Build-to-rent has been a booming business in Phoenix lately — in fact, according to a new report from RentCafe, the metro saw a 310% increase in single-family rental construction from 2018 to 2023.

With 4,030 build-to-rent units completed in 2023 — a 10-year high — Phoenix is the No. 1 metro in the nation for this type of new construction. Phoenix also ranked first in the country for deliveries in the past five years, with 9,345 units added to the market since 2018.

This trend doesn’t appear to be slowing any time soon: Phoenix is also the No. 1 metro in the country for build-to-rent units currently under construction, with 7,236 single-family rentals in the construction pipeline.

Based on current single-family rental inventory, that means there will be over 21,000 build-to-rent units in the area in the near future.