Pushed by renters’ robust demand for extra space and privateness—however with out the monetary dedication—built-to-rent houses have been gaining recognition over the previous few years. In actual fact, 2021 was a file yr for single-family rental residence building, with 6,740 new BTR items accomplished, the best yearly complete to this point. And, with twice as many BTR items at the moment underneath building, that pattern is projected to develop much more this yr.
In line with RentCafe.com, a nationwide condominium search web site that allows renters to simply discover residences and homes for hire all through the U.S., the key phrase search quantity for “homes for rent” tripled in 2021 in comparison with the earlier yr. What’s extra, a current RentCafe.com survey of three,300 renters revealed that 78 p.c of respondents stated they have been involved in dwelling in a neighborhood of single-family houses.
There are roughly 90,000 present single-family rental houses in 720 BTR communities all through the U.S., in accordance with Yardi Matrix information compiled by RentCafe.com. Many of the BTR inventory, or 61 p.c, is situated in low-density suburban areas, highlighting renters’ want for extra sq. footage and extra private area, whereas 39 p.c of the BTR inventory is situated in city areas with land availability.
On a nationwide stage, present BTR communities have been 97 p.c occupied on the finish of 2021—whereas residences have been 95 p.c occupied—demonstrating renters’ desire for dwelling in a home fairly than an condominium, a pattern that picked up tempo throughout the pandemic. The highest metro for single-family leases is Phoenix, with 6,420 BTR items in BTR communities as of 2021. Subsequent is Columbus, Ohio, with 4,780 BTR items, adopted by Dallas, with 4,290 BTR items.