Housing companies play a significant role in providing affordable accommodation to the population. Municipal housing companies are owned by cities or local authorities and pursue non-profit objectives, which is why rents are often set below market levels. They manage large portfolios of rental apartments and are responsible for maintenance and modernization of buildings. Besides municipal companies, there are also cooperative and private-sector providers. During periods of housing shortages, housing companies are frequently commissioned or subsidized by the state to promote the construction of social housing and to prevent the displacement of lower-income population groups from urban areas.