- Dallas-Fort Worth ranked No. 2 nationally in build-to-rent (BTR) completions in 2024 with 3,197 new units delivered, trailing only Phoenix.
- Houston followed closely at No. 4 with 2,505 completions, helping Texas solidify its position as a national leader in the BTR sector.
- DFW has nearly 8,500 BTR units under construction, the second-largest pipeline in the country, and has seen 244% growth in total inventory since 2019.
- Institutional investors are flocking to the region, betting on long-term demand from affordability-strapped millennials and Gen Z renters.
Texas Takes the Lead
According to Bisnow, Dallas-Fort Worth and Houston helped propel Texas housing to the top of the national build-to-rent (BTR) leaderboard last year, highlighting the state’s growing appeal to renters and investors alike.
According to data from Yardi Matrix, DFW delivered 3,197 BTR units in 2024—a marginal 0.1% drop from 2023, yet still good enough for second place nationwide.
Phoenix led the country with 4,460 completions, and Atlanta followed DFW with 3,035 units, just ahead of Houston’s 2,505. Rounding out the Lone Star State, Austin and San Antonio made the top 20 but fell short of five-year highs, delivering 715 and 577 units, respectively.
Room to Grow—For Now
Despite signs of stabilization in delivery volumes, experts see continued runway for BTR in Texas. Yardi Matrix’s Doug Ressler notes that while the market could eventually approach saturation, current demand trends suggest that won’t happen anytime soon.
“Texas is still in growth mode,” Ressler said. “Population growth, economic expansion, and lack of affordable housing all continue to support the sector.”
That sentiment is backed by the numbers. DFW now boasts nearly 8,500 BTR homes under construction—second only to Phoenix. The metro has delivered 10,413 units over the past five years, and its total BTR stock has surged 244% since 2019.
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Investor Magnet
Affordability challenges, including high mortgage rates and home prices, are driving millennials and Gen Z toward rental options that offer single-family living. That demand is drawing major institutional players to Texas.
Tricon Residential, a Blackstone Real Estate portfolio company, recently opened two new BTR communities in the state: one in McKinney and one in Katy. Yardly, a subsidiary of Taylor Morrison, is working on a $115M, 400-unit project in Celina, while NexMetro Communities plans over 450 units across Fort Worth.
Notably, Roanoke’s Litsey Creek Cottages delivered the largest new BTR community in the US last year, with 396 units.
What’s Next
With over 100,000 BTR units in the national pipeline and more on the way in Texas, 2025 is shaping up to be another busy year for the sector. The fundamentals—growing populations, constrained homeownership, and rising demand for lifestyle rental options—are keeping Texas at the center of the BTR conversation.
Expect more developments, more investor activity, and more cities across the state joining the Texas housing BTR boom.
