That’s the highest quarterly total of housing starts for built-to-rent homes going back to at least 1990, according to an analysis of U.S.
Rising home prices and fierce competition for relatively few affordable homes for sale are stretching the limits of affordability for many would-be buyers.
single-family homes jumped 10.2% in September from a year earlier, according to real estate information company CoreLogic.
homes was running at a seasonally adjusted annual rate of 1.52 million units as of October, according to the Commerce Department.
All told, builders broke ground on 47,000 homes for rent over the last four quarters, a year-over-year increase of 17.5%, according to the NAHB.
Some sell houses to investors or companies looking to take over communities already packed with tenants.
This month, it estimated that its rental operations will generate more than $700 million in revenue from rental property sales during its current fiscal year.