By Roland Murphy for AZBEX
Generally considered the birthplace of the Build-to-Rent/Single-Family Rental sector in multifamily housing, a recent report from RentCafé shows Metro Phoenix still retains a leadership position despite an ongoing boom across the rest of the country.
Across the country, 2022 saw 14,541 new units delivered, an increase of 47% since 2021. From 2016 to 2020, the sector was delivering units in the mid-6,000s every year. 2020 saw the sector take off, fueled in part by the pandemic-fueled desire for more space between neighbors, with 7,469 units delivered. 2021 saw a new peak of 9,928.
While Dallas led 2022 deliveries with 2,773 units coming online, Phoenix remained respectable, if distant, second with 1,527. Atlanta was an even more distant third with 808. Austin closed out the Top 10 with 324.
Where Phoenix still maintains dominance is in completions over the last five years, total BTR inventory and units under construction.
Between 2017 and 2022, Phoenix delivered 6,071 BTR units, developing a 2022 inventory of 8,239 units and representing a 280% increase during RentCafé’s study period. Dallas, meanwhile, sits in the Number 2 position, having delivered 3,955 units over five years and realizing a 2022 BTR inventory of 7,843 units, increasing 102% between 2017 and 2022.
In terms of units under construction, Phoenix again holds a significant lead with 5,473 units, according to RentCafé. Dallas is again in second place, with an under construction pipeline of 4,350.