RentCafe: Build-to-Rent Housing Continues Boom

(Image courtesy of RentCafe)

RentCafe, Santa Barbara, Calif., reported 27,500 build-to-rent homes were completed in 2023. That’s a 75% increase from 2022.

Last year’s total is also triple the 2021 number. Pre-pandemic, the number of build-to-rent homes completed per year was approximately 6,600.

And, of build-to-rent homes in the United States, about 41% (or about 68,000) were built in the past five years.

By location, more than half of the build-to-rent homes are in the top 20 metros currently building such residences.

Phoenix has seen the most new single-family homes for rent, with 4,030 completed in 2023. That’s up 164% from 2022.

Dallas is in the No. 2 spot, with 2,694 rental homes completed last year, a slight decrease from the past year.

Rounding out the top 10 are Atlanta (1,981); Austin (840); Charlotte, N.C., (714); Detroit (651); Kansas City, Mo., (636), Columbus, Ohio (625); San Antonio, Texas (587); and Nashville, Tenn., (537).

Of those, Phoenix, Atlanta, Austin, Detroit, Kansas City, Columbus, San Antonio and Nashville all recorded 10-year highs of build-to-rent construction.

Currently, 45,400 build-to-rent homes are under construction. The five metros with the largest number of units underway are Phoenix, Dallas, Houston, Huntsville, Ala., and Charlotte.