Every May, the Builder 100 list ranks each of the top single-family home builders in the U.S. by their closings in the past year — including both homes built for sale and for rent.
Despite some weakness brought on by interest rate hikes, the build-to-rent sector remains one of the hottest investment segments in commercial real estate. 2023 marks the second year that the Builder 100 data includes the build-to-rent count in its project type breakdown, and many of the top single-family builders in the country are building more units for rent now than ever before.
Here’s a look how the country’s top 10 home builders fared in the past year. To compare against last year’s numbers, see last year’s coverage.
1. D.R. Horton
2022 revenue: $32.7 billion
2022 closings: 82,930 (including 518 build-to-rent homes)
Regions: Northeast, Midwest, South, West
Company fact: 2023 marks the 21st year in a row that D.R. Horton has stood at the top of the Builder 100. It is also No. 10 on the NMHC Top 25 Developers list, with 4,954 units started in 2022.
2. Lennar Corp.
2022 revenue: $31.8 billion
2022 closings: 68,817 (including 1,166 condos and 2,418 build-to-rent homes)
Regions: Northeast, Midwest, South, West
Company fact: Lennar’s multifamily division, formerly Lennar Multifamily, rebranded to Quarterra in mid-2022. The developer is No. 7 on the NMHC Top 25 Developers list, with 5,224 units started last year.
3. PulteGroup
2022 revenue: $15.8 billion
2022 closings: 29,111
Regions: Northeast, Midwest, South, West
Company fact: PulteGroup launched an entirely online home buying process, known as Transact Home Online, for its Centex home brand in 2021.
4. NVR
2022 revenue: $10.3 billion
2022 closings: 22,732
Regions: Northeast, Midwest, South
Company fact: NVR operates structural building component fabrication facilities in eight states, according to the company website.
5. Meritage Homes Corp.
2022 revenue: $6.2 billion
2022 closings: 14,106
Regions: South, West
Company fact: Meritage has received Energy Star’s Partner of the Year award almost every year since 2013.
6. KB Home
2022 revenue: $6.9 billion
2022 closings: 13,738
Regions: South, West
Company fact: In January, KB Home opened a virtual model home community on the metaverse platform Decentraland.
7. Taylor Morrison
2022 revenue: $7.9 billion
2022 closings: 12,647
Regions: South, West
Company fact: Late last year, Taylor Morrison launched a single-family build-to-rent brand, Yardly, which has one property open for leasing in Phoenix and 15 more in progress in North Carolina, Florida, Arizona and Texas.
8. Clayton Properties Group
2022 revenue: $4.8 billion
2022 closings: 11,751 (including 48 build-to-rent homes)
Regions: Midwest, South, West
Company fact: Clayton Properties Group is the site-built division of Clayton Homes, a manufactured and modular housing builder. Both companies are owned by Berkshire Hathaway.
9. Century Communities
2022 revenue: $4.4 billion
2022 closings: 10,594 (including 44 condos)
Regions: Midwest, South, West
Company fact: Select Century Communities show homes contain furniture available to purchase through retail affiliate Mine.
10. Toll Brothers
2022 revenue: $9.7 billion
2022 closings: 10,515 (including 263 condos)
Regions: Northeast, Midwest, South, West
Company fact: Toll Brothers’ multifamily arm, Toll Brothers Apartment Living, currently stands at No. 6 on the NMHC Top 25 Developers list, with 5,250 units started in 2022.
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