Today, in the Real Estate Newsletter: In Q2, almost 20% of Units Started Built-for-Rent were Single Family Brief excerpt:

Along with the monthly housing starts report for September released last month, the Census Bureau also released Housing Units Started by Purpose and Design through Q2 2024.

The first graph shows the number of single family and multi-family units started with the intent to rent. This data is quarterly and Not Seasonally Adjusted (NSA). Although the majority of units built-for-rent’ are still multi-family (blue), there has been a significant pickup in single family units started built-for-rent (red).

In 2020, there were 44,000 single family units started with the intent to rent. In 2023, that number almost doubled to 77,000 units. There were 23,000 single family units started in Q2 2024 built-for-rent, up from 21,000 in Q2 2023.

For multi-family, there were 83,000 units started to rent in Q2 2024, down almost 40% from 136,000 in Q2 2023.

A total of 106,000 units were started built-for-rent in Q2, with 19% single family units.