Jul 11, 2023 - Real Estate

Charted: Virginia's built-to-rent housing boom

Single family built-to-rent units planned or under construction, per million residents
Image credit Data: National Rental Home Council, U.S. Census Bureau; Chart: Thomas Oide/Axios

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.

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.


Get more local stories in your inbox with Axios Richmond.


Support local journalism by becoming a member.

Learn more

More Richmond stories

No stories could be found


Get a free daily digest of the most important news in your backyard with Axios Richmond.


Support local journalism by becoming a member.

Learn more