By Richard Smith | YourValley
As demand for rental properties in the Valley remains acute, the build-to-rent category continues to boom in ways unique to metro Phoenix.
With available land and a relatively low number of apartment units available as this decade began, Surprise is one of, if not the, epicenters of this phenomenon.
According to an April 2024 article by Alexandra Bath on rentcafe.com, Phoenix, Dallas and Atlanta are the top three metros for build-to-rent construction in 2023, accounting for nearly one-third of all units of this type added.
The Valley saw 4,030 single-family homes for rent opening in 2023.
“The Surprise market shares similarities with the rest of the Valley in its growing popularity for BTR communities, driven by demand for rental housing options,” stated Andrew Podore, managing director of multifamily investments at Mark-Taylor. “Surprise continues to be well-loved for its attention to family-friendly, suburban living offerings within reach of popular attractions.”
According to research by TraceAir, more than 8,000 build-to-rent houses are now under construction in the Valley.
In an August 2023 article for the Independent by Melissa Rosequist, Arizona State University professor Mark Stapp said around 6,000 units had been added since 2017. Surprise accelerated that pace in the past two years.
