The build-to-rent (BTR) housing market continued its upward surge in 2024, reaching a historic milestone with 39,000 new single-family leases accomplished throughout the USA, in response to a brand new report from Point2Homes. Based mostly on Yardi Matrix knowledge as of March 2025, this determine marks a 15.5% enhance over 2023 and underscores the sector’s speedy progress for the reason that pandemic period, when completions hovered round 6,000 to 7,000 models yearly.
Point2Homes’ evaluation highlights how the BTR mannequin—which merges the low-maintenance enchantment of leases with the house and privateness of indifferent houses—has advanced into one of many fastest-growing segments of single-family house building. The sector now accounts for practically 10% of all house builds, a stark rise from 3% just some years in the past.
Southern and Southwestern Metros Lead the Cost
Phoenix led the nation in BTR completions final 12 months with 4,460 new models, an 18% year-over-year enhance. It was adopted by Dallas with 3,197 completions and Atlanta with 3,035. These three metros, together with Houston (2,505 models), shaped the core of a quickly increasing BTR frontier throughout the South and Southwest.
Different metros with greater than 1,000 new single-family rental models accomplished in 2024 embrace Charlotte, NC (1,415); Jacksonville, FL (1,201); Huntsville, AL (1,098); Columbus, OH (1,018); and Tampa, FL (1,005).
In whole, the highest 10 states for BTR completions in 2024 had been led by Texas (6,994), adopted by Florida (5,379), Arizona (4,812), and Georgia (4,095). North Carolina, California, Ohio, South Carolina, Alabama, and Utah additionally posted vital progress in completions, with all however South Carolina recording five-year highs.
Stock Pipeline Stays Sturdy
The BTR sector just isn’t solely wanting again on a document 12 months but additionally making ready for continued progress, with practically 110,000 single-family leases at present in numerous phases of growth. This consists of 76,000 models below building and nearly 34,000 extra within the allowing pipeline.
Phoenix once more leads all U.S. metros with 13,010 models in growth, adopted by Dallas (8,450), Atlanta (6,644), Charlotte (4,886), and Houston (3,969).
Drivers of Progress
The continued growth of the BTR sector is being pushed by a number of key developments. These embrace millennials forming households however unable to afford homeownership, high-income renters opting out of possession, retirees looking for low-maintenance life, and distant employees needing extra dwelling house.
Moreover, fast-growing states comparable to Texas, Florida, and Arizona proceed to draw new residents, additional fueling demand. Between 2023 and 2024, Texas added practically 563,000 folks, whereas Florida gained over 23 million residents, and North Carolina surpassed 11 million in inhabitants.
Largest Communities Accomplished in 2024
Among the many largest BTR communities accomplished in 2024 was Litsey Creek Cottages in Roanoke, TX, with 396 models. Different vital completions included Viviano at Riverton in Utah with 364 models, and The Bungalows on Camelback in Phoenix with 334 models. These tasks characteristic in depth facilities comparable to swimming swimming pools, clubhouses, health facilities, and playgrounds.
5-12 months Progress Overview
From 2019 to 2024, the overall variety of accomplished BTR houses greater than doubled from round 107,000 to over 217,000 models. Phoenix led all metros with 12,702 completions over this five-year span, adopted by Dallas (10,413), Atlanta (7,553), and Houston (5,250).
Notably, metros like Charlotte, Jacksonville, and Huntsville noticed a few of the most vital share will increase, with Huntsville posting a 1,368% rise in stock in comparison with 2019.
Picture: Envato
