2024 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, 2024
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 Mill Creek Residential, Alliance Residential, Wood Partners and The Michaels Organization) did not participate this year.
To be included in upcoming surveys, email Agota Felhazi at [email protected].
New Supply Growth Is Steady—For Now
There has been significant multifamily development this year. As of early November, the national pipeline included nearly 1.2 million units under construction and more than 4.4 million units in the planning and permitting stages, according to Yardi Matrix data. In all, more than 550,000 units are expected to come online this year, and 508,000 completions are projected for 2025. The outlook for the following years, however, indicates a slowdown. By 2026, new supply is expected to drop to around 370,000 units followed by approximately 330,000 units in 2027.
Multi-Housing News’ Top Multifamily Developers ranking continues to highlight a strong sense of optimism in the market’s potential. Among the 60 companies on the list, 85 percent indicated that they plan to maintain or increase their development activities over the next six quarters. However, a few anticipate a reduction, and two firms even expect a significant decrease.
Between 2021 and 2023, this year’s top developers delivered a total of 214,094 units with an estimated value of $122.4 billion. The average company would have delivered roughly 3,600 units throughout the same three-year timeframe with another 4,000 units underway.
The 2024 Top Developer is Greystar, which has consistently held the top spot for several consecutive years. The company had over 38,000 units under construction as of June 30, 2024, and delivered more than 27,000 units between 2021 and 2023. Ltd. Findlay, Greystar’s first property built with prefabricated apartments created in its Modern Living Solutions factory, is currently preleasing and expecting move-ins this winter. Greystar's modular construction business has another 1,510 units in development.
The Related Cos. placed second with nearly 20,000 units underway and more than 10,000 units delivered during the same three-year interval. The company recently completed the initial phase of the 248-unit Sugar Pine Village in South Lake Tahoe, Calif. Related Cos. also used the innovative modular-construction method for this project.
Trammell Crow Co.’s High Street Residential came in third with more than 12,000 units under construction and approximately 6,500 units completed within the same three-year span. The company is bringing art and community together in Portland, Ore. By partnering with ArtLifting, The Frankie, a 120-unit development, will feature artwork by artists with disabilities.
—Agota Felhazi, Senior Associate Editor
Methodology
MHN’s 2024 Top Multifamily Developers 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.
