Build-to-rent communities are rapidly emerging in response to surging demand for single-family rentals—and two major players are driving the activity. Both single-family homebuilders and multifamily developers are building the robust pipeline of BTR product.

"Single-family homebuilders and multifamily developers each brings a unique viewpoint and experience," Cody Kirkpatrick of Berkadia's JV Equity & Structured Capital team, tells GlobeSt.com.

While these are the two developers driving construction activity, Kirkpatrick says that there is a diverse pool of players large and small. "What's interesting about the BTR space is it is not heterogenous or dominated by a handful of large firms. There are some large firms, of course, but there are also many smaller, local groups that are active and extremely successful in BTR communities," he explains.