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FLORIDA - Florida’s single-family rental market is experiencing unprecedented growth, with new data revealing a staggering 304.7% increase in build-to-rent (BTR) units completed over the past five years.
According to a new report, Florida is now the second-largest state in the U.S. for completed build-to-rent housing units, trailing only behind Texas.
In 2023 alone, developers completed 5,379 BTR homes across the state, with another 7,792 currently under construction.
Nationally, 39,000 single-family rental homes were delivered last year—marking a 15.5% increase from 2022.
The report, which used data from real estate analytics firm Yardi Matrix, defines build-to-rent communities as developments where at least half of the units are either standalone homes or homes that share walls without having neighbors above or below, often featuring private garages with direct access.
Among U.S. metropolitan areas, four Florida markets ranked in the top 20 for the highest number of newly completed BTR units in 2023.
Jacksonville led the state in sixth place nationally, with 1,201 units built—up 65.7% from the previous year.
Tampa followed in ninth place, delivering 1,005 new units, representing an 84.7% annual increase.
North Port-Sarasota-Bradenton ranked 12th, adding 859 homes, a jump of 182.6%. Lakeland came in at number 20 with 497 new BTR units, up 45.7% from 2022.
Point2Homes attributes the rapid growth of Florida’s build-to-rent market to lifestyle changes spurred by the COVID-19 pandemic.
As remote work, online schooling, and flexible living arrangements became the norm, demand surged for rental properties that offered more space and privacy without the long-term commitment of homeownership.
“Since 2020, the way people live, work, and study has dramatically shifted, changing expectations around housing,” said Point2Homes analyst Andra Hopulele in the report. “That shift has directly fueled the rise of single-family rental communities designed specifically for renters.”
Despite this explosive growth, the report warns that the BTR boom may slow in the coming years.
Hopulele notes that developers are already facing mounting challenges such as escalating land, labor, and material costs, as well as rising construction debt.
These economic pressures, compounded by potential increases in tariffs and limited workforce availability, could make it more difficult to break ground on new projects in 2025 and 2026.
Still, with thousands of new units coming online and steady demand from renters who prefer the feel of a detached home without the burden of ownership, Florida’s build-to-rent market is poised to remain a major force in the state’s evolving housing landscape—at least in the near term.