6 Best Multifamily Management Companies

Investing in multifamily real estate properties requires significant amounts of money, so it’s crucial that you manage them in a way that guarantees positive cash flow and good ROI. At the same time, managing a multifamily property requires a lot of time and dedication as well as many skills that many investors simply don’t have. Thus, in most cases, the best option is to hire a professional property manager, but where do you find a good one?

Let Awning find the best property manager for your rental property. Simply fill out the form and Awning will find a property manager that provides the best rates and services for your property.

The 6 best multifamily management companies are:

• HomeRiver Group: Best Overall for Long-Term Multifamily Rentals
• Awning: Best Management Company for Short-Term Multifamily Rentals
• Greystar: Best Management Company for Different Types of Multifamily Properties
• BH Management Services, LLC.: Best Residential Multifamily Management Company
• Asset Living: Best Multifamily Management Company for Community-Based Approach
• Lincoln Property Company: Best Multifamily Management Company for Boutique Services

How We Selected the 6 Best Multifamily Management Companies

For real estate investors, it’s important to choose a multifamily property manager and to select the best one for their individual property and requirements. Nevertheless, there are certain companies that are leaders in different niches within the multifamily market.

When ranking the best property management companies for multifamily rentals, we’ve focused on the following factors:

• Costs and fees: We searched for companies that are transparent in their pricing model, that have industry-level costs, and that don’t surprise owners with unexpected fees.
• Terms and requirements: We looked for property managers that provide clear and fair management agreements and that allow investors to opt out when they deem necessary.
• Services: We focused on full-service multifamily property managers that can provide truly passive income and stress-free investments.
• Geographical availability: We gave preference to companies with nationwide coverage so that they can serve customers in all US states.
• Customer reviews: We analyzed the number of online reviews and the overall rating of each management company in addition to the most important pros and cons highlighted by owners and residents.
• Value for money: We ranked companies that offer the best quantity and quality of services at competitive rates.

HomeRiver Group: Best Management Company for Long-Term Multifamily Rentals

HomeRiver Group was founded in 2016, with headquarters in New York, NY. It's currently one of the largest third-party long-term rental management companies in the US market, specializing in small multifamily properties and providing full-service management. At the moment, the company manages 70,000+ rental units including 30,000+ properties in HOA communities.

HomeRiver Group Multifamily Management Costs and Fees

The HomeRiver Group management fee depends on the location and can be either a percentage of revenue or a flat fee. This is because the company operates through a network of local multifamily property managers that set up their own pricing models to reflect the market conditions. In most cases, the cost does not go above 10% of rental income, and larger properties and portfolios tend to have lower rates.

HomeRiver Group Multifamily Management Terms and Requirements

There is no information about the required contract on the company website. Thus, interested investors should talk to a company representative and ask to see a copy of the management agreement.

HomeRiver Group Multifamily Management Services

HomeRiver Group is a one-stop-shop for multifamily home management services. They cover:

• Property renovation
• Property leasing
• Full-service rental management
• Property maintenance and repairs
• Real-time performance and financial reporting
• State-of-the-art technology integration

HomeRiver Group Multifamily Management Geographical Availability

HomeRiver Group manages multifamily long-term rentals in 32 US states. They have achieved this wide market coverage through the acquisition of local property managers and turning them into partners.

HomeRiver Group Multifamily Management Customer Reviews

There are over 1,000 online reviews of HomeRiver Group, most of which show good experiences.

You can find HomeRiver Group reviews on:

• Birdeye: Currently 4.1/5 stars based on 669 reviews, including 666 Google reviews
• Google: Currently 4.1/5 stars based on 632 reviews
• Yelp: Currently 1.5/5 stars based on 411 review
• BBB.org: Currently 1.09/5 stars based on 127 reviews
• Facebook: Currently 2.1/5 stars based on 20 reviews

Some multifamily real estate investors are satisfied with the excellent services, the good tenants, the trouble-free communication process, and the availability and professionalism of the customer support team. Other property owners complain about poorly managed properties, issues pending for too long, and the lack of adequate customer services.

Get Started With HomeRiver Group Multifamily Management

To get started with the best property management company for long-term multifamily rentals, property owners can visit the HomeRiver Group website.

