Along with the monthly housing starts report for April released last week, the Census Bureau also released Housing Units Started by Purpose and Design through Q1 2024.
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. There were 18,000 single family units started in Q1 2024 built-for-rent, up 20% from 15,000 in Q1 2023.For multi-family, there were 56,000 units started to rent in Q1 2024, down almost 50% from 108,000 in Q1 2023.
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