In Q1 2025, 19% of Units Started Built-for-Rent were Single Family

Along with the monthly housing starts report for April released last week, the Census Bureau also released Housing Units Started and Completed by Purpose and Design through Q1 2025.

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) - even after the sharp decline in 2022 - there has been a significant pickup in single family units started built-for-rent (red).

A total of 102,000 units were started built-for-rent in Q1, with 19% single family units.

The second graph shows the NSA quarterly intent for four start categories since 1975: single family built for sale, single family owner built (includes contractor built for owner), starts built for rent, and multi-family built for sale.

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