Greystar remained the No. 1 apartment developer in the country this year, with 8,247 units started in 2024, according to the National Multifamily Housing Council’s 2025 Top 25 Developers list. 

Jacksonville, Florida-based contractor Summit Contracting Group was No. 1 for the third year in a row on the Top 25 Builders list, with 10,289 units started in 2024. Greystar was second on this list with 6,640 units started.

Both Greystar and Summit are in their second consecutive year of year-over-year declines in new development and building starts, respectively. Greystar developed approximately 1,300 fewer units in 2024 than in 2023, while Summit’s construction start count is down by approximately 2,200 units over the same period.

While the top spots remained stable, Dallas-based developer, owner and operator Dominium took a large leap forward on both lists, up from No. 15 in 2024 to No. 3 on the Top Builders list and No. 2 on the Top Developers list. The company started 5,763 units in 2024, up from 3,054 in 2023, as recorded on both lists.

Dominium is also listed as the No. 24 owner and No. 41 manager on the NMHC’s Top 50 Owners and Managers lists. The company has over 40,000 affordable, luxury and senior housing units under management across 19 states in the Southeast, Central and Mountain West regions, according to its website. 

“There is a significant shortage of affordable housing across the United States, particularly in rapidly growing urban and suburban areas,” Mark Moorhouse, co-chief executive officer and chief development officer of Dominium, told Multifamily Dive. “Dominium is expanding its new construction efforts to help meet the growing demand for affordable units.”

Ups and downs

After Greystar and Dominium, Atlanta-based Wood Partners rose to No. 3 on the Top 25 Developers list, up from No. 4, with 5,480 units started in 2024 — up about 300 units from the previous year. 

Apart from Dominium, only one other developer raised its start count by over 2,000 units last year — Menomonee Falls, Wisconsin-based Continental Properties Co. Inc. (No. 9). The developer closed a $210 million development vehicle fund in December, which is expected to fund between 14 and 16 new suburban apartment communities this year. 

Boca Raton, Florida-based Mill Creek Residential, No. 2 on the 2024 Top Developers list, fell to No. 6 with over 3,700 fewer units started in 2024 than in 2023. Houston-based Trammell Crow Residential started approximately 2,600 fewer units in 2024, moving from No. 3 to No. 13.

On the Top Builders list, Dominium was the only company in the top 25 that raised its start count by over 2,000 units. Mill Creek Residential fell from No. 2 to No. 7, with 3,700 fewer units started, while Trammell Crow Residential fell from No. 4 to No. 13, with about 2,600 fewer units started — mirroring their movements on the Top Developers list. 

While different companies have seen different levels of output, the declines in activity from the top builders and developers reflect the overall slowdown in start activity. Starts for buildings with five or more units fell from 459,000 in 2023 to 336,200 in 2024, according to the U.S. Census Bureau.