A property management company is a professional organization that manages apartment buildings on behalf of the property owner.
The top 10 property management companies typically handle all aspects of operating an apartment complex, from marketing and leasing units to maintaining the property and collecting rent.
These companies may also provide security, concierge, and housekeeping services. Choosing a property manager for an apartment complex can take time since there are many companies to choose from.
To help you narrow down your options, we’ve compiled a list of the most notable property management companies.
Why Do Apartment Owners Hire a Property Management Company?
Property management companies can provide various benefits to rental property owners and tenants. For example, when a property owner lives in another city or state and cannot manage the apartment, professional property managers can resolve renters’ issues promptly.
There are also instances when a property owner may not have the time or resources to manage the property effectively. Here are several of the most common property maintenance services:
- Rent collection: Property management companies often collect rent on a landlord’s behalf. As a result, the landlord won’t have to worry about chasing down late payments or dealing with bounced checks.
- Maintenance and repairs: When something breaks in one of the apartment units, the property management company can handle coordinating the repair. This can range from something as simple as a clogged sink to more complex issues like a broken air conditioner.
- Move-in and move-out inspections: Whenever a tenant moves in or out of a multi-unit, the property management company may inspect to document the condition of the unit. This protects the property owner in case of damage beyond normal wear and tear.
- Lease enforcement: A property management company can ensure that tenants follow the terms of their lease agreement. This includes things like noise violations and pet restrictions.
- Financial reporting: At the end of each month, the property owner may receive a financial report from their property management company detailing income and expenses for the month. This helps owners keep track of how well their investment property is performing.
In some instances, the property manager could even help increase the property’s value by making improvements and upgrades. Overall, using a property management company can make life easier and offer peace of mind for both landlords and tenants.
What Are the Pros & Cons of an Apartment Property Management Company?
Working with a property management company for an apartment complex has both advantages and drawbacks. One benefit is that the company can take care of many of the day-to-day tasks and responsibilities that come with running a complex, including marketing, tenant screening, and even evictions.
This can free up a property owner’s time to focus on other priorities and aspects of their business. Plus, these companies often keep up to date with laws and regulations related to rental properties, so they can help apartment owners stay compliant.
On the other hand, property managers typically charge a percentage of the monthly rent as their management fee. These costs can add up in the long run, impacting overall profits.
It is also possible the company may not always have the property owner’s best interests at heart. For example, the company may implement cost-cutting measures that adversely affect the renter experience, resulting in a lower occupancy rate.
Ultimately, an owner will need to do their due diligence to determine whether or not to work with a particular property management company.
The Top 10 Property Management Companies
Are you looking for a property management company to take care of your apartment complex? Here are the best property management companies for apartments.
1. Lincoln Property Company
Founded in 1965, Lincoln Property Company is a full-service real estate firm that provides asset management, development, property management, and leasing services. Currently, it manages over 210,000 multifamily housing units nationwide.
The company also offers plenty of efficient online tools and resources designed for tenants, such as managing their accounts and paying rent online.
2. Camden Property Trust
Camden Property Trust is a public real estate investment trust (REIT) that owns, develops, and manages apartments. As of 2022, the company owns and operates more than 58,000 apartments across the United States.
Camden is committed to creating a safe and comfortable home for its residents, with features like online rent payment and maintenance requests, on-site management, and 24-hour emergency maintenance.
3. Greystar Real Estate Partners
Greystar is a leading international property management and real estate development company. It manages and develops many properties, such as apartments, townhomes, and single-family homes.
The Greystar management team offers marketing, leasing support, maintenance, and housekeeping services. In addition, Greystar provides many resident-friendly services, including an online portal for rent payments and maintenance requests.
4. Equity Residential
Equity Residential, a public REIT established in 1969, is one of the country’s largest apartment property management companies. The company has its hand in over 80,000 multi-units from the Bay Area to Richmond, Virginia.
At apartment units managed by Equity Residential, renters can take advantage of features like a responsive customer service team and a tenant portal for reporting maintenance issues and making rent payments.
5. Mid-America Apartment Communities, Inc.
Mid-America Apartment Communities, Inc. (MAA) is a public REIT that owns, operates, and develops multifamily properties. MAA owned more than 100,000 apartment units in 2021.
Multiple publications and organizations, including Forbes, Multifamily Executive Magazine, and the National Association of Real Estate Investment Trusts (NAREIT), have recognized MAA as a top-ranking property management firm for apartments.
6. UDR, Inc.
UDR, Inc. is a well-known multifamily REIT and apartment property management company founded in 1972. By the end of 2021, the company’s portfolio had 53,229 completed apartments.
Its management services include rent collection, maintenance and repair, and eviction assistance. For tenants, UDR’s easy-to-use app allows for convenient rent payment options and online maintenance requests.
7. Colliers International
Colliers International is a trusted global real estate services company with over 18,000 professionals in more than 60 countries. The company manages thousands of commercial properties, with services ranging from rent collection and maintenance to lease negotiation and marketing.
Short for Apartment Investment and Management Company, Aimco is a public REIT with a portfolio comprising 6,342 apartment properties by the end of 2020. It boasts the most in-demand properties in major markets, such as Los Angeles, San Francisco, and Miami.
This property management company streamlines prospective tenant screening, rent collection, maintenance and repair, and evictions. In addition, Aimco offers services like leasing and accounting.
9. Related Companies
This New York City-based real estate firm manages more than 13,000 apartments across dozens of luxury properties. It provides clients with comprehensive property management services, from basic repairs and maintenance to more complex renovations and new construction projects.
Bozzuto is an award-winning multifamily real estate development, property management, and homebuilding leader. Since 1988, Bozzuto has developed and managed apartments primarily throughout the East Coast and Midwest, though it expanded to the West Coast in 2021.
The company’s apartment communities range from luxury high-rises to garden-style apartments, with resident-friendly features like on-site management and maintenance teams. From handling rent collection and maintenance to repairs and renovations, Bozzuto has the expertise to keep an apartment complex running smoothly.
How To Vet Property Management Companies
To find the right property management company for your apartment complex, consider a few key factors, such as the size and location of your property. For example, if you have a large complex in Richmond, you may need to find a company with experience in managing similar properties in the city or surrounding areas.
Think about the services you need from a property management company. Do you want help with marketing and leasing? Or are you looking for a company to exclusively handle maintenance and repairs?
After determining your property management needs, you can search for companies specializing in those areas.
Take the time to compare different companies and read reviews from other landlords, which can give insight into each company’s level of customer service and quality of work.