Awning: Best Management Company for Short-Term Multifamily Rentals

Awning was founded in 2020, with headquarters in San Francisco, CA. It quickly emerged as the best short-term rental management company for all types of properties, including multifamily homes. Awning combines comprehensive vacation rental management services with industry-low fees and flexible conditions. At the moment, the company manages 100+ Airbnb rentals across the US.

Awning Multifamily Management Costs and Fees

Awning charges industry-low management fees for a full-service provider, starting at only 15% of monthly income, making them one of the best multifamily management companies. The exact rate depends on the market, the property type and size, the level of revenue, and the required services. The monthly fee includes all ongoing services related to running a short-term rental business.

Awning provides two services that are not included in management:

• Design and furnishing: Usually between $5,000 and $15,000 for partial furnishing and between $15,000 and $45,000 for complete furnishing
• Short-term rental insurance: Typically between $150/year and $500/year. Awning is able to save up to 25% in insurance costs for Airbnb owners.

Awning Multifamily Management Terms and Requirements

The company works with annual-base contracts in order to offer top services to multifamily property owners. The first few months are needed to optimize rental marketing and property performance, and the real results are reaped in the following months.

Awning Group Multifamily Management Services

Awning offers comprehensive short-term rental property management services including:

• Setting up smart home devices
• Getting short-term rental licenses and permits
• Optimizing property listings
• Marketing and advertising listings
• Dynamic pricing for optimizing the Airbnb occupancy rate and the Airbnb cap rate
• 24/7 guest communication and support, with industry-low average response time of 5-15 minutes
• Rental cleaning, restocking, and laundry between guests
• Cleaning and maintaining swimming pools, hot tubs, and lawns
• Inspecting, maintaining, and fixing properties
• Collecting guest reviews

All these services are accounted for in the monthly management fee.

Meanwhile, the following services are offered for an extra fee:

• Vacation rental interior design and furnishing: The ex-Head of Design at Airbnb heads this process, allowing Awning-furnished rentals to generate 15%-50% more revenue than comparable Airbnb listings in the same area.
• Vacation rental insurance

Awning Multifamily Management Geographical Availability

Awning short-term rental management services for multifamily properties are available in all 50 US. The company is able to reach nationwide coverage by setting up local teams of vetted professionals in each market, before even onboarding properties there.

Awning Multifamily Management Customer Reviews

There are about a dozen online reviews of Awning that show entirely positive experiences.

You can find Awning reviews on:

• Trustpilot: Currently 12 5.0/5 star reviews
• BiggerPockets: Currently 2 5.0/5 star reviews

Happy Airbnb rental owners highlight the top-notch services, the world-class management model, the personal approach, the experience and professionalism of the Awning team, and the outstanding communication. Investors who had previously hired Vacasa, RedAwning, and Evolve and have switched over to Awning praise the superior services provided by the latter.

Meanwhile, Airbnb listings managed by Awning have generated an impressive average rating of 4.8. Guests enjoy the prime locations, the great properties, the well-prepared rentals, and the supportive team.

Get Started With Awning Multifamily Management

To get started with the best management company for short-term multifamily rentals, property owners can schedule a call through the Awning website or call/text 415-223-2830. An Awning professional will discuss your property with you and walk you through services, potential revenue, and rates. We have experience with both onboarding new rentals and taking over management from other property managers.

Greystar: Best Management Company for Different Types of Multifamily Properties

Greystar was founded in 1993, with headquarters in Charleston, SC. It’s grown into the largest property management company in the US, currently managing 745,000+ rental units in numerous locations. Greystar works with different types of multifamily homes including conventional housing, apartment homes, high-rise, furnished corporate housing, student housing, senior housing, and affordable housing.

Greystar Multifamily Management Costs and Fees

Greystar does not provide information on the pricing of its multifamily management services, so owners need to get a quote before deciding if this is the best option for their needs. Quotes are unique to individual properties and vary by location, rent collected, and other factors.

Greystar Multifamily Management Terms and Requirements

The Greystar management agreement is not publicly available, which means that multifamily investors should ask for a copy and review it before committing to anything.

