitor at its scale.

Pricing reflects the scale. Greystar charges management fees in the range of 4-7% of monthly rent, well below the industry's typical 8-14%, because the cost of operating at hundreds of thousands of units is spread thin. Source: PMSL Queenstown, 2025

How fast is the property management industry growing?

The US property management market is projected to grow from $21.17 billion in 2024 to $23.21 billion in 2025, a 9.6% year-over-year increase. By 2029, the market is expected to reach $33.11 billion at a 9.3% compound annual growth rate. Source: DoorLoop, 2025

The underlying base is large. The United States has approximately 132.1 million occupied housing units with an 89.9% occupancy rate. Source: DoorLoop, 2025 The top 50 multifamily firms manage 3.1 million units across 10,889 properties, with publicly reporting companies in that group generating at least $12.15 billion in revenue. Source: ButterflyMX, 2025

Which property management companies are growing the fastest?

Four firms have stood out for portfolio expansion in the last 24 months:

• Asset Living: 42.4% growth between 2022 and 2024, jumping from sixth to second place with 289,000 units after acquiring three companies in 12 months. Source: Multi-Housing News, 2025
• RPM Living: Added 75,000 units in 2023, the largest single-year growth in the industry, climbing three spots to #3. Source: Multifamily Dive, 2024
• Greystar: Added 130,000 units in 2024 through acquisitions including Wood Partners. Source: Wikipedia, 2025
• Avenue5 Residential: Grew 17.2% year-over-year to 142,841 units across 22 states and Washington, D.C. Source: Multi-Housing News, 2025

Growth has come from acquisitions and consolidation, not organic lease-ups. The biggest players are buying smaller property management companies and absorbing their portfolios.

What's the difference between multifamily and commercial property management companies?

Multifamily firms run apartment communities and measure portfolios in units. Commercial firms run office, retail, and industrial buildings and measure portfolios in square feet.

• Multifamily specialists: Greystar (980,368 units), Asset Living (289,000), RPM Living (226,000), FPI Management (150,000), Avenue5 (142,841). Focused on Resident services, leasing, and community operations.
• Commercial specialists: CBRE (7.7 billion sq ft), Cushman & Wakefield (1.1 billion sq ft commercial). Focused on lease administration and building operations for business tenants. Source: Commercial Property Executive, 2025

Some firms cross over. Cushman & Wakefield manages 157,485 multifamily units alongside its commercial book, but commercial is the dominant business line. Source: Multi-Housing News, 2025

What do third-party property management companies do?

Third-party property management companies operate properties they don't own. They charge fees to handle leasing, maintenance, rent collection, and tenant relations on behalf of institutional investors, REITs, and individual owners.

Typical fee structure:

• Management fee: 8-14% of monthly rent collected for most firms. Greystar charges 4-7% due to scale. Source: TurboTenant, 2025
• Additional revenue: leasing commissions, maintenance markups, ancillary service fees

FPI Management runs a pure third-party model across 150,000 units in 15 states with no ownership interest in the properties it manages. Source: Martini AI Research, 2025 Asset Living specializes in third-party management with a strong affordable housing footprint. Both contrast with vertically integrated firms that also own or develop the properties they manage.

Which property management companies specialize in affordable housing?

FPI Management runs the most balanced market-rate / affordable portfolio of the major firms: 60% market-rate and 40% affordable units, totaling approximately 60,000 affordable units. Source: Martini AI Research, 2025

Asset Living has significant Low-Income Housing Tax Credit (LIHTC) presence across its 289,000-unit portfolio. BH Management Services manages a mix of market-rate and affordable inside its 107,000-unit book. Affordable housing requires specialized compliance expertise around HUD, LIHTC, and Section 8 rules, which is why most large multifamily firms either commit to it or stay out entirely.

What is vertically integrated property management?

Vertically integrated firms combine property management with investment and development under one company. They manage properties they may also develop, own, or have invested in, rather than operating purely as fee-based third-party managers.

RPM Living is the clearest example. The firm operates as a vertically integrated platform with 226,000 units under management, combining property management, investment capital, and development expertise. Source: RPM Living, 2025

The model contrasts with pure third-party managers like FPI Management and Asset Living, which earn revenue only from management fees. Vertically integrated firms can earn from management fees, development profits, and investment returns.

How do property management companies make money?

