A common definition of architectural qualities in general and the values of the qualities in particular can differ significantly in the understanding of different operators in the building construction sector. One platform to define and investigate architectural qualities is to use a property management perspective and focus on the tenants and their individual well-being in the accommodation. In this study, architectural qualities were investigated in three residential areas with multi-family buildings in Sweden: Backa Röd, Högsbohöjd and Nybodahöjden. The data were collected from interviews with building industry people and the residential tenants. Three architectural qualities became the foundation for the interviews: properties and characteristics of the surroundings, usage flexibility within the apartment, the patina and mellowness of building components. The investigation of collected data was inspired by a method called grounded theory (GT). In this study, GT was used to discover and develop a theory of architectural caring, where architectural qualities have a bearing on the nature of a residential area. We found that a central focus in the residential property management perspective is architectural caring. To care for the houses, materials, construction and the neighbourhood environment is to care for the residents and give them a sense of belonging.