Property management firm Greystar set to launch first modular build-to-rent project

Greystar, one of the largest apartment operators in the United States, is close to completing its first modular build-to-rent project, confirming a significant step for the company in adopting factory-based modular construction techniques. Located in Coraopolis, Pennsylvania, the Ltd. Findlay development comprises 312 modular units, designed and manufactured at Greystar’s local production facility, Modern Living Solutions. This project, the company claims, could reduce build time by up to 40% compared to traditional construction methods, responding to growing demands for cost-effective rental housing. (main pic: Greystar’s first build-to-rent modular development in the U.S.)

Ltd. Findlay, with its six buildings offering one-, two-, and three-bedroom units ranging from 61 to 127 square metres, is scheduled to open on December 2. While the finished development appears similar to traditional garden-style apartment complexes, the modular construction approach behind it reflects broader industry interest in reducing costs and addressing supply chain issues.

Modular Construction Gains Traction in U.S. Housing

Greystar’s new modular venture represents a shift in the company’s strategy as it joins a limited number of vertically integrated developers in the U.S. who own both construction facilities and manage the development process. According to the Modular Building Institute, modular construction spending reached (USD) $12 billion in 2022, with multifamily projects making up nearly a third of this total.

In adopting this method, Greystar joins companies like Impact Housing in Georgia and Ginosko Modular in Michigan, all aiming to address similar issues within the housing market. Modular construction offers potential benefits in speed and efficiency, with proponents arguing it can reduce timelines and make projects more predictable.

Efficiency and Standardisation in Modular Construction

A key argument for modular construction is its potential to reduce the complexity of on-site work by pre-fabricating components in a controlled environment. Greystar’s model, which involves an assembly-line process, aims to standardise tasks, reduce the need for materials transportation, and allow for repetitive processes that can help manage labour more effectively. By transferring more of the work to a factory setting, Greystar expects to cut down on delays and improve build speed without compromising quality.

For the Ltd. Findlay development, this approach reportedly cut the construction timeline to 14 months, a 40% reduction over conventional builds. As with other modular projects, the process enables trades such as plumbing and electrical work to proceed simultaneously, rather than sequentially as on a traditional site.

While modular construction in the U.S. has been primarily used for government-subsidised housing and custom homes, Greystar’s application of the method within a major rental development portfolio suggests an evolving strategy within the multifamily sector. Whether or not modular construction will address wider issues of affordability and speed remains to be seen, but the Ltd. Findlay project represents one of the more prominent uses of this approach by a major U.S. housing provider.

See: Greystar’s’ first modular build-to-rent development