With nearly 111,000 single-family rentals (SFR) under construction in 613 communities across the country, the build-to-rent (BTR) market is growing strongly as inventory is set to expand by 53.5%. Occupancy levels are also strong at 95%, according to a market analysis by Point2Homes.com.

Driven by a favorable job market, Texas is the most robust BTR state, with 21,812 houses for rent in different stages of the construction process, the report said. Arizona and Florida each have 14,000 single-family rentals in the pipeline, and North Carolina is anticipating more than 12,000 new units. Georgia rounds out the top 5 BTR states, all of which are expected to grow their inventory of single-family homes for rent by at least 50%.

Coastal states and particularly urban hubs have been hot spots for BTR demand, but developers have begun to extend their focus beyond central business districts into suburban areas, the report said.