Originally published on July 16, 2024, by Alexandra Both for NAIOP.
The popularity of new homes built for the purpose of renting is peaking. Two drivers behind this boom are the rise of remote work and millennials reaching prime homebuying age while facing challenges in purchasing property.
But which areas have contributed the most to this growth? To answer this question, and to map out the future of this niche market, RentCafe.com analyzed Yardi Matrix data on single-family homes for rent in professionally managed communities.
In 2023, a record-breaking 27,500 build-to-rent homes opened their doors, up 75% compared to the year prior. Lifestyle changes in the aftermath of the COVID-19 pandemic led to new peaks each year, culminating this past year.