Starts are double the trough seen 20 years ago.

The market share of built-for-rent housing is increasing. According to the National Association of Home Builders, of the 109,000 multifamily units started in the second quarter of 2025, 102,000 were built-for-rent, or 94%. That's double the low of 47% seen in the third quarter of 2005. This is also well above the 80% average seen between 1980-2002.

Meanwhile, average square footage is increasing, in part due to these larger, single-family-style living arrangements. Average size increased to 1,077 square feet, and the median size increased to 1,030 square feet. Average unit size has gradually decreased, starting about 20 years ago; however, size has ticked up during the past couple of years.