New Multifamily Housing Construction (except For-Sale Builders)

NAICS 2022 code 236116 — United States. An investor's primer.

1. Overview

This industry builds new apartment buildings meant to be rented, not sold unit-by-unit — the garden-style, mid-rise, and high-rise rental communities that house a large share of American renters. Formally, the North American Industry Classification System (NAICS) code 236116 covers general-contractor and builder establishments whose primary business is constructing new multifamily housing (buildings with five or more units) that is not built for sale as individual condominiums.[1]

It is a project-delivery industry first — not a stock-market sector. Rental apartments are one of the largest and most defensive slices of U.S. real estate, and the firms that build them sit at the front of a long capital chain that runs from construction lenders and land, through contractors and subcontractors, to the owners who lease the finished units. New multifamily construction spending ran at roughly a $125 billion annual rate in 2024,[2] and the sector's fortunes swing sharply with interest rates, so it is both a big market and a cyclical one.

The ways in differ for the two kinds of investor. There is essentially no pure public-market "apartment contractor" stock — the largest builders are private. Public investors reach the theme indirectly: through apartment landlords (which also develop), diversified homebuilders with rental arms, listed contractors and building-product suppliers, and alternative-asset managers that invest through private real-estate funds and construction lending (Section 4). Private investors reach it directly — as the developer, general-partner (GP) sponsor, limited-partner (LP) equity, construction lender, or tax-credit investor on an actual project. The economic distinction matters: a general contractor earns construction fees and project margins; a developer earns fees, the sponsor "promote," and eventual sale or refinancing gains; a long-term owner earns rent and appreciation.

2. What it is and how it's structured

Scope. NAICS 236116 is the "builder" line for rental multifamily. It captures general contractors, design-build firms, and construction managers whose main activity is putting up new apartment buildings, high-rise and garden apartments, townhouses, dormitories, senior-housing and assisted-living rentals, military barracks, and other five-plus-unit residential structures that will be held and leased rather than sold.[1]

What it explicitly excludes — and where those activities are counted instead:

• 236117, New Multifamily Housing (For-Sale Builders) — firms that build apartments or condos on their own account to sell the individual units.[1]
• 236115, New Single-Family Housing Construction — detached and small-lot for-sale homes built for others.[1]
• 236118, Residential Remodelers — renovation and repair of existing housing.[1]
• 238xxx, Specialty Trade Contractors — the electricians, plumbers, framers, concrete crews, and drywall subs who perform most on-site labor are classified in their own trade codes, not here.[1]
• 531110, Lessors of Residential Buildings — owners that construct and lease residential buildings on their own account are counted under real estate, not construction.[1]

The roles on a project. Several separate parties overlap on any apartment deal, and the same firm often plays more than one:

• The developer / sponsor controls the land, obtains approvals, raises capital, and usually owns the finished building — this is where the real economic risk and reward sit.
• The general contractor (GC) coordinates construction and subcontractors for a fee or a fixed price.
• Specialty subcontractors perform most trade work; lenders provide construction debt; equity investors provide sponsor or institutional capital; a property manager leases and operates the completed building.

The code classifies firms by primary activity, not by ownership type, and a project is typically held in a special-purpose entity while developer, GC, lender, and ultimate owner may all be different companies. The biggest names — Greystar, Wood Partners, Dominium — are vertically integrated, developing, building, and often managing the same communities. Others (Summit Contracting Group is the clearest example) are pure fee builders that construct for third-party developers. The industry is overwhelmingly private, closely held, and organized as project-level partnerships and limited-liability entities; publicly traded pure-play builders essentially do not exist.

3. How big it is

Per federal statistics for NAICS 236116. These figures mix 2023 County Business Patterns (CBP) data with 2022 Economic Census data, so they should not be read as one same-year operating statement.

Those numbers describe a fragmented, mid-sized-firm industry. Average receipts work out to about $20 million per firm and roughly 14 employees per establishment[3][4] — closer to a regional contractor than a national corporation. Payroll per employee is high (about $104,000)[3], which fits: these establishments are staffed by project managers, superintendents, and estimators, while the lower-wage trade labor is booked in the specialty-contractor codes.

