The high costs of buying a home and changing attitudes towards homeownership are pushing the construction of build-to-rent (BTR) homes to record highs, as many Americans try to make the best of both worlds: the flexibility of renting and the comfort of a private home.
In just one year, BTR homes built nationwide reached an all-time high of 14,541 units — and there’s no sign of stopping, with three times as many homes currently underway.
Charlotte’s BTR market is booming: the metro boasts the 5th greatest number of build-to rent homes completed in 2022 , with a 36% year-over-year growth. More precisely, 475 BTR homes saw the light of day in Charlotte last year, which is a 10-year peak point!
Read on for more interesting insights about Charlotte from the latest report on BTR construction:
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The metro’s build-to-rent homes saw a sevenfold increase in just five years, surging by a whopping 621%. More so, Charlotte added the 6th largest number of units in the U.S. between 2017 and 2022 1,148, to be specific, bringing the total supply 1,333.
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The future looks even brighter: 1,714 BTR units are currently under construction in Charlotte, which is the 5th largest number of upcoming homes for rent in the whole country.
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By contrast, Raleigh-Cary’s BTR market is way slower, adding 477 build-to-rent homes in the last five years – the equivalent of the 2022 construction in Charlotte. Statewide, no other metro excels in this niche.
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Nationwide, eight of top 10 metros for build-to-rent construction hit 10-year highs in 2022, which was the strongest year on record for this niche. Phoenix stands out for the largest number of units completed between 2017 and 2022, followed by Dallas, Detroit and Houston. More so, roughly 44,700 homes are now under construction across the country – triple the number of new homes completed in 2022.