Greystar Multifamily Management Services

As one of the best full-service multifamily management companies, Greystar provides the following:

• Property operations
• Rental marketing
• Real estate business management and administration
• Due diligence and research
• Comprehensive financial services
• Insurance programs
• Communication

Greystar Multifamily Management Geographical Availability

Greystar manages multifamily rental properties in 161 US markets in numerous states.

Greystar Multifamily Management Customer Reviews

There are more than 2,000 online reviews of Greystar, most of which are rather positive.

You can find Greystar reviews on:

• VeryApt: Currently 7.45/10 stars based on 1,931 reviews
• BBB.org: Currently 1.02/5 stars based on 103 reviews
• Yelp: Currently 1.0/5 stars based on 46 reviews
• Trustpilot: Currently 1.7/5 stars based on 31 reviews

Positive reviews focus on the expertise and experience of the Greystar team, the polite attitude, the amazing properties and top-notch amenities, and the adequate responses of the customer support team. Meanwhile, negative reviews highlight delays in fixing issues, bad value for money, unethical behavior, and the unavailable and incompetent team.

Get Started With Greystar Multifamily Management

To get started with the best management company for different types of multifamily properties, property owners can visit the Greystar website or call 843-579-9400.

BH Management Services, LLC.: Best Residential Multifamily Management Company

BH Management Services, LLC. was founded in 1993, with headquarters in Des Moines, IA. Throughout its history, the company has aimed to retain its Midwest values in spite of the national reach. Among other distinctions, the company is the PropTech Award Winner: Best Real Estate Analytics Platform for its proprietary software BH Fusion. The heavy focus on technology is one of the reasons we’ve ranked BH as the best management company for residential multifamily properties. At the moment, the company manages 108,000+ multifamily units including multifamily apartments and student housing.

BH Multifamily Management Costs and Fees

Similar to other best multifamily management companies, BH does not say how much owners need to pay per month, so that’s one of the questions interested investors should ask when interviewing the company.

BH Multifamily Management Terms and Requirements

A copy of the BH property management agreement is not provided on their website, and owners would need to ask for it explicitly to be able to review it.

BH Multifamily Management Services

BH focuses on a national mindset and regional expertise to deliver the following property management services to multifamily owners:

• Scalable marketing solution for growth
• Property leasing
• Full-service property maintenance
• Accounting services
• Creating sustainable communities for the benefit of owners and renters

BH Multifamily Management Geographical Availability

The BH multifamily housing management services are present in 28 US states, including parts of the West Coast, Texas, the Midwest, Florida, and the Mid-Atlantic region.

BH Multifamily Management Customer Reviews

There are fewer than 200 online reviews of BH, which is unusual for large multifamily management companies.

You can find BH reviews on:

• BBB.org: Currently 1.12/5 stars based on 73 reviews
• VeryApt: Currently 6.8/10 stars based on 55 reviews
• Yelp: Currently 1.5/5 stars based on 10 reviews

Satisfied customers praise the awesome service, the professionalism and attention of the team, the empathy and friendliness of the staff, and the quick response to any arising issue. At the same time, dissatisfied customers highlight the inability to fix problems, the poor maintenance, the inadequate utilities, the incompetence of the employees, and the lack of customer support when required.

Get Started With BH Multifamily Management

To get started with the best residential multifamily management company, property owners can visit the BH website or call 515-244-2622.

Asset Living: Best Multifamily Management Company for Community-Based Approach

Asset Living was founded in 1986, with headquarters in Houston, TX. Since its establishment, the company has been aiming to serve communities in a better way, with their values being family, drive, honesty, and impact. As a third-party multifamily property manager, at the moment Asset Living is responsible for managing 200,000+ rental units including student housing and affordable housing among others.

Asset Living Multifamily Management Costs and Fees

Like most other top multifamily management companies, Asset Living does not specify the fees that it charges for its services. Investors need to ask about the pricing when they get in touch with the company.

Asset Living Multifamily Management Terms and Requirements

The Asset Living management agreement is not available on their website, so owners need to request a copy that they can review.