Concentration is among the lowest you will see in any industry. The four largest firms took just 5.5% of receipts (CR4), the top 8 about 9% (CR8), the top 20 about 17% (CR20), and even the top 50 only about 31% (CR50); the Herfindahl-Hirschman Index — a standard concentration gauge where 10,000 is a monopoly — sits at just 22.8.[4] Construction is intensely local — permitting, labor markets, and building codes vary metro by metro — so scale advantages are limited.

Undercount caveat (important). These figures understate the true footprint of building rental apartments, in two ways. First, NAICS 236116 counts only the general-contractor/builder establishments; the value of an apartment project also flows through (a) the specialty-trade subcontractors in NAICS 238, who supply most of the actual on-site labor, and (b) the developer/owner function, often classified under real estate (NAICS 531) or the for-sale builder code. That is why total new multifamily construction spending runs near $125 billion a year[2] while pure-play 236116 firms book about $78 billion of receipts[4] — read the $78 billion as "revenue of the contracting firms," not "the value of the apartments built." Second, CBP covers only businesses with paid employees; self-employed and one-person development firms appear instead in Census Nonemployer Statistics,[6] which are not reflected above. The supplied federal file also does not report exact-code data for units built, starts, completions, gross margins, or EBITDA, and those are not invented here from broader construction statistics.

4. The investable universe

There is no clean public pure-play — the largest apartment builders and developers are private. Public investors get exposure through several adjacent groups; the tickers below are representative proxies, not a roster of NAICS 236116 firms.

A REIT (Real Estate Investment Trust) is a company that owns income-producing real estate and passes most of its income to shareholders; apartment REITs are landlords first but run development pipelines, making them the closest public proxy for new rental construction. AvalonBay, for example, develops, owns, and operates communities and also funds third-party developers through a Developer Funding Program. In May 2026 AvalonBay and Equity Residential agreed to an all-stock merger of equals — a combined landlord with more than 180,000 apartments, roughly $52 billion of equity market value and a ~$69 billion enterprise value, expected to close in the second half of 2026 (see Section 8).[7]

Major private builders, developers, and owners (2024 units started, per the National Multifamily Housing Council, NMHC):

• Top builders: Summit Contracting Group (10,289), Greystar (6,640), Dominium (5,763), Wood Partners (5,480), The NRP Group (4,824).[8]
• Top developers: Greystar (8,247), Dominium (5,763), Wood Partners (5,480), Hillpointe (4,720), D.R. Horton (4,590).[8]
• Other large private platforms: Related Companies, Alliance Residential, Mill Creek Residential, JPI, Bozzuto, Morgan Properties, Cortland, Monarch Investment & Management, Weidner Apartment Homes, Edward Rose, and Trammell Crow Residential (owned by public CBRE). Quarterra became majority-owned by TPG Real Estate after Lennar's 2025 transaction.[10]
• Large national GCs that build multifamily: Turner, Clark, Suffolk, DPR, McCarthy, and Gilbane, alongside many regional contractors.
• Affordable-housing owners (private and nonprofit): Related's affordable platform, Enterprise Community Partners, National Church Residences, and Mercy Housing, built largely through the Low-Income Housing Tax Credit (LIHTC).[12]

For private investors, direct participation — as developer, GP sponsor, LP equity, construction lender, or tax-credit investor — is the primary route, and it is where the development margin actually accrues.

5. How the money works

Two very different profit models sit inside this one code.

Fee builders / general contractors get paid to construct someone else's project, under one of three contract types:

• Fixed-price (lump-sum) — one guaranteed number; the builder keeps any savings and eats any overrun, so inflation and schedule risk transfer to the contractor.
• Cost-plus — owner reimburses actual costs plus a fee, typically a 10–20% markup on volatile scopes; lower risk but often thinner or less competitive at bid.[13]
• Guaranteed maximum price (GMP) — cost-plus with a ceiling, and under-budget savings often split roughly 50/50 with the owner.[13]

Contracting is a thin-margin, high-volume business. Construction-industry net profit margins average around 6.7%, with top performers near 12%,[14] and multifamily GC fees are usually low single digits of contract value. The levers are simple: win backlog, price the estimate accurately, lock in subcontractor and material pricing, hit the schedule (a tower that finishes six months late burns interest and lost rent), and avoid change-order disputes and claims. Working-capital timing — how fast the owner pays — matters as much as the headline fee.

