Build-to-Rent Construction sets record with most units under construction.

With interest rates still high, could houses for rent become the new American dream? The Built-to-Rent sector is setting a record for the fifth consecutive year, with more units under construction than ever before, 45,000 this year alone.

The third edition of our annual Build-to-Rent Construction Report is out, featuring the latest market data on completions and pipeline evolution.

Here are the most interesting highlights: 

• Build-to-rent homes had their most successful year on record: A total of 27,500 houses for rent were completed in 2023 — 75% more than a year prior. Phoenix, Dallas, and Atlanta are the top three metros for build-to-rent construction, accounting for nearly one-third of all units of this type added last year. 
• The wave of build-to-rent projects peaks this year with nearly 45,500 new houses under construction. The top five metros with the largest numbers of units underway — Phoenix, Dallas, Houston, Huntsville, and Charlotte — account for half of the total volume.  
• 41% of the total number of build-to-rent homes were built in the last five years alone. That’s about 68,000 rental homes. Most of the new BTR houses are available in Texas, Florida, and even California.