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Build-to-Rent Is Booming, Particularly in These Metros

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Build to Rent

Build-to-Rent Is Booming, Particularly in These Metros

A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development

April 18, 2024
View of Phoenix metro with cacti in the foreground
Image: Gregory E. Clifford / stock.adobe.com

Build-to-rent housing is at a historical peak right now, according to a recent report released by apartment search website RentCafe. Buoyed by a combination of remote work and the Millennial cohort reaching its prime nesting years—but finding the current homebuying market challenging—the build-to-rent sector is going strong, with nearly 27,500 build-to-rent units completed in 2023. That figure marks an all-time high (75% more units than in 2022). 

Phoenix is the reigning metro with 4,030 single-family homes for rent opening their doors in 2023, a 10-year high and an impressive 164% growth compared to 2022. Granted, Phoenix is blessed with the opportunity of building out, rather than up (like in major coastal locations), so this desert city continues leveraging the popularity of build-to-rent homes. Plus, the area is also one of the fastest growing in the country when it comes to population, which also helps new communities fill up before their official openings.

Next, Dallas followed with roughly 2,700 rental homes built in 2023, a slight decrease compared to the year before, but still its second-best year for build-to-rent construction in a decade. For context, Texas was the leading state for build-to-rent development in 2023 with nearly 4,800 houses for rent completed. The Dallas metro accounted for more than half of these units.

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