The build-to-rent market is booming in the U.S. and Utah is no exception, with 578 units built between 2018 and 2022, according to a new report from RentCafe, a nationwide rental listing service. Build-to-rent (BTR) units are described as single-family homes constructed only to rent.
Nationwide, more than 45,000 new homes entered the build-to-rent market during the 2018-to-2022 study period, with more than 14,500 units built in 2022 alone, an all-time high.
The RentCafe report also said that more than double the study period’s 578 Utah homes are currently in the construction or planning stages in the state. The Salt Lake City metro has over 1,000 BTR units currently under construction. That number places the Salt Lake City in the ninth spot nationwide for the highest count of future BTR units.
The Provo-Orem market added all of its 492 build-to-rent homes in the past five years. One-third (178 units) were completed in 2022, an all-time high for the metro.
Phoenix takes the top spot as most active metro for BTR construction with a total of 6,071 houses completed in the past five years.