Report: Build-to-rent homes in Florida up more than 300%

The build-to-rent sector continues to boom in Florida, with a 304.7% increase in the number of units completed in the past five years.

That’s according to a report issued Wednesday by the rental home listing platform Point2Homes. In the report, the company says 5,379 new single-family rentals were completed last year in Florida and another 7,792 are on the way.

In all, Florida ranked No. 2 in the country for the most build-to-rent units finished in 2004 behind Texas, with 6,994.

In all, 39,000 single-family rentals were completed last year nationwide, a 15.5% increase from 2023.

The report was compiled using data from Yardi Matrix. It defines build-to-rent communities as those with at least 50% of units either not sharing a wall with other units or when sharing a wall not having neighbors above or below or having a direct-access garage.

As far as build-to-rent units finished in individual localities, four Florida markets were in the top 20 — Jacksonville at No. 6, Tampa at No. 9, North Port-Sarasota-Bradenton at No. 12 and Lakeland at No. 20.

Point2Home’s report found that last year Tampa added 1,005 new single-family rentals, marking an 84.7% increase from 2023; North Port added 859, a 182.6% increase from 2023; and Lakeland added 497, a 45.7% increase from 2023.

Jacksonville added 1,201 new rental homes, a 65.7% increase from 2023.

The build-to-rent sector, according to the report, has been growing since 2020 when the pandemic transformed the way people worked, studied and lived, “leading to big changes in what people needed and expected from their homes.”

The report also adds that despite today's high numbers, a slowdown is likely coming soon.

“Although demand continues to grow, 2025 and 2026 could see BTR construction decelerating,” Andra Hopulele says in a statement. “Rising land, labor and materials costs, in addition to crushing construction debt make it harder for developers to pencil new deals. Plus, costs could rise even further in the following months due to tariffs and reduced labor availability.”

Most build-to-rent completions, 2024

Source: Point2Homes