Phoenix, Arizona, has emerged as a national leader in the build-to-rent (BTR) housing sector, reflecting a significant shift in the local real estate landscape. In 2023, the Phoenix metropolitan area completed over 4,000 BTR units, marking a 10-year high and solidifying its position at the forefront of this trend.
Here, we highlight some of the key findings from the latest Point2Homes Build-to-Rent report. Phoenix ranks #1 nationally for both the most units delivered in 2024 and the most units delivered over the past five years, marking an impressive 309% BTR inventory increase compared to 2019.
Here are some of the main highlights:
- Phoenix at the Forefront of Build-to-Rent Growth: Last year, Phoenix added 4,460 new single-family rentals to its BTR inventory — the highest total of any metro. Phoenix also holds the record for most BTR units delivered since 2020 — a total of 12,702.
- The Third-Largest BTR Community: The metro is also home to The Bungalows on Camelback, which completed 334 new units in 2024, making it the third-largest new community in the U.S.
- The South’s Top Metros: Phoenix is followed by two other Southern powerhouses — Dallas delivered 3,197 new house rentals in 2024, while Atlanta expanded its rental inventory by more than 3,000 units.
- Continued Expansion Ahead: The entire BTR sector reached a historic high with 39,000 new units completed in 2024, a 15.5% increase from 2023 and ten times higher than 2015. This expansion is set to continue, with nearly 110,000 single-family rental homes currently in the pipeline across the country. Phoenix will remain a key player, with more than 13,000 additional homes planned or under construction in the coming years.
