Atlanta ranks 3rd nationwide for build-to-rent homes

Data: RentCafe ; Note: Includes homes in professionally managed communities with at least 50 rental units; Chart: Axios Visuals

Atlanta is among the top three metro areas for communities of built-to-rent single-family homes, according to RentCafe .

Why it matters: With mortgage rates perched near record highs for the year, there has been a proliferation of those communities, which offer amenities, property management perks — and no mortgages .

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Zoom in: Atlanta created 3,536 built-to-rent community units from 2018 to 2023, RentCafe shows.

• A 2023 AJC investigation found that large investment firms have been converting and building single-family houses into rental properties for years.
• The development trend has created friction among suburban Atlanta homeowners as the companies push homeownership out of reach for many first-time buyers.

The big picture: Such developments are typically popular in the Southeast, Southwest and Sunbelt, where land costs less, but they've been slowly moving into other parts of the country.

Between the lines: Built-to-rent communities are particularly appealing to those who want more space but can't afford to buy a house , and empty nesters seeking less home upkeep, experts say.

Zoom out: The number of built-to-rent community houses completed nationwide jumped 75% from 2022 to 2023, reaching an all-time high of nearly 27,500 homes, according to a recent RentCafe report .

• More than 45,400 are under construction, per the analysis.

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