Build-to-Rent Overview
Build-to-rent (BTR) housing has received considerable attention recently, and, while total production levels are still relatively low – estimated at less than 10% of single-family completions – they have increased substantially over historic averages. BTR projects are sometimes referred to as single-family rentals because they are composed of one-unit structures. They can be detached or attached, consisting of either large units or small ones. However, unlike traditional single-family rentals, we define BTR projects as being contiguous, large housing sub-developments, consisting of 25 or more housing units, usually located on one tax lot, and centrally managed by experienced rental housing operators. BTR developments often have shared amenities, such as on-site maintenance, a pool, or indoor recreation facilities, making them similar to living in a garden-style apartment property, rather than in an individual single-family rental home.