Rogen plays Mac, the father of an infant and husband to Kelly ("Bridesmaids" and "Insidious: Chapter 2" star Rose Byrne). Mac and Kelly take desperate measures when a fraternity moves in next door to them.
Efron stars as the antagonist, Teddy, the leader of the frat. Dave Franco, younger brother of James Franco, plays Teddy's right hand man.
In keeping with the spirit of the genre, we recently asked the cast members to name some of their all-time favorite frat comedies, but they each had a tough time with the question.
"There's not a ton" of good frat movies, Franco said.
"I think I can name a lot that did it wrong," Efron added, before pointing out the 1978 classic "Animal House" as one of the few exceptions.
"'Animal House' is kind of cool because they did something no one had ever seen before," the "That Awkward Moment" actor said. "That sort of became what we know as fraternity life."
One frat film Rogen isn't a fan of is 2003's "Old School," which starred Will Ferrell, Vince Vaughn and Luke Wilson.
"The first half of 'Old School' is good, but then it gets really bizarre," Rogen admitted. I couldn't tell you how 'Old School' ends to save my life."
Byrne choose 1984's "Revenge of the Nerds" as one of her favorites. Rogen agreed.
"'Revenge of the Nerds' is one of the best ones," Rogen said. "And 'Animal House.' And that's literally it."
Watch the video at the top of this story to see the stars talk about what the "Neighbors" set was like.
Tell us: What's your favorite frat film?