Single-family homes built for the rental market reached a record high in 2022, the National Association of Realtors said.
BFR starts also accounted for an 8% share of housing starts, another new record.
Such built-for-rent (BFR) housing starts jumped 35% to 81,000 units in 2022, NAR said, citing data from the Census Bureau.
Meanwhile, their share of overall housing starts rose to 8% last year from 5% in 2021.
Growth in this emerging sector of the housing market comes as the inventory of existing homes remains tight, leaving prospective buyers to look to new homes.
Persons:
BFR, —, Jessica Lautz, BFR's, Lautz
Organizations:
National Association of Realtors, Service, NAR, Midwest