Charted: Virginia's built-to-rent housing boom
Add Axios as your preferred source to
see more of our stories on Google.
In Virginia, there are 126.5 built-to-rent homes planned or under construction per million residents, per the National Rental Home Council.
- Nationwide, the average is 345.
Why it matters: Built-to-rent housing — that is, single-family houses constructed for the purpose of rental housing — offers a new home with property management perks and without the need for a down payment or long-term commitment.
What's happening: These houses are in growing demand among would-be buyers who can't afford — or find — a single-family home and those opting not to buy for lifestyle reasons, Doug Ressler of real estate research firm Yardi Matrix tells Axios.
- Metro Richmond needs around 15,000 new homes to meet current demand, according to a new report from Zoom.
By the numbers: National construction of new build-to-rent homes hit a record high last year, with more than 14,500 houses completed and three times as many under construction, per RentCafe.
- As of 2021, Glen Allen had the highest concentration of these homes in the state at 270.
State of play: Built-to-rent properties aren't available everywhere. In 10 states, there is no single-family built-to-rent construction ongoing or even planned, the group found.
- Arizona leads with 2,011 units planned or under construction per million residents.
Be smart: Single-family rentals are nothing new. Like multifamily housing, the market has developed over many decades, per commercial real estate company CBRE.
The bottom line: Building more single-family rentals isn't going to solve the housing crisis, but it could ease the supply crunch.