The Build-To-Rent Market Is Expected To Reach An All-Time High This Year
According to RentCafe, as renters want a lifestyle shift that provides more room and privacy, communities of single-family dwellings created for the purpose of renting have become the hottest trend in housing.
With 6,740 new built-to-rent homes finished in 2021, 2021 was a record year for single-family build-to-rent home building.
And the trend is accelerating: twice as many residences are now under construction, for a total of roughly 14,000 apartments slated to open their doors to renters this year.
According to a recent study of 3,300 renters conducted by rentcafe.com, as many as 78 percent expressed interest in living in a single-family home community.
The poll corroborated the growing interest in single-family rentals that began to emerge last year, particularly on rentcafe.com, where searches for “homes for rent” more than tripled in 2021 compared to the previous year.
Furthermore, the rush to develop more of this in-demand sort of rental is accelerating: Yardi Matrix data show that 6,740 new rental houses in build-to-rent communities were finished in 2021, the largest yearly total to date.
However, this is only the beginning of a trend that will undoubtedly become much more prevalent as the rate of building is projected to double beginning this year.
In particular, an estimated 14,000 built-to-rent residences are under development in the United States.