Alliance Residential had 13,480 units in 2022 which unseated Greystar to take the top multi-residential firm in the United States. Greystar performed well but not well enough in 2022 with 3,000 less units, coming in at 11,351 unit starts.
Overall, 2022 was a an exceptional year for multi-residential developers with 533,200 units starting construction. According to the the US Census Bureau, this is a 15.4% increase over 2021. Greystar was one of the few multi-residential developers to actually show a decrease in units overall,
What remains for 2023? The segment has been resilient posting strong results for the February but that is not expected to continue for the remainder of the year given higher interest rates and credit becoming more difficult to access given recent bank failures possibly leaving the market stalled out into 2024.
Phase 1 has successfully completed several high-rise multi-residential projects in Chicago and is a great partner to help your projects run smoothly. If you are interested in learning more, leave us a comment below of email us news@ph1c.com
