DALLAS — More and more build-to-rent homes are being built with the rising cost of houses, and Dallas saw more of them built than any other metro area in the country last year.
The Dallas metro area saw 2,773 single-family rental units built in 2022, a 10-year high, with 441% year-over-year growth, a Rentcafe study shows. The second-highest metro area in the U.S. was Phoenix, which saw 1,527 built that year.
Build-to-rent homes reached an all-time high nationwide in 2022 with 14,541 units, and the study says there appear to be three times as many homes being built currently.
The number of build-to-rent homes in the Dallas metro area doubled in just five years, adding 3,955 units between 2017 and 2022, the study says. There are now 7,843 units in the area, the second-highest in the country.
Texas metros overall added the most build-to-rent homes in the past five years, the study said, with Houston, Austin and San Antonio all falling in the top 10 metros for build-to rent completions.
Eight of the top 10 metros also saw 10-year highs in 2022, the study said, the strongest year on record for the niche. About 44,700 homes across the country are now under construction, which is triple the number completed in 2022.
The number of new build-to-rent homes has peaked every year since 2022, the study shows, which contrasts the linear growth prior to the pandemic when about 6,000 homes were built annually.
To see more details and the complete study from Rentcafe, click here.