3 min read

How fragmented is multifamily?

A visual study of multifamily property management

Did you know that the US search engine market is dominated by three players (Google, Yahoo & Bing) with a 97.29% share?

Let's take another example - the US carbonated and soft beverage industry. Around 66% of the industry's market share is owned by two players (Coca-Cola and Pepsi.)[1][2]

But for multifamily, it's a different story. Despite a number of high-quality property management companies active in the market, the NMHC Top 50 manage only 15.14% of the total multifamily rental market.

How big is the gap, though?

We created a visualization to understand how NMHC Top 50 measures up with the total rental stock[3] of 48.1 million units. These include single-family (14.9 million), manufactured rental housing units (2 million), multifamily with 2-4 units (8.3 million), multifamily with 5–19 units(10.6 million) and multifamily with 20+ units (12.3 million).

For our study, we will consider only the total multifamily rental stock which totals at 31.2 million units.

Visualization Controls:

  • The graphic auto-plays, but you can pause and take a better look at each slide.
  • You can hover over each rectangle to get more information.

Let's breakdown the insights slide-by-slide:

Slide 1:

  • The American Rental Housing 2024 report conducted by The Harvard Joint Center for Housing Studies[3] puts the number of total multifamily rental stock at 31.2 million units.

Slide 2:

  • The NMHC Top 50 manage only 15.14%[4] of the total multifamily rental units.

Slide 3:

  • The Top 10 NMHC managers manage only 7.55% of the total multifamily rental units.
  • However, this is 49.89% of all units managed by the NMHC Top 50.

Slide 4:

  • The top manager manages only 2.55% of total rental units. This is 16.89% of units managed by the NMHC Top 50.
  • The second largest manager manages only 0.93% of total rental units. This is 36.49% of the top manager’s total.


Multifamily is a fragmented industry. Property managers — new and experienced — have plenty of room to build and grow. Multifamily technology companies have many options: They can target the high-end Top 50 market, or target the mid-market segment just below the NMHC Top 50, or target the often ignored small property management companies

How do you look at multifamily fragmentation? Let us know in the comments.


  1. https://www.statista.com/statistics/225388/us-market-share-of-the-coca-cola-company-since-2004/
  2. https://www.statista.com/statistics/225419/us-market-share-of-the-pepsico-company-since-2004/
  3. America's Rental Housing 2024 by Joint Center for Housing Studies of Harvard University
  4. NMHC Top 50 Managers