According to the National Association of Home Builders' analysis of the Census Bureau’s Quarterly Starts and Completions by Purpose and Design report, single-family homes built-for-rent, measured on a one-year moving average, made up 4.5% of total starts as of Q2 2016. This is higher than the historical average of 2.8 percent, but down from a high of 5.8% in early 2013.
Single-family built-for-rent homes make up a very small part of the single family market, according to Robert Dietz, chief economist for NAHB. The 4.5 percentage point translates to 34,000 home starts, over the 26,000 home starts from the last four quarters. The share of built-for-rent homes has grown over the past year, and made large gains since the recession – but they remain low in terms of the total market.
The largest share of the single-family rental housing stock, which itself accounts for 35% of the rental housing market, is existing single-family homes not originally built for rent.