Build-to-rent homes — that is, properties built specifically to serve as single-family rentals — are increasing in prevalence throughout the country. In fact, the latest report from RentCafe says that an all-time high of 14,541 single-family rentals were completed during 2022.

Phoenix is one of the metros with the most built-to-rent homes on the market, despite the fact that construction is down year over year. During 2022, 1,527 units were added to the market — the second-highest amount of any city in the country. The metro with the most build-to-rent construction was Dallas, where single-family rental construction reached a 10-year high of 2,773 units completed during the year.

While build-to-rent construction is down by 9% year over year in Phoenix, the metro still tripled its number of single-family rentals from 2018 to 2022. That means that 6,000 of the 8,200-plus build-to-rent homes in Phoenix were constructed within the last five years.

Phoenix’s build-to-rent boom began after the housing crisis of 2008. According to the Urban Institute, two-thirds of unoccupied homes were converted into rentals by investors during that time. Phoenix’s growing population also means the demand for single-family housing has only increased.

This business doesn’t show signs of slowing anytime soon, either: Phoenix is also the metro with the highest number of single-family rentals under construction, with 5,473 units expected to join the market in the coming years.