Roughly 64,200 build-to-rent, or BTR units, were under construction as of early June, scheduled to complete by the end of 2027, according to RealPage Market Analytics.
Accounting for about 57% of units under construction, the Sun Belt continues its streak as a the industry’s development leader. With about 36,840 BTR units underway (including properties in lease-up where construction is ongoing), the South leads the nation. Those units are projected to complete by May 2027.
That total outpaced the next closest region, the West, nearly two-to-one. At the same time, the West has 19,413 units advancing for completion by 3rd quarter 2027, or about 30% of the U.S. total. Following, the Midwest (5,831 units) and Northeast (2,117 units) each account for less than 10% of that total delivering by the end of 2026.
Among markets, Phoenix stands head-and-shoulders above other Sun Belt peers as over 11,500 BTR units were underway there as of June. Considered the birthplace of BTR, it’s no surprise that Phoenix accounted for roughly 18% of the U.S. total.
In a distant second, Dallas had nearly 5,500 units underway as of June. Houston took the number three spot with about 4,470 units under construction. Rounding out the top ten: Austin (3,734 units), Atlanta (2,827 units), Fort Worth (2,687 units), Tampa (2,559 units), Charlotte (1,202 units), Denver (1,182 units) and San Antonio (1,147 units).
Another 21 markets across the U.S., heavily concentrated in the South and West, have 500 or more units under construction. Of note, developers in the small market, Myrtle Beach, have 983 units underway. Meanwhile, major markets Nashville (971 units) and Raleigh/Durham (936 units) also both count over 900 units in development.
Although the number of projects underway across the U.S. is declining, RealPage is currently tracking more than 7,500 planned BTR units nationwide in conjunction with BTR units under construction, creating an extended runway for this sector of single-family rentals.
BTR, as RealPage defines it, includes single-family housing that is fully detached, semi-detached (semi-attached, side-by-side), row houses, duplexes, quadruplexes and townhouses built for rental.
