You can also read our other Top Development rankings.
|Rank||Company||Units Completed 2019-2021||Units Under Construction*||Housing Diversity|
|1||Greystar||24,186||32,472||L, M, St, See|
|2||The Related Cos.||7,868||19,889||L, M, A, See, X|
|3||Trammell Crow Co./High Street Residential||5,478||13,741||L, M, See|
|4||LMC, a Lennar Co.||7,765||7,619||L, M|
|5||The NRP Group||8,287||11,811||L, M, A, See, X|
|6||Mill Creek Residential||7,734||11,215||L, M, A, See|
|7||Crescent Communities||5,013||6,669||L, M|
|8||The Bainbridge Cos.||9,640||3,730||L, M, St|
|9||ZOM Living||4.005||3,423||L, M, See|
|10||JPI||5,442||6,414||L, M, A|
|11||Holland Partner Group||4,074||4,240||L, M, A|
|12||Edward Rose Building Enterprise||3,717||6,509||L, M|
|13||StreetLights Residential||4,641||3,159||L, M|
|14||Hines||6,585||–||L, St, See, X|
|15||The Wolff Co.||4,324||2,895||L, M, See|
|17||Lincoln Property Co.||4,611||1,873||L, M|
|18||Lend lease||2,509||1,472||L, M, A, Mi|
|19||UDR Inc.||4,095||1,177||L, M, A|
|21||Tishman Speyer||783||2,108||M, See, X|
|22||The Breeden Co./Breeden Construction||2,369||3,268||L, M, A, See|
|23||Hillpoint||1,978||3,876||L, M, See|
|25||Bozzuto||863||2,957||L, M, A|
|26||Hunt Cos.||699||2,949||L, A, St, Mi|
|27||The Millennium Cos.||3,246||2,224||A|
|28||Flaherty & Collins Properties||2,189||1,195||L, M, A, See|
|29||Camden Property Trust||2042||1,842||L, M|
|30||Legacy Partners||976||2,556||L, M, A|
|31||IDM Cos.||2440||776||L, M|
|33||Knight Development||2163||1,741||Oh, look|
|34||Marquette Real Estate Investments||1196||1,313||L, M, A|
|35||Transwestern Investment Group||1,334||1,955||L, M|
|36||The Annex Group||686||1,280||A, St, X|
|37||The Inland Real Estate Group of Cos. Inc.||1,098||918||L, M, A|
|38||Billingsley Co.||1,257||1,038||L, M|
|39||Timberland Partners||683||758||L, M, A|
* As of June 30, 2022
Key: L=Luxury; M=Market rate; A=Affordable; St=Student; Mi=Military; See=Senior; X=Other
Although we make every effort to include all major multifamily developers, several notable firms (among them AvalonBay Communities, Fairfield Residential and Wood Partners) did not participate this year.
To be included in upcoming surveys, email Agota Felhazi at [email protected].
Multifamily Pipeline Remains Fairly Full
Despite rising construction costs in recent years, multifamily development has maintained a strong pace. A recent supply update from Yardi Matrix predicts deliveries will exceed 420,000 units by the end of the year and expects multifamily completions to hit north of 430,000 in 2023 and more than 450,000 in 2024.
Due to construction financing being less accessible, however, new-supply pipelines could be further reduced in 2025 and 2026. While there may be a decrease in multifamily deliveries, the current supply shortage of US housing supports continued rent development and capital appreciation in the sector .
Developer confidence in multifamily clearly remains high based on the data collected for Multi-Housing News‘ Top Multifamily Developers ranking this year. Companies were asked how much development activity their firms expect to undertake in the coming years, and of the top 30, more than 60 percent said they anticipate taking on more, or significantly more, development over the next six quarters.
Looking more closely at the results, Greystar is in the No. 1 spot again. Boasting more than 32,000 units under construction as of June 30, 2022, the firm delivered more than 24,000 units between 2019 and 2021. The Related Cos. is in second place with nearly 20,000 units under construction and more than 7,800 units completed over the past three years. Rounding out the top three is Trammell Crow Co./High Street Residential with over 13,000 units under construction.
This year’s respondents included a broad spectrum of firms of various sizes that reported regional as well as international activity. Many companies developed multiple property types, from senior housing to affordable to luxury, but most are focused on market-rate units.
—Claire Spadoni, Senior Research Analyst, Yardi Matrix
The 2022 MHN Top Multifamily Development Firms ranking is based on self-reported data for all firms. Our rankings utilize weighted formulas based on a variety of factors (only a few of which are specified here), including current and future plans, market value of projects completed and under construction and geographic and property diversification. The ranking represents what we feel is a logical balance between firm growth and market share.