Merchant developers (Greystar, Wood Partners, Dominium, and the REITs' development arms) make money on a "build-to-a-yield" spread, not a construction fee. They underwrite a project to a stabilized yield-on-cost — expected annual net operating income (NOI) divided by total development cost — and profit if that yield comfortably exceeds the cap rate (the yield a completed, leased building trades at in the market):

Yield on cost = stabilized NOI ÷ total development cost, compared against the market cap rate; the spread is the value cushion.

Build to a 6% yield-on-cost and sell at a 5% cap rate, and the developer captures the difference as a "development spread" — typically the fattest margin in the whole chain. That spread can vanish through cost overruns, slow lease-up, weaker rents, higher construction-loan rates, or a higher exit cap rate, which is why merchant builders are exquisitely sensitive to interest rates and construction costs. During construction a project earns no rent; capital is layered as construction debt, sponsor equity, institutional joint-venture equity, preferred equity or mezzanine debt, and — for affordable deals — LIHTC, tax-exempt bonds, and Federal Housing Administration (FHA) mortgage insurance. Private investors realize returns through current distributions, refinancing proceeds, a property sale, and the sponsor's promote; public REIT investors receive recurring rental cash flow measured as funds from operations (FFO) and adjusted funds from operations (AFFO).

The LIHTC math for affordable projects. The Low-Income Housing Tax Credit — the dominant U.S. affordable-housing subsidy — lets developers sell federal tax credits to investors (often banks) to raise equity, cutting the debt a project must carry.[15] Roughly a quarter of all new apartments built from 2000–2019 used LIHTC in some form,[16] and HUD's database counts about 3.9 million units placed in service under the program since 1987.[17] The One Big Beautiful Bill Act (July 2025) permanently expanded LIHTC — a 12% increase in 9%-credit allocations and a permanent lowering of the private-activity-bond financing test from 50% to 25% — which is expected to lift future affordable production.[15]

Key operating metrics for this industry: construction backlog (contracted future work), yield-on-cost vs. exit cap rate (the development spread), starts and deliveries (volume), cost per unit / per square foot, schedule and on-time delivery, and absorption / lease-up pace on finished communities.

6. What drives demand

• Rents versus the cost of building. Developers start projects when projected rents clear construction and financing costs. When rents rise and costs are stable, starts climb; when costs jump or rents soften, projects get shelved.
• Interest rates and construction finance. Higher rates raise construction-loan costs and push up exit cap rates, squeezing the development spread from both ends. Financing was cited as the single biggest challenge facing multifamily construction in 2025.[23]
• Household formation and the renter base. About 46 million U.S. households rent.[18] Apartment demand ran strong through 2025 — a record 784,000 net new apartment households were added in the second quarter — before cooling to about 366,000 by the fourth quarter.[18] Household formation, immigration, and the affordability gap that keeps would-be buyers renting all feed demand; the market is local, so a metro absorbing heavy new supply can show weak rent growth while another runs short.
• A structural housing shortfall. Estimates of the national shortage range from Freddie Mac's ~3.7 million units to Brookings' ~4.9 million; the National Low Income Housing Coalition counts a 7.2 million shortfall of homes affordable to the lowest-income renters.[19] That gap underpins long-run demand even when the near-term cycle turns down.
• The supply cycle itself. Multifamily starts peaked at about 547,000 units in 2022, fell to roughly 355,000 in 2024, and partially rebounded to about 415,000 in 2025.[18][20] Units under construction fell to roughly 686,000 by 2025 from a record ~996,000 in 2023, and record completions pushed the national rental vacancy rate to a multi-decade high of 7.3% in early 2026, briefly pressuring asking rents down about 0.6–1% year-over-year.[18][21] Supply-constrained coastal and Midwest metros held up while supply-flooded Sun Belt markets (Phoenix, Austin, Tampa) softened.[21]

7. Regulation

Multifamily construction is regulated mostly at the state and local level — which is exactly why it is so local a business — with federal rules layered on top.

Local and state rules.