Asset Living Multifamily Management Services

Asset Living provides a full-service suite for multifamily property investors that includes:

• Operations including property oversight, facility management, and procurement and administration
• Comprehensive financial planning and analysis including investor-grade financial reporting, budget preparation and evaluation, and variance analysis and recommendations
• Data analytics including historic market trends and proprietary data indexing system
• Property marketing including website content management, branding, rebranding, promotions, outreach, and event coordination
• Market research
• Due diligence including thorough lease analysis, unit and room-by-room assessment, detailed market analysis, and in-depth operational assessment and recommendations
• Capital improvements
• Development consulting

Asset Living Multifamily Management Geographical Availability

Multifamily property owners can use the Asset Living management services in 40 US states.

Asset Living Multifamily Management Customer Reviews

There are a few hundred online reviews of Asset Living that show mixed experiences.

You can find Asset Living reviews on:

• Google: Currently 2.6/5 stars based on 279 reviews
• Birdeye: Currently 2.4/5 stars based on 197 reviews including 185 Google reviews
• BBB.org: Currently 1.24/5 stars based on 38 reviews
• VeryApt: Currently 5.7/10 stars based on 10 reviews

Happy customers praise the property improvements introduced by Asset Living, the enhanced performance, and the overall management and maintenance services. Unhappy customers mention delayed responses to reported issues, unethical practices, unexpected charges, and the unavailable customer support team.

Get Started With Asset Living Multifamily Management

To get started with the best multifamily management company for community approach, property owners can visit the Asset Living website or call 713-782-5800.

Lincoln Property Company: Best Multifamily Management Company for Boutique Services

Lincoln Property Company was founded in 1965, with headquarters in Dallas, TX. This is the second largest property management company in the US at the moment, with 215,000+ rental units in its portfolio. Despite the big scale and the wide geographical coverage, Lincoln aims to provide boutique-style services for the properties that it manages, which makes it one of the best multifamily management companies.

Lincoln Property Company Multifamily Management Costs and Fees

Lincoln does not discuss the fees that it charges to owners, so they need to inquire about this information when contacting the company.

Lincoln Property Company Multifamily Management Terms and Requirements

The property manager does not offer a copy of the management agreement on its website. Thus, investors should ask about it and review it carefully.

Lincoln Property Company Multifamily Management Services

The boutique multifamily management services covered by Lincoln include:

• Full-service property management including due diligence, setup, onboarding, asset management, value-added redevelopment, and rebranding
• Custom marketing strategy including access to L Creative, their in-house graphic design agency
• Detailed property-related accounting and reporting services including cash management, payroll administration, internal audit reviews, risk management, vendor compliance, and insurance monitoring
• Renter’s insurance
• Access to national purchasing power and procurement
• Internal revenue management including daily review of pricing trends
• Reporting at the community and portfolio level through propertyBI, their proprietary business intelligence tool

Lincoln Property Company Multifamily Management Geographical Availability

The services provided by Lincoln are present in 200+ US cities in 30 states, all across. The company prides itself in retaining a boutique, personal approach despite this impressive geographical coverage.

Lincoln Property Company Multifamily Management Customer Reviews

There are over 1,000 online reviews of Lincoln, showing both positive and negative experiences.

You can find Lincoln Property Company reviews on:

• Facebook: Currently 3.6/5 stars based on 955 reviews
• VeryApt: Currently 7.65/10 stars based on 625 reviews
• Yelp: Currently 1.0/5 stars based on 65 reviews
• BBB.org: Currently 1.03/5 stars based on 32 reviews

Happy customers talk about the professionalism of the team, the genuine care that they show, the expertly trained staff, the creative solutions to issues, and the quick fixes. Unhappy customers complain about assets and amenities not being well managed, not fixing issues on time, and the inability to contact the customer support team.

Get Started With Lincoln Property Company Multifamily Management

To get started with the best multifamily management company for boutique services, property owners can visit the Lincoln Property Company website or 214-740-3300.

Takeaway

These are the 6 best multifamily management companies in the US market. If you’re thinking of turning your multifamily investment property into a short-term or long-term rental, you should consider hiring Awning or HomeRiver Group, respectively. If you’d like to work with one of the largest multifamily housing managers in the nation, you can check out Greystar or BH Management Services, LLC. If you’re looking for a more personalized approach, boutique services, and community focus, Lincoln Property Company or Asset Living might be the best choice for you.