Key Points: • Phoenix is the leading market for build-to-rent homes • Some legislators are concerned the homes benefit from loopholes in water policy • Supporters say the homes fill a niche in the housing market

Phoenix has emerged as one of the top markets for build-to-rent homes, which has caught the attention of lawmakers who are concerned the communities are benefiting from loopholes in water policy.

The greater Phoenix area ranked as the top market in the country with more than 20,000 build-to-rent homes built, including more than 5,000 constructed in 2024, according to numbers provided by CoStar Group. This company provides commercial real estate data and operates homes.com and apartments.com.

So far, 1,900 homes have been built this year, according to the CoStar Group.

The

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