• Zoning and land use. Local zoning, density limits, height caps, parking minimums, and design review determine whether — and how much — multifamily can be built on a parcel. These are the single biggest swing factor in project feasibility and cost.[24][25]
• Building and energy codes. State and local codes govern structure, fire safety, accessibility, and increasingly energy performance, shaping materials and methods.[24]
• Impact fees, entitlements, and mandates. Permitting timelines, impact and linkage fees, inclusionary-zoning requirements, and (in some jurisdictions) rent regulation, tenant protections, or building-performance standards add cost and risk before a shovel hits dirt.[24]

Federal rules.

• Fair Housing Act accessibility. Covered multifamily buildings with four or more units, built for first occupancy after March 13, 1991, must include specified accessibility features; developers, builders, owners, and architects can face liability for noncompliance.[28]
• HUD / FHA finance. The Department of Housing and Urban Development (HUD) and FHA support new construction and substantial rehabilitation through mortgage insurance — Section 221(d)(4) is the current FHA vehicle for new multifamily construction.[29] Fannie Mae and Freddie Mac multifamily programs also shape a large share of rental finance.
• LIHTC and prevailing wages. LIHTC allocations are run by state housing agencies.[15] Federally assisted projects (and many affordable deals) trigger the Davis-Bacon Act, which requires paying locally prevailing wages; analyses estimate this can add roughly 10–20% to project cost, meaning fewer units per subsidy dollar.[26][27]
• Environmental review. HUD-assisted projects require review under the National Environmental Policy Act (NEPA) and related rules.[30]

8. Competitive dynamics and consolidation

This is a fragmented, locally competitive industry — the CR4 share of just 5.5% and an HHI of 22.8 confirm it.[4] Barriers to entry are moderate (capital, bonding capacity, land relationships, and local know-how), but no firm dominates nationally because permitting, labor, and codes reset in every market. Competition splits along the fee-builder vs. merchant-developer line: fee builders like Summit compete on price, schedule reliability, and repeat relationships; merchant developers compete for land, capital, and lease-up execution.

The owner side is also dispersed — the NMHC's 2025 list of largest apartment owners together held only about 11% of U.S. apartments.[32] The clearest consolidation is vertical, not horizontal: large platforms increasingly combine development, construction management, property management, and investment management under one roof, which lowers transaction costs and creates recurring fee income but can also create conflicts between an affiliated developer, GC, manager, and owner. Greystar is the archetype, and scale can grow through long-term operating agreements rather than outright acquisition — as in its property-management arrangement with Wood Partners.[11]

The most visible horizontal move is on the ownership side: the pending AvalonBay–Equity Residential merger of equals would create a landlord with more than 180,000 apartments and a ~$69 billion enterprise value — larger by units than current No. 1 owner Greystar and topping the NMHC owner list.[7] Bigger, better-capitalized owner-developers can keep building through downturns when smaller merchant builders stall, a slow tilt toward scale on the ownership side even as the pure construction business stays fragmented.

Finally, technology and data are a rising competitive and legal issue. The Department of Justice (DOJ) and several states sued RealPage and large apartment managers over alleged coordination through rent-setting software and shared competitively sensitive data, a case that has produced settlements and proposed judgments.[31] Investors should treat algorithmic pricing, mandatory fees, and data sharing as regulatory and reputational risks, not merely operating tools.

9. Risks

• Interest-rate and cap-rate risk. The whole model hinges on the spread between yield-on-cost and exit cap rates; a rate spike compresses or erases it and freezes starts, as it did in 2023–2025.
• Oversupply and lease-up risk. Waves of deliveries can flood a metro, pushing vacancy up and rents down before new projects even stabilize — the Sun Belt story of 2024–2025.[21] National shortages do not protect a poorly located project from local oversupply.
• Construction-cost inflation and tariffs. Material inputs to new residential construction rose about 42% from January 2020 to December 2025 and construction-labor costs about 24%;[18] baseline escalation of 4–6% plus tariff exposure (potential material-price spikes and an estimated $15–25 per square foot of added steel cost on mid-rise projects) can turn a penciled deal negative.[23]
• Labor availability. Skilled-trade shortages are a persistent constraint; immigrants make up about 34% of the construction workforce and more than 60% in trades like drywall and roofing, so immigration policy directly affects labor supply and cost.[23]
• Thin contractor margins. With net margins near 6–7%,[14] a single mispriced fixed-price job, a schedule slip, or a subcontractor default can wipe out a builder's profit.
• Entitlement and schedule risk. A rezoning or permit denial can strand land and predevelopment capital; delayed approvals, utility work, weather, or failed inspections raise interest carry and postpone rent.
• Policy and subsidy dependence. Affordable production leans heavily on LIHTC and agency finance; changes to those programs, or to local zoning, move volumes materially.
• Legal, insurance, and liquidity risk. Accessibility violations, wage claims, construction defects, deceptive-fee and antitrust scrutiny (see RealPage) create large costs; severe weather raises premiums and can make some sites uneconomic; and private project investments can lock up capital for years, dependent on the sponsor's judgment.

