Nearly One-Third of Build-to-Rent Units Under Construction in 14 Submarkets

Build-to-rent (BTR) construction remains elevated across the U.S., but some submarkets are gaining much more of this stock than others. As of mid-March, nearly 78,000 BTR units were under construction across 194 submarkets nationwide. But one-third of that stock was focused on just 14 key neighborhoods. Six Texas submarkets led the field, while five Phoenix neighborhoods made on the list. Three other South region submarkets in Tampa, Atlanta and Raleigh/Durham were also contenders. On the west side of Phoenix, Avondale/Goodyear/West Glendale led the nation for BTR construction, with 4,568 units underway. This submarket with 31,942 existing conventional units has seen that inventory expand an astronomical 105.4% over the last five years, according to data from RealPage Market Analytics. Another 9,234 conventional units were in development as of 4th quarter 2024. In the #2 spot, Allen/McKinney has 2,312 BTR units underway to accompany the 8,314 conventional units under construction. North of downtown Dallas, Allen/McKinney has seen its existing unit base expand 61.2% in the past five years. Rounding out the top five submarkets for BTR construction were Austin’s Round Rock/Georgetown (1,936 BTR units) and Phoenix’s Deer Valley (1,739 BTR units) and Pinal County (1,611 BTR units). More than 1,000 units were also underway across the remaining nine neighborhoods on the list.