Centerspace
Centerspace (NYSE: CSR) is a multifamily REIT that owns and operates 61 apartment communities with 12,263 homes across seven U.S. states in the Upper Midwest and Mountain West, generating revenue primarily through recurring monthly rental income from individual renters and families.
- Company typePublic
- Founded1970
- HeadquartersMinot, United States
- Headcount101–250
- GTM typeB2C
- OfferingServices
What Centerspace does
Centerspace (NYSE: CSR) is a publicly traded multifamily real estate investment trust (REIT) founded in 1970 and headquartered in Minot, North Dakota, with primary offices in Minneapolis, Minnesota. The company owns, manages, acquires, and redevelops apartment communities, operating a portfolio of 61 apartment communities comprising 12,263 apartment homes across seven U.S. states: Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Its footprint is concentrated in the Upper Midwest and Mountain West, with a deliberate focus on secondary and tertiary markets where new multifamily supply is limited. Residences range from studio apartments to 5-bedroom units, with rents spanning approximately $930 to $4,345 per month depending on location, size, and amenities.
The company's operations are built on a property management technology stack powered by RentCafe (Yardi Systems), which underpins its consumer-facing website, online leasing portals, resident portals for rent payment and maintenance requests, and individual property websites. Centerspace markets directly to consumers through its centerspacehomes.com website, individual property pages, and third-party listing platforms, with on-site leasing teams at each community. Revenue is generated almost entirely from recurring monthly rental income on its owned apartment portfolio, supplemented by ancillary fees (application, late, pet, and other resident charges). Q1 2026 revenue was $65.1 million, down 3.0% year-over-year due to the prior-year sale of 12 apartment communities, and the company employs roughly 400 team members across its operating geographies.
Centerspace is currently executing a defensive restructuring following a failed strategic alternatives review. In November 2025 the Board announced a review that could have resulted in a sale or merger; by 2026 the process concluded without a transaction, with institutional capital reportedly not viewing the portfolio as core. The Board pivoted to a portfolio optimization and deleveraging plan involving approximately $245 million in asset sales, full exit from the Bismarck and Rapid City markets, debt reduction of $175–190 million, and a target leverage ratio of sub-7x (from 8.2x). The company maintains a $0.77 per share regular quarterly distribution and is evaluating special distributions of $45–65 million. Anne Olson serves as President and CEO.
Centerspace firmographics
Firmographics- Name
- Centerspace
- Legal name
- Centerspace
- Website
- https://centerspacehomes.com
- Company type
- Public
- Founded year
- 1970
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Centerspace (NYSE: CSR) is a multifamily REIT that owns and operates 61 apartment communities with 12,263 homes across seven U.S. states in the Upper Midwest and Mountain West, generating revenue primarily through recurring monthly rental income from individual renters and families.
- Ownership category
- akta.pro rank
Centerspace industry classification
Industry- Product category
- Residential Multifamily REIT / Apartment Rentals
- NAICS
- Rental and Leasing Services (532)
- SIC
- Real Estate Investment Trusts (6798), Real Estate (6500)
- akta.pro primary industry
- Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)
Keywords
Where Centerspace is headquartered
LocationHeadquarters
- HQ city
- Minot
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Centerspace business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D
Revenue model
- Apartment Rental Income: Centerspace generates revenue primarily through rental income from its portfolio of 61 apartment communities comprising 12,263 apartment homes across seven states (Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah). Rental rates range from approximately $930 to $4,345 per month depending on property location, unit size, and amenities. The company also generates ancillary income from application fees, late fees, pet fees, and other resident charges.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Monthly | Market-rate apartment rentals across 61 communities in 7 states |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Centerspace product offering
Product offeringCore offering
Centerspace is a publicly traded multifamily Real Estate Investment Trust (REIT) that owns, manages, acquires, and redevelops apartment communities. The company operates 61 apartment communities comprising 12,263 apartment homes across seven U.S. states (Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah), leasing studio to five-bedroom units at monthly rents ranging from approximately $930 to $4,345. Revenue is generated primarily through recurring monthly rental income with ancillary resident fees.
Product overview
Centerspace is a pure-play multifamily REIT offering apartment home rentals through 61 apartment communities comprising 12,263 homes across seven states. The company's product portfolio consists of its core apartment rental offering, supported by a Resident Portal enabling 24/7 online rent payments and maintenance requests, and a Property Search Platform allowing prospective tenants to browse and filter available units. Properties span from studio to 5-bedroom apartments with amenities including pools, fitness centers, business centers, and pet-friendly options, primarily located in the Upper Midwest and Mountain West regions.
