The popular Build-to-Rent niche continues to attract attention from investors and developers, with unit numbers completed increasing about 52% between 2021 and last year, according to data from a RealPage report. As of June of this year, there were more than 700 planned and under construction BTR communities across the country with a total of about 86,543 units. More are projected with the number cited of about 116,000 units through 2026. 

However, that number may change for many reasons, from construction delays due to supply shortages, lack of workers and bad weather. The report also said those numbers do not account for projects with units still under construction where residents already live in the community.

The three busiest markets for construction underway as of June 2023 are in Phoenix, Dallas and Atlanta. Altogether, 25,000 units are being built in that combination, which represents more than a third of the country's total number. In Phoenix, there are nearly 14,000 units or 20% of the total U.S. figures of just more than 73,000 units. The report credits Phoenix as the birthplace of the BTR prototype. Another 2,571 are planned, 3,456 are under construction/lease-up and 1,894 in lease-up.