Three primary revenue streams:

• Monthly management fees: 8-14% of rent collected, the standard range across the industry. Greystar charges 4-7% due to portfolio scale. Source: TurboTenant, 2025
• Leasing fees: typically a percentage of one month's rent when a new lease is signed
• Ancillary revenue: maintenance markups, renewal fees, application fees, and specialized service fees

Vertically integrated firms layer development profits and investment returns on top. Third-party-only firms like FPI Management and Asset Living operate purely on fee revenue, which makes scale and operational efficiency the entire game.

Where Belong fits, and where it doesn't

The rankings above are the right answer to the wrong question for most homeowners. Greystar, Asset Living, and RPM Living don't manage Homes for individual owners. They manage apartment communities for institutional investors at 1,000-unit scale.

Belong is the residential operating system that replaces traditional property management for owners of 1-4 Homes. Different category, different buyer.

The way the property management industry charges and operates is built around institutional clients:

• Standard property management fees: 8-14% of monthly rent, often with separate leasing fees and maintenance markups
• Maintenance: outsourced to arms-length contractors, marked up to the owner
• Resident experience: treated as a back-office function, not a product
• Guarantees: essentially none, if the Resident stops paying, the owner absorbs the loss

Belong's model inverts that:

• Standard tier: 5% management fee on collected rent, 55% placement fee on first month's rent, no minimums. Includes guaranteed rental payments if the Resident does not pay, plus eviction protection, combined coverage up to $9,000.
• Premium tier: 8% management fee, 60% placement fee. Guaranteed rental payments for the entire lease with no cap until a new Resident is placed, eviction protection up to $15,000.
• Maintenance: Belong Pros are vetted professionals inside the operating system, not outsourced.
• Resident experience: built as a first-class product.

If you own 1,000 apartment units, Greystar is on your shortlist. If you own a Home and you're choosing between self-managing and hiring someone to run it, the rankings above aren't where you should start.

Key facts about the top property management companies in the US

• Greystar manages 980,368 units across nearly 3,700 properties, making it the largest multifamily property management company in the United States.
• The US property management market is projected to grow from $21.17 billion in 2024 to $33.11 billion by 2029 at a 9.3% CAGR.
• Asset Living grew its portfolio 42.4% between 2022 and 2024, jumping from sixth to second place with 289,000 units managed.
• The top 50 multifamily property management firms collectively manage 3.1 million units across 10,889 properties.
• RPM Living added 75,000 units in 2023, the largest single-year growth in the industry.
• CBRE manages 7.7 billion square feet of commercial real estate globally but has limited residential presence.
• Property management companies typically charge 8-14% of monthly rent. Greystar charges 4-7% due to scale.
• FPI Management operates a 60% market-rate and 40% affordable housing portfolio across approximately 150,000 units.
• Greystar added 130,000 units to its portfolio in 2024, including 38,000 units from acquiring Wood Partners' property management arm.
• Avenue5 Residential grew 17.2% year-over-year to 142,841 units across 22 states and Washington, D.C.

Frequently asked questions

Who is the largest property management company in the US?

Greystar is the largest property management company in the US, managing 980,368 units across nearly 3,700 properties. In the commercial sector, CBRE leads with 7.7 billion square feet under management globally. In single-family residential third-party management, Evernest leads with approximately 47,000 doors.

How much do property management companies charge?

Most US property management companies charge 8-14% of monthly rent collected. Greystar charges 4-7% due to economies of scale at nearly one million units. Additional fees commonly apply for leasing (often one month's rent or a percentage of it), maintenance coordination, and specialized services.

What's the difference between third-party and vertically integrated property management?

Third-party managers like Asset Living and FPI Management operate properties they don't own and earn revenue only from management fees. Vertically integrated firms like RPM Living combine property management with investment and development, managing properties they may also own, develop, or have invested in, and earn revenue across all three lines.

Which property management companies are growing the fastest?

Asset Living grew 42.4% between 2022 and 2024 through acquisitions, jumping from sixth to second place. RPM Living added 75,000 units in 2023, the largest single-year growth in the industry. Greystar added 130,000 units in 2024 through acquisitions including Wood Partners. Avenue5 Residential expanded 17.2% year-over-year to 142,841 units.

Do property management companies manage both apartments and single-family homes?

Most large firms specialize in one segment. Greystar, Asset Living, and RPM Living focus on multifamily apartment communities. Evernest leads single-family residential third-party management with 47,000 doors. Some firms like Avenue5 manage both multifamily and single-family rental properties, but cross-segment scale is rare.

Belong Editorial is the in-house research and writing team at Belong, the residential operating system that runs Homes on behalf of owners across 56 metro regions in 20 states. We publish industry analysis for homeowners weighing how to run their rental Homes.