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NMHC 50 Market Share Holds Steady in Challenging Year
Despite significant challenges in 2023, including tightening monetary policy, the U.S. apartment market is showing signs of resilience as demand is expected to remain strong over the long term, the National Multifamily Housing Council (NMHC) said in announcing its annual NMHC 50.
A solid economic foundation and anticipated rate cuts from the Federal Reserve, coupled with strong demand for rental properties, spur cautious optimism for the multifamily sector, according to NMHC.
“2023 was clearly a challenging year for many rental housing providers, builders and managers due to economic uncertainty, interest rate hikes, and rising uncontrollable costs such as insurance, construction costs, wages and local and state property taxes,” said Sharon Wilson Géno, NMHC President. “That being said, we are cautiously optimistic for 2024 and beyond.
“Given the housing shortage across the United States, the need for rental housing remains strong,” she continued. “To build the housing that will help meet renter demand, we call on lawmakers at all levels of government to enact policy solutions that expand housing supply and opportunity, remove regulatory barriers to development and reject approaches that ultimately increase the costs for renters, such as rent regulations.”
Collectively, the NMHC 50 owners control nearly 10% of the total U.S. apartment stock, while NMHC 50 managers oversee about one fifth of the nation’s apartments. The market share held by larger owners and managers in this survey has remained relatively unchanged over recent years.
Here are the category leaders in the NMHC 50:
Top Owner: Greystar, with 108,566 apartment homes owned.
Top Manager: Greystar, with 798,272 apartments under management.
Top Developer: Greystar, with 9,151 apartments started in 2023.
Top Builder: Summit Contracting Group, Inc., with 12,467 apartments started in 2023.
Top Syndicator: Boston Financial Investment Management, LP (with a portfolio of 163,706 syndicated apartment units.
Industry leaders and power players are connecting at Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa. Don’t miss the expert’s take on where the market is headed, and what changes are on the horizon. Register Now!
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