2025 Top Multifamily Developers
Find out which companies made MHN’s annual list of industry leaders.
You can also read our other Top Development rankings.
* As of June 30, 2025
Key: A=Affordable Housing, L=Luxury, MR=Market Rate, Mi=Military Housing, Se=Senior Housing, St=Student Housing, X=Other
Though we make every effort to include all major multifamily developers, several notable firms (among them Dominium, Wood Partners, Mill Creek Residential and The Garrett Cos.) did not participate this year.
To be included in upcoming surveys, email Agota Felhazi at agota.felhazi@cpe-mhn.com.
Production Continues in More Measured Fashion
Multifamily development has maintained meaningful momentum despite a slight slowdown.
As of early November, more than 950,000 units were under construction nationally, according to Yardi Matrix data. Additionally, the pipeline included more than 4.6 million units in the planning and permitting stages. The same source expects a total of 585,000 units to come online by the end of the year, with 441,000 units anticipated for 2026. This comes on the heels of strong deliveries, as between 2022 and 2024, close to 1.7 million units came online across the U.S.
The current edition of Multi-Housing News’ Top Multifamily Developers ranking signals sustained confidence in the sector, even as labor costs and workforce availability remain key challenges. Survey results show that 90 percent of the 50 leading companies plan to sustain or increase development activities over the next six quarters, beginning in the third quarter of 2025. A minority anticipated declines, but no firms projected significant drops.
Between 2022 and 2024, this year’s top developers brought 196,105 units online, with an estimated value of $100.5 billion. The average company would have delivered roughly 3,900 units throughout the same three-year timeframe.
Greystar leads the ranking as the top developer, continuing its longstanding streak. The company had approximately 31,500 units under construction as of June 30, 2025, and delivered more than 36,600 units between 2022 and 2024. Most of Greystar’s projects under development were market-rate properties, with a notable portion focused on student housing.
The Related Cos. placed second. The company had nearly 17,500 units underway and delivered some 10,000 units during the same period. The NRP Group achieved third place. The firm had close to 14,000 units under construction and completed nearly 12,000 units within the interval.
Below, take a look at the top 10 in detail.
1. Greystar
Greystar continued to dominate the ranking. As of June 30, 2025, the company had roughly 31,500 units under construction. Most of Greystar’s active projects were market-rate developments, with a significant share dedicated to student housing, followed by senior housing and BTR/SFR. Recently, the company teamed up with University Enterprises Inc. and JLC Infrastructure to build Hornet Place, a 352-bed student housing project in Sacramento, Calif. The project serving California State University is expected to come online in 2027. In total, the company delivered more than 36,600 units valued at $32.1 billion between 2022 and 2024.
2. The Related Cos.
The Related Cos. had nearly 17,500 units underway, with more than half of the pipeline dedicated to affordable housing. Related also worked on luxury projects, condos as well as senior housing. In April, the company announced plans for the next phase of Hudson Yards, which would include 4,000 new housing units. Developed in partnership with Oxford Properties, this addition would bring the affordable component of Hudson Yards to more than 1,700 units. Related delivered nearly 10,000 units during three-year span mentioned above with most of the projects targeting market-rate communities followed by condos as well as affordable and senior housing projects.
3. The NRP Group
The NRP Group had approximately 13,700 units underway, with nearly half targeting market-rate projects. The pipeline also included mixed-income developments as well as affordable housing projects. Recently, The NRP Group kicked off construction on a $133 million development in Las Vegas. The 390-unit community is built in partnership with Haseko. Altogether, the company delivered nearly 12,000 units between 2022 and 2024. Completions skewed towards affordable housing, followed by market-rate and mixed-income projects.
4. Trammell Crow Co./High Street Residential
High Street Residential, the residential arm of Trammell Crow Co. had close to 9,800 units underway, the pipeline mostly focused on market-rate development with some luxury and senior housing projects as well. In April, High Street Residential teamed up with SCOA Real Estate Partners and began construction on The Terrace, a 300-unit community in Frederick, Md. The project will take shape on the site of the former Terrace Lanes Bowling Center. Overall, the company completed more than 8,500 units during three-year span mentioned above. The bulk of deliveries was market-rate, with some targeting luxury and senior housing segments.
5. MetLife Investment Management
MetLife Investment Management had nearly 6,300 units underway. In July, MetLife Investment Management partnered with Rosewood Property Co. to start developing The Buckley, a 338-unit project in Plano, Texas. The development will be part of Heritage Creekside, a 156-acre mixed-use development. Between 2022 and 2024, MetLife Investment Management delivered more than 10,700 units valued at nearly $3.8 billion.
6. Woodfield Development
Woodfield Development had more than 5,500 units under construction targeting the market-rate and luxury segments. In June, Woodfield teamed up with American South Capital Partners to purchase the needed site for 840 Woodrow, a mixed-income development in Greater Atlanta. The 326-unit project is expected to come online in 2027. In total, Woodfield completed more than 7,500 units valued at approximately $2.8 billion between 2022 and 2024.
7. Landmark Properties
Landmark Properties had more than 3,800 units underway. The pipeline mainly targeted student housing with some market-rate communities in the mix. Recently, Landmark partnered with Liberty Mutual Investments to develop two student housing communities. The projects will have a combined 1,255 beds and will serve Pennsylvania State University and The University of Connecticut. Overall, Landmark completed close to 5,000 units valued at more than $3 billion between 2022 and 2024.
8. Edward Rose & Sons
Edward Rose & Sons had close to 9,000 units under construction. The pipeline skewed toward market-rate projects with some senior housing developments. The company placed ninth on the 2025 Top Multifamily Property Owners ranking with a portfolio encompassing more than 72,000 units. Between 2022 and 2024, Edward Rose & Sons completed more than 3,200 units. Completions also favored market-rate developments with a small percentage going toward senior housing projects.
9. Continental Properties
Continental Properties had more than 5,700 market-rate units under construction. The developments were valued at approximately $1.8 billion. Recently, Continental sold a 300-unit community in Madison, Wis. The newly rebranded Wrenfield at Pleasant View came online in 2022. Continental completed more than 7,600 market-rate units between 2022 and 2024.
10. Hillpointe
Hillpointe rounded out the top 10 with more than 8,100 market-rate units valued at approximately $1.7 billion underway. In March, Hillpointe raised $750 million, thus closing its largest fund at the time. The vehicle will target market-rate workforce housing developments across the Sun Belt. Overall, Hillpointe completed more than 6,100 market-rate units between 2022 and 2024.
—Agota Felhazi, Senior Associate Editor
Methodology
MHN’s 2025 Top Multifamily Developers ranking uses 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. Units under construction are as of June 30, 2025.
