Completion of Build-to-Rent Homes Hit New High in 2022
(Courtesy RentCafe)
RentCafe, Santa Barbara, Calif., reported construction of new build-to-rent single-family homes hit a high in 2022, with 14,541 completed.
That’s up 47% from 2021, and well above the four years leading up to the pandemic–which all had totals around 6,500. RentCafe also noted there are nearly 45,000 rental homes in the pipeline.
The top metro area for BTR home completions last year was Dallas, with 2,773 single-family rental units completed. Also in the top 10 are Phoenix, Atlanta, Greenville, S.C., Charlotte, N.C., Detroit, Myrtle Beach, S.C., Panama City, Fla., Charleston, S.C., and Austin, Texas. All but Phoenix and Detroit hit 10-year highs.
While Dallas topped last year’s list, Phoenix has seen remarkable growth in BTR homes, RentCafe noted. It tripled the number of single-family homes for rent between 2018-2022.
The list of metro areas with BTR homes in the construction pipeline looks fairly similar–Phoenix has about 5,500 single-family homes for rent in the process. Dallas, Houston and Atlanta follow with approximately 4,400, 2,600 and 2,200 homes in the pipeline, respectively.
RentCafe’s study was exclusively based on data related to build-to-rent communities containing at least 50 single-family rental units. The data was provided by RentCafe’s sister company, Yardi Matrix.