Apartment List recently looked at the differences between the people who choose build-to-rent/single-family rentals and multifamily properties. Some of it is demographics, some desired lifestyles, and some, location.

There are many renters in multifamily, but also in single-family construction. "Already there are 43 million Americans living in rented single-family homes, representing over 40 percent of all renters across the country," Apartment List wrote, citing data from the 2022 Census Bureau's American Community Survey. "An additional 58 million renters live in multi-family rentals (i.e., apartments), and unsurprisingly, the two groups have different geographic and demographic profiles."

The 43 million single-family renters represent about 14 million households (an average 2.85 occupants per unit in 2.79 bedrooms per unit) while the 58 million in multifamily buildings are 28 million households (about 1.99 occupants per unit and 1.59 average bedrooms per unit). "Single-family homes are associated with suburban living, while apartments tend to be concentrated in denser metropolitan regions," they write. The inherent differences between suburban and metropolitan areas help explain why there is so much more space in SFRs and BTRs — there isn't enough room in most metros to provide the amount of space necessary for three-bedroom construction.