The build-to-rent (BTR) housing market continued its upward surge in 2024, reaching a historic milestone with 39,000 new single-family rentals completed across the United States, according to a new report from Point2Homes. Based on Yardi Matrix data as of March 2025, this figure marks a 15.5% increase over 2023 and underscores the sector’s rapid growth since the pandemic era, when completions hovered around 6,000 to 7,000 units annually.
Point2Homes’ analysis highlights how the BTR model—which merges the low-maintenance appeal of rentals with the space and privacy of detached homes—has evolved into one of the fastest-growing segments of single-family home construction. The sector now accounts for nearly 10% of all home builds, a stark rise from 3% just a few years ago.
Southern and Southwestern Metros Lead the Charge
Phoenix led the nation in BTR completions last year with 4,460 new units, an 18% year-over-year increase. It was followed by Dallas with 3,197 completions and Atlanta with 3,035. These three metros, along with Houston (2,505 units), formed the core of a rapidly expanding BTR frontier across the South and Southwest.
Other metros with more than 1,000 new single-family rental units completed in 2024 include Charlotte, NC (1,415); Jacksonville, FL (1,201); Huntsville, AL (1,098); Columbus, OH (1,018); and Tampa, FL (1,005).
In total, the top 10 states for BTR completions in 2024 were led by Texas (6,994), followed by Florida (5,379), Arizona (4,812), and Georgia (4,095). North Carolina, California, Ohio, South Carolina, Alabama, and Utah also posted significant growth in completions, with all but South Carolina recording five-year highs.
Inventory Pipeline Remains Strong
The BTR sector is not only looking back on a record year but also preparing for continued growth, with nearly 110,000 single-family rentals currently in various stages of development. This includes 76,000 units under construction and almost 34,000 more in the permitting pipeline.
Phoenix again leads all U.S. metros with 13,010 units in development, followed by Dallas (8,450), Atlanta (6,644), Charlotte (4,886), and Houston (3,969).
Drivers of Growth
The ongoing expansion of the BTR sector is being driven by several key trends. These include millennials forming families but unable to afford homeownership, high-income renters opting out of ownership, retirees seeking low-maintenance lifestyles, and remote workers needing more living space.
Additionally, fast-growing states such as Texas, Florida, and Arizona continue to attract new residents, further fueling demand. Between 2023 and 2024, Texas added nearly 563,000 people, while Florida gained over 23 million residents, and North Carolina surpassed 11 million in population.
Largest Communities Completed in 2024
Among the largest BTR communities completed in 2024 was Litsey Creek Cottages in Roanoke, TX, with 396 units. Other significant completions included Viviano at Riverton in Utah with 364 units, and The Bungalows on Camelback in Phoenix with 334 units. These projects feature extensive amenities such as swimming pools, clubhouses, fitness centers, and playgrounds.
Five-Year Growth Overview
From 2019 to 2024, the total number of completed BTR homes more than doubled from around 107,000 to over 217,000 units. Phoenix led all metros with 12,702 completions over this five-year span, followed by Dallas (10,413), Atlanta (7,553), and Houston (5,250).
Notably, metros like Charlotte, Jacksonville, and Huntsville saw some of the most significant percentage increases, with Huntsville posting a 1,368% rise in inventory compared to 2019.
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