The Rent Roll with Jay Parsons EP#18 Steve Kimmelman | Build-To-Rent Update With The BTR King
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Jan 23, 2025 Steve Kimmelman, founder of Redwood Living, dives into the booming Build-to-Rent (BTR) sector, claiming a leading position with over three times the units of the next largest competitor. He shares insights on branding BTR as 'apartment neighborhoods' to enhance community appeal. Discover the staggering 94.4% national occupancy rate and the predicted rent growth. Kimmelman discusses the shift of institutional investors toward BTR, the obstacles of rising costs, and the evolving housing market dynamics shaping the future of rental communities.
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BTR Supply Peak and Decline
- BTR supply peaked in 2024 and will remain high in 2025 before declining.
- Over 70,000 BTR units were completed in 2024, seven times the pre-COVID norm.
BTR Market Size and Concentration
- The BTR market, with over 300,000 units, is still relatively small compared to the apartment market.
- Phoenix and Atlanta alone account for a quarter of all BTR units nationally.
BTR Occupancy Resilience
- BTR occupancy rates are holding steady in the mid-94% range despite lease-up pressure.
- Portland, Cincinnati, Columbus, Nashville, and Orlando have the highest occupancy rates, exceeding 96%.