Single-Family Build-to-Rent Construction Slows Down

In the latter half of 2025, the SFB2R market saw starts decline. Still, the market share of SFB2R properties remains much higher than historical averages

Jan. 27, 2026

Along with the rest of the housing market, single-family build-for-rent (SFB2R) construction was down in Q-3 2025. According to an analysis of U.S. Census Bureau data from the National Association of Home Builders, there were approximately 18,000 SFB2R starts during Q-3 2025, compared with the 24,000 starts recorded in Q-3 2024.

And over the last four quarters, 69,000 SFB2R homes began construction, a 25% decline from the 92,000 estimated SFB2R starts in the four quarters prior to that period.

Still, the market share of SFB2R properties has grown in recent years. At 7%, the current four-quarter moving average of market share is higher than the historical average of 2.7%.

With the onset of the Great Recession and declines for the homeownership rate, the share of built-for-rent homes increased in the years after the recession. While the market share of SFBFR homes is small, it has clearly expanded. Given affordability challenges in the for-sale market, the SFBFR market will likely retain an elevated market share. However, in the near-term, SFBFR construction is likely to slow until the return on new deals improves.