Nation’s Five Largest Build-to-Rent Projects in Lease-Up
With homeownership costs sidelining many would-be buyers, migration shifts causing the need for more housing across many growing cities and the rise of lifestyle renters, demand for build-to-rent (BTR) homes has exploded. And developers are working to fill the need.
Nearly 78,000 BTR units were under construction as of March, scheduled to complete by the end of 2027, according to RealPage Market Analytics.
The South and West regions have proven to be development leaders in the BTR space, driven in part by demographic shifts, land availability and project feasibility. As of March, the South region again topped the BTR construction pipeline with 48,472 units underway. In a distant second, some 21,214 units were underway in the West. The Midwest and Northeast regions had considerably fewer BTR units underway at 5,958 units and 1,906 units, respectively, as of March.
Meanwhile, roughly 70,000 BTR units have completed across the U.S. over the last 12 months, including many massive projects by unit count. The number of units in a BTR project varies greatly, as so much depends on land availability. Average unit size for BTR projects hovers below 150 units, though that varies across geographies. A small handful of newly completed projects in lease up as of March had more than 350 units. Here’s a look at the largest BTR projects that have completed in the last year, based on unit size.
Mirella
Mirella by Houston-based Caldwell Cos. is the largest BTR project completed in the last year nationwide, based on unit count. The 504-unit development within Houston’s Cypress/Waller submarket completed in March 2025. Advertised rents for this single-family rental community range from around $2,400 to $3,400. This BTR property has two-, three- and four-bedroom floorplans ranging from 1,100 square feet to just over 1,800 square feet. Units include private fenced yards and attached garages.
The Mansions Eight65
The Mansions Eight65 completed in November 2024 with 458 units in Hutto, TX. This single-family rental community located about 22 miles northeast of Austin, offers a one-, two-, three- and four-bedroom units with floorplans from 765 square feet to 2,739 square feet, along with private fenced yards. Colleyville, TX-based developer W3 built The MansionsEight65 within the Round Rock/Georgetown submarket. Advertised rents at The Mansions Eight65 range from $1,400 to $3,100 per month.
The Mansions of Buda
Also by W3, construction on the 402-unit The Mansions of Buda within the Austin market completed in June 2024. Located in northeastern Hays County, roughly 15 miles southwest of Austin, this property has one-, two-, three- and four-bedroom floorplans ranging from 764 square feet to 2,739 square feet. Advertised rents range from about $1,500 to more than $3,100 per month.
Biscayne Shores
The 380-unit Biscayne Shores completed in July 2024 within the Northeast Miami submarket. Advertised rents at Biscayne Shores range from around $2,500 to nearly $6,900. Biscayne Shores, a unique BTR hybrid, offers both the high-rise luxury apartments and single-family rentals. Units range from one-bedroom penthouses to two-story villas with two- or three-bedrooms. Square footage expands from the traditional studio (about 600 square feet) to the largest villa at nearly 1,600 square feet. Each villa comes with a two-car garage.
Eden Heritage Lakes
North Carolina-based Eden Living, Eden Multifamily’s BTR arm, completed the 373-unit Eden Heritage Lakes in late 2024 in West Melbourne, FL. Eden Heritage Lakes has one-story villas and two-story townhomes with a one-, two- and three-bedroom unit mix ranging from 717 square feet to 1,319 square feet. Advertised rents at Eden Heritage Lakes range from about $1,625 to $2,300.
Build-to-rent, as RealPage defines it, includes single-family housing that is fully detached, semi-detached (semi-attached, side-by-side), row houses, duplexes, quadruplexes and townhouses built for rental.
