Tucson 3rd City Nationally by Number of Built-to-Rent Houses

Communities of houses built for renting have become the hottest trend in residential living. 2021 saw the completion of 6,740 new homes in built-to-rent communities — the highest yearly total to date. And it looks like the trend is just picking up, as there are an estimated 14,000 built-to-rent homes currently under construction in the U.S., to be delivered this year.

Here are the highlights for Tucson and beyond:

• Tucson ranks 3rd nationally by the number of single-family rentals with a total of 1,320 in built-to-rent communities.
• Phoenix is just behind with 1,280 units in the city proper, but when counting the metro area, Phoenix takes first spot nationally with a total of 6,420 homes for rent.
• Overall, single-family rentals are becoming more popular than apartments. There are about 90,000 existing single-family homes in built-to-rent communities with an occupancy rate of 97%, while multifamily occupancy is at 95%.

Built-to-rent single family homes are for everybody. Shannon Hersker with Walker & Dunlop says: “There is a misconception that the majority of renters are Millennials when, in reality, you have everyone — including college students, empty nesters, families with kids, pet owners, and those wanting to downsize.”

Our full study, rich with infographics and data can be found here:  https://www.rentcafe.com/blog/rental-market/market-snapshots/built-to-rent-single-family-homes-double-in-2022/

Interested to find out more about these locations? Let me know via e-mail and I’ll be happy to send extra information.

The data includes only properties defined as single-family homes for rent that are located in built-to-rent, professionally managed communities of 50+ units, in the markets covered by Yardi Matrix research. Data for some markets may not be available and data for the locations included in the analysis may be subject to change. This analysis does not include other types of single-family rentals that are not located in built-to-rent communities.