As single-family rental (SFR) demand has risen, build-to-rent (BTR) development has become more efficient at creating a distinct, community-focused experience for renters. Newly released U.S. Census Bureau data confirms that while the pace of SFR/BTR construction slowed during the second-quarter, development has remained robust compared to historical trends.
Core small multifamily performance metrics strengthened in the quarter, including a return to positive annual price gains.
Arbor Realty Trust, a perennial innovator in commercial real estate finance, closed a unique $802 million collateralized loan securitization (CLO) in May 2025 that cements the multifamily lender’s position at the forefront of build-to-rent (BTR) financing.
After the volume of multifamily permits fell nationally in 2023 and 2024, this year is on pace to be a year of stabilization for multifamily development. According to the U.S. Census Bureau, out of the top 100 largest U.S. metros by population, 47 had more multifamily permits through the first six months of 2025 than they did over the same period last year. Driven by strong underlying multifamily demand, attractive investment opportunities are leading to rebounding construction pipelines. As multifamily permitting rises, we explore the markets where new permits issued are most concentrated and where construction activity is gaining momentum.
