The Rent Roll with Jay Parsons EP#29 Antonio Marquez | Dissecting Shifts in the NMHC Top 50 + A Conversation on Workforce Housing
Apr 10, 2025
Antonio Marquez, founder of Comunidad Partners and an influential figure in workforce housing, shares his inspiring immigrant story and his mission to create sustainable housing solutions. The discussion unveils surprising facts from the NMHC Top 50, revealing their ownership of just 11% of U.S. apartments and the shifting dynamics within the rental housing market. They delve into the intricate challenges of workforce housing, from regulatory hurdles to community perceptions, while advocating for innovative solutions that balance social impact with profitability.
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Fragmented Apartment Ownership Landscape
- The NMHC Top 50 apartment owners hold only about 11% of all U.S. apartments, showing how fragmented the market is.
- This contrasts industries like online search and credit cards, where top players hold over 50% market share.
Past Giants Surpassed Today's Leaders
- The largest apartment owners in the late 1990s and 2000s had portfolios much bigger than today's top players.
- For example, Charter Mac had over 320,000 units at its peak, more than twice the size of today's largest owner.
Apartment Development Still Fragmented
- The top 25 apartment developers start only 20-25% of new units nationally, highlighting ongoing market fragmentation.
- Larger players may gain advantage due to current development challenges and rising capital costs.