10. How to invest and the outlook

Public-market routes. Because no pure builder trades publicly, the practical public plays are: (1) apartment REITs with development arms — AVB, EQR (merger pending), MAA, CPT, UDR, ESS, IRT, ELME — where you own finished rental portfolios plus a development pipeline; (2) integrated builders — Lennar (LEN) and D.R. Horton (DHI) — for a for-sale homebuilder with a growing rental/build-to-rent arm; (3) listed contractors and building-products suppliers — Skanska, Balfour Beatty, BLDR, IBP, EME, FIX, EXP, VMC, MLM, OC — as a levered bet on construction volume; (4) factory-built housing — SKY, CVCO — for the modular angle; and (5) listed private-capital platforms — BX, BAM, KKR, APO — for fund-fee and real-estate-lending exposure. When analyzing REITs, weigh same-property NOI growth, occupancy and concessions, metro-level new supply, development yield-on-cost, debt maturities and fixed-vs-floating exposure, and FFO/AFFO — reserving valuation work (dividend yield, price-to-net-asset-value) for after the balance-sheet review. For contractors and suppliers, weigh backlog size and quality, fixed-price vs. reimbursable mix, gross-margin history, change-order/claim provisions, and customer concentration.

Private-market routes. Direct ownership is where the development spread lives: acting as a developer/GP sponsor, investing LP equity in a specific project or a multifamily development fund, buying into LIHTC syndication funds for tax-advantaged affordable deals, or providing construction, bridge, or mezzanine debt. These offer the most direct exposure — and the most concentrated risk. The critical underwriting questions: Is the site legally entitled and buildable? Is the local rent and absorption forecast credible, given supply already under construction? Are costs, contingencies, and schedule realistic? Can the deal survive higher rates and slower lease-up? Who controls the budget and change orders — and is the sponsor's track record verifiable?

Near-term outlook (forward-looking). The cycle is mid-correction. Starts have fallen well off the 2022 peak, and forecasters see them holding in a roughly 370,000–430,000 range through 2026–2027 — NAHB projects about 392,000 (2026) and 367,000 (2027), while Fannie Mae's May 2026 forecast is higher at about 431,000 and 407,000 — as a record supply wave is absorbed and vacancies sit near multi-decade highs.[20][21][22] The bull case is structural: a multi-million-unit housing shortfall,[19] durable renter demand,[18] and an expanded LIHTC program[15] that should support affordable production. The bear case is cyclical: high financing costs, tariff-driven cost inflation, and labor scarcity that keep new projects from penciling.[23] For investors, the setup is classic real-estate cyclicality — today's under-building is laying the groundwork for the next supply crunch, but the timing turns almost entirely on where interest rates and construction costs go from here. The reported facts describe a market cooling from a supply glut; the judgment call is how soon tight supply reasserts itself, and the best opportunities are likely to sit with sponsors holding entitled land, reliable construction teams, conservative leverage, and access to multiple sources of capital.

