It’s fascinating to look at the sheer scale of what’s being built across the country. As of mid-2025, over 950,000 apartment units are actively under construction, with an even more staggering 4.6 million in various stages of planning and permitting. This isn't just about bricks and mortar; it's about shaping communities, providing homes, and reflecting the economic pulse of our nation. The latest rankings from Multi-Housing News offer a compelling snapshot of the companies leading this charge, revealing a sector that, while perhaps a bit more measured than in recent boom years, still hums with sustained confidence.
What’s particularly striking is the commitment from these industry leaders. A solid 90 percent of the top 50 companies surveyed plan to maintain or even ramp up their development activities over the next six quarters. This speaks volumes about their belief in the long-term demand for multifamily housing, even as they navigate persistent challenges like rising labor costs and finding skilled workers.
Between 2022 and 2024, the firms featured in this year's list collectively delivered an impressive 196,105 units, a massive undertaking valued at an estimated $100.5 billion. On average, each company brought about 3,900 units to market during that three-year window. It’s a testament to their operational prowess and strategic vision.
Greystar: Still Leading the Pack
For another year, Greystar stands at the pinnacle of multifamily development. As of June 30, 2025, they had a colossal 31,500 units under construction. Their focus leans heavily towards market-rate properties, but they're also making significant inroads in student housing and senior living, alongside build-to-rent and single-family rentals. A recent collaboration to build a 352-bed student housing project near California State University, slated for a 2027 opening, exemplifies their forward-looking approach. Between 2022 and 2024, Greystar completed over 36,600 units, a truly remarkable output.
The Related Companies: A Diverse Portfolio
Securing the second spot, The Related Companies is making waves with nearly 17,500 units in development. What’s particularly noteworthy is their significant commitment to affordable housing, which makes up more than half of their current pipeline. They're also active in the luxury segment, condos, and senior housing. Their ambitious plans for the next phase of Hudson Yards, which includes 4,000 new housing units, with a substantial affordable component, underscores their dedication to mixed-income communities. Over the past three years, they delivered close to 10,000 units, a blend of market-rate, condo, affordable, and senior housing.
The NRP Group: Building for the Future
Rounding out the top three is The NRP Group, with approximately 13,700 units underway. Their pipeline is a balanced mix, with nearly half dedicated to market-rate projects, complemented by mixed-income and affordable housing developments. A recent $133 million project in Las Vegas, a 390-unit community developed in partnership with Haseko, highlights their ongoing construction activity. In total, NRP Group completed nearly 12,000 units between 2022 and 2024, with a strong emphasis on affordable housing, followed by market-rate and mixed-income properties.
Trammell Crow Co./High Street Residential: Market-Rate Focus
High Street Residential, the residential arm of Trammell Crow Co., is actively developing close to 9,800 units. Their strategy is primarily focused on market-rate developments, with a sprinkle of luxury and senior housing projects. Their recent commencement of construction on The Terrace, a 300-unit community in Frederick, Maryland, on the site of a former bowling alley, is a prime example of their ongoing work. Across the 2022-2024 period, they completed over 8,500 units, reflecting a consistent delivery of new housing stock.
It's important to note that this list represents a significant portion of the industry's activity, but it's not exhaustive. Several major players, like Dominium, Wood Partners, Mill Creek Residential, and The Garrett Cos., opted not to participate in this year's survey. Their continued contributions are undoubtedly shaping the multifamily landscape as well.
The ongoing development activity, even with its measured pace, paints a picture of a resilient and forward-thinking sector. These companies aren't just building apartments; they're building the fabric of our urban and suburban environments for years to come.