Differentiator
Problem solved
Functional benefit
Products and services
- Apartment Home Rentals Core rental housing offering spanning studio to five-bedroom units at monthly rents ranging from approximately $930 to $4,345, located in the Upper Midwest and Mountain West regions. Communities feature amenities including pools, fitness centers, business centers, and pet-friendly options.
- Resident Portal
Quantifiable outcome
- 30 consecutive years of dividend payments
- +1 more outcomes
Companies that use Centerspace
Customer profileNamed customers2 records
Segments1 record
Ideal customer profiles1 record
Centerspace technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Centerspace partnerships and signals
Strategic signalScale indicators6 records
Recent moves6 records
Expansion highlights3 records
Centerspace competitors and assessment
Company assessmentBroad incumbents
- AvalonBay Communities: Large-cap multifamily REIT developing, redeveloping, and operating apartment communities in high-barrier U.S. markets; broadly comparable operating and capital-allocation playbook.
- Essex Property Trust: Multifamily REIT concentrated on the West Coast; comparable as a large, geographically focused apartment REIT, though its coastal exposure contrasts with Centerspace's Midwest/Mountain West mix.
- Camden Property Trust: Large-cap multifamily REIT operating ~172 apartment communities across the Sunbelt and Mid-Atlantic; comparable operating model and product type but at significantly larger scale and in higher-growth markets.
- Mid-America Apartment Communities: Largest pure-play multifamily REIT by unit count (~102,000 apartments) operating across the Sunbelt; relevant incumbent comparable for operating model and capital-markets dynamics.
- Equity Residential: Large multifamily REIT focused on urban and high-density coastal apartment communities; broader incumbent with overlapping apartment-ownership operations and similar REIT governance profile.
Direct peers
- NexPoint Residential Trust: Multifamily REIT acquiring and operating value-add garden-style apartments in the Sunbelt; comparable as a small-cap, externally-managed multifamily REIT navigating a similar portfolio-optimization narrative.
- Independence Realty Trust: Small-cap multifamily REIT focused on non-gateway U.S. markets with a similar owner/operator model, making it one of the closest direct comparisons to Centerspace's secondary-market strategy.
- Apartment Investment and Management Company (Aimco): Diversified multifamily REIT engaged in ownership, acquisition, and redevelopment of apartment communities across multiple U.S. markets — directly aligned with Centerspace's stated business model.
Emerging players
- BRT Apartments: Small multifamily-focused REIT operating garden-style apartment communities; smaller and more concentrated than Centerspace but operating in a similar value-oriented multifamily niche.
- Veris Residential: Multifamily REIT operating Class A apartment communities; comparable in scale and REIT structure, though concentrated in the Northeast rather than the Midwest.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Centerspace social profiles
Digital presenceCenterspace financial estimates
Financial estimateRevenue estimate
Valuation estimate
Centerspace leadership team
Management profileNumber of profiles
Profiles3 records
Centerspace funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Centerspace M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Centerspace
What does Centerspace do?
Centerspace is a publicly traded multifamily Real Estate Investment Trust (REIT) that owns, manages, acquires, and redevelops apartment communities. The company operates 61 apartment communities comprising 12,263 apartment homes across seven U.S. states (Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah), leasing studio to five-bedroom units at monthly rents ranging from approximately $930 to $4,345. Revenue is generated primarily through recurring monthly rental income with ancillary resident fees.
Is Centerspace a public or private company?
Centerspace is a public company. It is classified as public and is currently operating.
When was Centerspace founded?
Centerspace was founded in 1970. It employs 101 to 250 people.
Where is Centerspace based?
Centerspace is headquartered in Minot, United States, in the North America region.
How does Centerspace make money?
One revenue line is on record: apartment Rental Income.
Who are Centerspace's main competitors?
Broad incumbents on record are AvalonBay Communities, Essex Property Trust, Camden Property Trust, Mid-America Apartment Communities and Equity Residential. Direct peers are NexPoint Residential Trust, Independence Realty Trust and Apartment Investment and Management Company (Aimco). Emerging players are BRT Apartments and Veris Residential.
Does Centerspace have an API?
No public API is recorded for Centerspace.
What industry is Centerspace in?
Centerspace's product category is Residential Multifamily REIT / Apartment Rentals. Its primary akta.pro industry code is FSAAAKAA, Core Real Estate (Stabilized/Core-Plus). Its NAICS code is 532 and its SIC code is 6798.