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New Single-Family Build-to-Rent Hit Record High

And there’s another 45,000 coming, according to Yardi’s RentCafe.

The build-to-rent (BTR) industry had a record year in 2023, according to data from Yardi’s RentCafe site, as builders and developers completed nearly 27,500 houses for single families.

That was 75% more than in 2022 and three times as many houses as in 2021. The units offered more room than a typical apartment. That was a big plus in pandemic days, when parents and families were often stuck at home. Also, given house price increases, the requisite down payments and 30-year mortgage levels at 7.13% as of April 17, 2024, further drove demand, according to the Mortgage Bankers Association.

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Erik Sherman

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