2023 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, 2023
Key: L=Luxury; M=Market rate; A=Affordable; St=Student; Mi=Military; Se=Senior; X=Other
Though we make every effort to include all major multifamily developers, several notable firms (among them Alliance Residential, AvalonBay Communities, Fairfield Residential, Mill Creek Residential and Wood Partners) did not participate this year.
To be included in upcoming surveys, email Agota Felhazi at [email protected].
MF Development Activity Remains High
This year, multifamily development has been robust. According to a recent supply update from Yardi Matrix, nearly 460,000 units are expected to deliver by the end of the year and more than 510,000 in 2024. Completions are projected to taper off in the years to follow, falling to as low as 365,000 units in 2026, as elevated interest rates and construction costs render projects more difficult to finance.
However, demand for multifamily remains strong, given the current U.S. housing shortage and record-high mortgage rates that have priced many homebuyers out of the market. These factors support capital appreciation within the sector despite current economic challenges.
This year’s Multi-Housing News’ Top Multifamily Developers ranking reflects confidence in the multifamily market. Of the 53 companies surveyed, 81 percent stated that they expect their firm to undertake either the same, more or significantly more development activity over the next six quarters. While a few companies expect to undertake less activity, no firms stated that they expect to undertake significantly less.
Leading the pack in recent development activity is Greystar, which has held the No. 1 spot for several years. The company boasts an impressive portfolio of multifamily units throughout the United States and internationally. Over the past three years, the firm has delivered over 28,000 units worth nearly $30 billion in total. Greystar recently expanded its footprint with its first build-to-rent community in Minnesota and completed groundbreaking for its first modular housing project in Pennsylvania. The latter aims to provide quality and affordable housing to those in essential fields, such as education and nursing.
This year’s respondents included a range of firms of different sizes that reported both regional and international activity. Many companies develop multiple property types, from senior housing to affordable to luxury, but most focus on market-rate units.
—Brittney Peacock, Senior Research Analyst, Yardi Matrix
The 2023 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.