Along with the monthly housing starts report for January released last week, the Census Bureau also released Housing Units Started by Purpose and Design through Q4 2023.
The first graph shows the number of single family and multi-family units started with the intent to rent. This data is quarterly and Not Seasonally Adjusted (NSA). Although the majority of units built-for-rent’ are still multi-family (blue), there has been a significant pickup in single family units started built-for-rent (red).
In 2020, there were 44,000 single family units started with the intent to rent. In 2023, that number almost doubled to 85,000 units. For multi-family, there were 327,000 units started to rent in 2020, and 393,000 in 2023. About 18% of the built-for-rent units started in 2023 were single family units.
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