Year-over-Year Gains for Single-Family Built-for-Rent Starts
Single-family built-for-rent construction posted year-over-year gains as of the first quarter of 2024, as builders sought to add additional rental housing in a market facing ongoing, elevated mortgage interest rates.
According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were approximately 18,000 single-family built-for-rent (SFBFR) starts during the first quarter of 2024. This is 20% higher than the first quarter of 2023, albeit with favorable comps because of a weak start of 2023. Over the last four quarters, 80,000 such homes began construction, which is almost a 16% increase compared to the 69,000 estimated SFBFR starts in the four quarters prior to that period.
The SFBFR market is a source of inventory amid challenges over housing affordability and downpayment requirements in the for-sale market, particularly during a period when a growing number of people want more space and a single-family structure. Single-family built-for-rent construction differs in terms of structural characteristics compared to other newly-built single-family homes, particularly with respect to home size.
However, investor demand for single-family homes — both existing and new — has cooled with higher interest rates. Nonetheless, builders continue to build smaller projects of built-for-rent homes for their own operation. Given affordability challenges in the for-sale market, the SFBFR market will likely retain an elevated market share even as the sector cools in the quarters ahead.
NAHB Chief Economist Dr. Robert Dietz provides more insights on this sector in this Eye on Housing post.
Latest from NAHBNow
Advocacy
Sep 04, 2026
NAHB’s Monthly Update Features Trade and Economic Trends
Stay informed on the issues shaping the housing industry by reviewing the monthly update talking points. The latest edition includes messages on trade issues and market conditions.
PWB Week | Membership
Sep 04, 2026
Join NAHB in Celebrating Professional Women in Building Week Sept. 14-18
Join NAHB for a week of inspiring events and learning opportunities that showcase the achievements of women the industry. PWB Week will also highlight our efforts to promote, train, advance and recruit more women into the field.
Latest Economic News
Economics
Sep 02, 2026
House Price Appreciation by State and Metro Area in the Second Quarter of 2026
U.S. house prices continued to rise in the second quarter of 2026, with most states and metropolitan areas recording annual gains. Elevated borrowing costs and affordability constraints remained important headwinds, while limited housing supply continued to support prices in many markets, particularly across parts of the Midwest and Northeast.
Economics
Sep 01, 2026
Number of Open Construction Sector Positions Rising
The number of open positions in the construction sector increased in July per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of open jobs is down from three years ago due to declines in construction activity, particularly in housing.
Economics
Sep 01, 2026
HBGI Q2 2026: Single-Family Construction Contracts Broadly While Multifamily Expands
Home building trends diverged across geographies in the second quarter of 2026. According to the Home Building Geography Index (HBGI), single-family construction declined in nearly all geographic categories, although the contraction eased in most markets from the first quarter.