Although build-to-rent (BTR) construction remains elevated across the U.S., some submarkets are gaining much more of this stock than others, RealPage reported Tuesday. As of mid-March, nearly 78,000 BTR units were under construction across 194 submarkets nationwide. However, one-third of that stock was found in just 14 key neighborhoods.
Six Texas submarkets led the field, while five Phoenix neighborhoods made the list, according to RealPage. Three other South region submarkets in Tampa, Atlanta and Raleigh/Durham were also contenders.Â
In first place nationally for BTR construction is Avondale/Goodyear/West Glendale on the west side of the Phoenix metro area, with 4,568 units underway. This submarket with 31,942 existing conventional units has seen the BTR inventory expand by 105.4% over the past five years, according to data from RealPage. The number of under-construction units in Avondale/Goodyear/West Glendale is more than twice as large as the second-ranked Allen/McKinney submarket in Texas, where 2,312 units are coming out of the ground.
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