A new report from RentCafe highlights the expanding build-to-rent (BTR) sector. There were more than 14,500 new BTR homes completed in 2022, which is a 47% increase from 2021. And there are nearly 45,000 BTR homes under construction.
There were more than 9,900 BTR completions in 2021, roughly 7,500 in 2020 and over 6,600 in 2019. While largely remaining flat from 2016 to 2019, BTR completions jumped during the pandemic.
The number of BTR homes wasn’t the only item to increase. BTR homes witnessed a 2.6% increase in size, up to 1,361 square feet in 2022.
Dallas had the most BTR home completions in 2022 at nearly 2,800. Phoenix was second with more than 1,500, and Atlanta was third at 808. During the past five years, Phoenix has had the most BTR completions at more than 6,000. Dallas had nearly 4,000, and Detroit was at more than 2,200.