- RealPage counted 59,660 BTR units under construction nationally in August, including 35,579 units in the South.
- Phoenix held roughly 10% of the national pipeline, while Dallas had 3,943 units and Atlanta had 3,348.
- Projected deliveries fall from about 40,800 units in 2026 to 33,100 in 2027 and fewer than 8,000 in 2028.
Build-to-rent construction remains heavily concentrated in the Sun Belt. RealPage Market Analytics counted 59,660 BTR units under construction nationally in August 2026. The South held 35,579 units, or roughly 60% of the total pipeline.
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The South Dominates New Supply
The South’s pipeline was about three times larger than the West’s 11,863 units. The Midwest had 10,203 units underway, and the Northeast had 2,015. Development was also concentrated at the metro level. Only 16 markets had pipelines of at least 1,000 units, but those markets accounted for about 60% of all units under construction.
The Details
Phoenix represented roughly 10% of national BTR construction, making it the largest market in RealPage’s count. Dallas ranked second with 3,943 units underway. Atlanta followed with 3,348 units, Charlotte had 2,703, and Houston had 2,692. Tampa was the only other market above 2,000 units, with 2,072 under construction. Ten additional top-tier markets had pipelines ranging from roughly 1,100 to 2,000 units.
Build-to-Rent Construction Starts to Moderate
RealPage is tracking more than 6,000 planned BTR units nationwide, excluding projects in the earliest planning stages. The current build-to-rent pipeline still favors Sun Belt markets, but projected completions decline sharply after 2027. About 40,800 units are expected to deliver by the end of 2026. That falls to roughly 33,100 in 2027 and fewer than 8,000 in 2028.
Why It Matters
Today’s construction pipeline will have an outsized influence on future supply if new starts do not replace the projects now underway. The South’s 60% share also shows how tightly the sector remains tied to high-growth Sun Belt markets. RealPage links that concentration to population growth, housing affordability challenges, and sustained demand for suburban rental living.
What’s Next
Through mid-2029, the current pipeline includes just over 1,400 projected completions after the 2028 slowdown. Additional projects can still enter the pipeline. For developers and investors, the key issue is where long-term rental demand can support new supply as the construction boom cools.
