PHOENIX — Phoenix tops the nation in construction for build-to-rent communities, with more than 8,000 units currently under construction, according to a report released by Northmarq on Jan. 17.
Dallas-Fort Worth is close behind Phoenix at No. 2, but no other U.S. city comes close to the torrid level of BTR construction in those two metros, the report shows.
These build-to-rent communities that originated in Arizona are taking the nation by storm, offering luxurious detached rental homes in communities with resort-like amenities.
The national BTR construction peak comes at a time when elevated mortgage interest rates are spurring homebuilders to transition a share of their lots to rental communities that originally were intended as for-sale subdivisions, according to the report.