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Sources

1. U.S. Census Bureau. 2022 NAICS Definition — 236116 New Multifamily Housing Construction (except For-Sale Builders). 2022. https://www.census.gov/naics/?input=236116
2. U.S. Census Bureau. Monthly Construction Spending (C30) — new private multifamily residential put-in-place. 2024. https://www.census.gov/construction/c30/pdf/pr202412.pdf
3. U.S. Census Bureau. County Business Patterns, NAICS 236116 (establishments, employment, annual and Q1 payroll). 2023. https://www.census.gov/programs-surveys/cbp.html
4. U.S. Census Bureau. 2022 Economic Census — Concentration and receipts, NAICS 236116 (firms, receipts, CR4/CR8/CR20/CR50, HHI). 2022. https://www.census.gov/programs-surveys/economic-census.html
5. U.S. Small Business Administration. Table of Small Business Size Standards (NAICS 236116). 2023. https://www.sba.gov/document/support-table-size-standards
6. U.S. Census Bureau. 2023 Nonemployer Statistics. 2025. https://www.census.gov/newsroom/press-releases/2025/2023-nonemployer-statistics.html
7. AvalonBay Communities, Inc. / Equity Residential. AvalonBay Communities and Equity Residential Announce Merger of Equals. May 21, 2026. https://investors.avalonbay.com/news-events/press-releases/detail/439/
8. Multifamily Dive. Greystar, Summit lead NMHC's developer and builder lists (2025 NMHC 50). 2025. https://www.multifamilydive.com/news/nmhc-top-50-greystar-summit-dominion-builders-developers/745040/
9. National Apartment Association. Modular Builders Laying a Foundation in the Multifamily Sector. 2025. https://naahq.org/news/modular-builders-laying-foundation-multifamily-sector
10. Lennar Corporation. 2025 Annual Report (Multifamily segment; Quarterra / TPG Real Estate transaction). 2026. https://www.sec.gov/Archives/edgar/data/920760/000119312526073519/d50263dars.pdf
11. Greystar. Wood Partners Enters Strategic Property Management Services Agreement with Greystar. 2024. https://www.greystar.com/business/about-greystar/newsroom/wood-partners-enters-strategic-property-management-services-agreement-with-greystar
12. Related Companies. Affordable & Workforce Housing. 2026. https://www.related.com/our-company/businesses/affordable-and-workforce-housing
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16. Urban Institute. LIHTC Provides Much-Needed Affordable Housing, but Not Enough to Address Today's Market Demands. 2024. https://www.urban.org/urban-wire/lihtc-provides-much-needed-affordable-housing-not-enough-address-todays-market-demands
17. U.S. Department of Housing and Urban Development. LIHTC Database. 2024. https://www.huduser.gov/portal/datasets/lihtc.html
18. Harvard Joint Center for Housing Studies. America's Rental Housing 2026 / State of the Nation's Housing 2025 (renter households, absorption, under-construction, vacancy/rents, input-cost inflation). 2025–2026. https://www.jchs.harvard.edu/americas-rental-housing-2026
19. Congressional Research Service. Housing Supply: Current Trends and Policy Considerations (Freddie Mac, Brookings, NLIHC shortfall estimates). 2025. https://www.congress.gov/crs-product/R48892
20. National Association of Home Builders. Multifamily Market Expected to Cool in 2026 as Vacancies Rise (starts 2022–2027). 2026. https://www.nahb.org/news-and-economics/press-releases/2026/02/multifamily-market-expected-to-cool-in-2026-as-vacancies-rise
21. Multifamily Dive. Multifamily housing starts and vacancy/rent trends, 2025. 2025–2026. https://www.multifamilydive.com/news/multifamily-construction-starts-2025-december-november/812510/
22. Fannie Mae. Housing Forecast: May 2026 (multifamily starts 2026–2027). 2026. https://www.fanniemae.com/research-and-insights/forecast
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29. U.S. Department of Housing and Urban Development. Office of Multifamily Housing (Section 221(d)(4) new-construction mortgage insurance). 2026. https://www.hud.gov/hud-partners/multifamily
30. U.S. Department of Housing and Urban Development. Environment and Energy Laws, Regulations, and Worksheets (NEPA review). 2025. https://www.hud.gov/stat/cpd/environment-energy-regulations
31. U.S. Department of Justice. U.S. and Plaintiff States v. RealPage, Inc. 2026. https://www.justice.gov/atr/case/us-and-plaintiff-states-v-realpage-inc
32. National Apartment Association / NMHC. Greystar Tops NMHC 50 List of Owners and Managers (largest owners ≈ 11% of U.S. apartments). 2025. https://naahq.org/greystar-tops-nmhc-50-list-owners-managers