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Phoenix Maintains BTR Construction Dominance
Phoenix has maintained its leadership position in built-to-rent homes (BTR). In 2023 alone, Phoenix delivered 4,030 single-family homes for rent, a 10-year high and 164% more than in 2022.
RentCafe’s annual build-to-rent report revealed that:
- Phoenix has been delivering hundreds of build-to-rent homes for eight years in a row, yet construction really took off post-pandemic: 9,345 units in just five years.
- 7,236 homes are set to be completed by the end of 2026, to add to the metro’s current inventory of 12,357 homes.
- Even though they have had a surge, runner-up Dallas lags behind that kind of production. Between 2019 and 2023, Dallas renewed its stock with 6,512 units (out of which 2,694 opened doors in 2023). This helped the metro’s inventory surpass 10,000 units (10,554 to be exact), while 6,481 are under construction.
- Nationally, the BTR sector has set a record high for the fifth consecutive year. In 2023, 27,400 units were added to the market, up 75% from the previous year.
- 45,000 units are under construction this year alone.
- ◦Development
