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Some metropolitan areas on the Gulf Coast are standouts when it comes to “build-to-rent” activity, according to a new study from apartment-finder RentCafe.
Increasingly, builders are constructing homes for renters around the country, where 27,500 houses for rent were completed last year, RentCafe reports. Currently, even more homes are in development; over 45,400 homes are under construction to be rented out in the coming years, its study shows.
Since 2019, Tampa has tripled its number of build-to-rent houses by adding 1,100 single-family homes for rent, RentCafe reports. With 1,352 rental homes under construction, that puts Tampa at No. 10 on the list of top 20 metropolitan areas with the most build-to-rent units underway.
North Port-Sarasota-Bradenton alone has 994 build-to-rent homes underway, RentCafe reports, making it a leader in “emerging markets” and the No. 16 metropolitan area in the country for build-to-rent construction. This area also saw 749 rental homes built between 2019 and 2023.
After Raleigh, North Carolina, the study says Lakeland is the third top emerging market for build-to-rent activity, with 489 rental homes built between 2019 and 2023 and 317 more on the way.
The build-to-rent boom is driven by millennials who are finding home-buying out of reach, according to RentCafe, which reports people are also drawn to the latest amenities that come with new construction in addition to space and privacy.
In 2023, Florida had the third-most build-to-rent activity, after Texas and Arizona.
Jacksonville, Pensacola and Orlando were among the top 20 in terms of the number of homes built for renting in 2023, the study shows, with Jacksonville at No. 11 with 530 homes; Pensacola at No. 14 with 491 homes; and Orlando at No. 16 with 449 homes, respectively.
Here are the top 20 metropolitan areas for build-to-rent construction in 2024 based on units underway, according to RentCafe:
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