The landscape of American housing is shifting, and nowhere is that more evident than in the booming build-to-rent (BTR) sector. According to RealPage’s latest report, as of early June, roughly 64,200 BTR units were under construction nationwide, all scheduled for completion by the end of 2027. This surge signals a dramatic transformation in how and where Americans are choosing to live.
The Sun Belt has emerged as the epicenter of this trend, with approximately 36,840 units—about 57.4% of all BTR homes currently being built—rising across the region. The West follows, accounting for 19,413 units or 30.2% of the total. The Midwest and Northeast trail behind, with 5,831 units (just under 9.1%) and 2,117 units (around 3.3%), respectively, according to RealPage.
When it comes to specific markets, Phoenix stands out as the undisputed leader, with an astonishing 11,500 BTR units under construction—nearly 18% of the entire U.S. total. Dallas follows in second place with almost 5,500 units, while Houston claims third place with 4,470 units. Other major hubs include Austin (3,734 units), Atlanta (2,827), Fort Worth (2,687), Tampa (2,559), Charlotte (1,202), Denver (1,182), and San Antonio (1,147).
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Beyond these top ten, there are 21 additional markets—primarily in the South and West—where each has at least 500 BTR units underway. Notable among them are Myrtle Beach with 983 units, Nashville with 971 and Raleigh/Durham with 936, as reported by RealPage.
Despite this robust activity, RealPage notes that the number of new BTR projects nationwide has begun to decline. Still, the firm is tracking more than 7,500 planned BTR units, suggesting that the sector’s momentum is far from spent and that there is “an extended runway for this sector of single-family rentals.”
This surge in BTR construction is not a new phenomenon. In fact, the growth has been remarkable over the past five years. “The pre- and post-pandemic BTR landscapes are so different that comparing the two time periods is like comparing apples and oranges: The market is unrecognizable,” observed a recent report from Point2Homes. According to the rental home listing portal, the total number of build-to-rent single-family homes more than doubled in just five years, soaring from nearly 107,000 to 217,161.
The sector reached a new peak in 2024, when 39,000 BTR houses were completed—a 15.5% increase over the previous year. “It’s worlds away from the 6,000 and 7,000 units a year that were coming online before the pandemic,” the Point2Homes report noted, underscoring just how rapidly the BTR market has evolved.
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