Phoenix Is the Top Metro for Build-to-Rent Construction

Single-family rentals are booming across the U.S., with 45,000 new homes for rent built in the last 5 years. Out of these, an all-time high of 14,541 new homes were completed in 2022 alone — and this trend isn’t showing signs of slowing down one bit.

Our new build-to-rent report maps the construction of build-to-rent communities (BTR) throughout 100 U.S. metros and offers a glimpse into the future of this niche.

Phoenix is the undisputed leader of build-to-rent construction. More than 6,000 new BTR homes entered the market in the last 5 years and just as many are under construction.

Here are more highlights of the report:

• Phoenix’s build-to-rent inventory nearly quadrupled in the last 5 years from 2,168 units in 2017 to a whopping total of 8,239 units at the end of 2022.
• The new 6,071 homes — a quarter of which were completed in 2022 — made Phoenix the leading metro for BTR development. Dallas follows with almost 4,000 homes for rent added in that same timeframe.
• Phoenix is unstoppable when it comes to BTR construction. There are 5,473 build-to-rent homes under construction that are expected to increase the metro’s BTR supply by 66% in the next couple of years. Once again it surpassed Dallas, where nearly 4,400 homes for rent are in the pipeline.
• Phoenix’s build-to-rent homes represent 86% of Arizona’s inventory. Phoenix’s accelerated pace of construction pushed Arizona to be the 4th state nationwide with the largest single-family rental inventory, boasting 9,555 units. The top 3 states, Texas, California and Ohio, include between 18,000 and 11,000 BTR units.

View the full report and data here.