Illinois Real Estate Investment Property Loans

Build-to-Rent (BTR) is becoming one of the most dynamic and rapidly growing segments of the U.S. housing market. With multifamily investors seeking new avenues for growth, BTR presents a compelling investment case due to favorable demographics, lifestyle trends, and a pressing national housing shortage. This whitepaper examines the primary drivers fueling the growth of the BTR market in the U.S., the movement of multifamily investors into this niche, what attracts investors to BTR, the challenges the asset class faces, and why LendingOne is a preferred lending partner for owners and operators in this space. Key Insights from this Whitepaper Why Build-to-Rent (BTR) properties often generate stronger rent performance and lower turnover than traditional multifamily How major players like Greystar and MAA are expanding their footprint in the BTR sector Key trends in institutional investment—and what they reveal about long-term confidence in BTR Ways LendingOne is supporting developers in funding and growing scalable BTR communities Case studies highlighting how leading operators are shaping the future of suburban rental housing Download the Whitepaper

The 2025 real estate investing environment is one of cautious optimism, with a desire to still expand their portfolio. A belief for higher-for-longer interest rates, uncertainty related to tariffs, and cost increases that are reshaping portfolio decisions across the U.S. In this article, you’ll see the full results of our LendingOne-ResiClub SFR Investor Survey–Q2 2025. Investors who own at least one single-family investment property were eligible to respond to our survey, which was fielded between May 29 and June 13. In total, 222 single-family landlords completed the survey. ResiClub, our partner for the survey, is a news and research outlet dedicated to covering the U.S. housing market. LendingOne’s findings point to investors seeking selective growth. Most respondents across all regions say they still plan to acquire new properties in the 12 months ahead, and investors are not pricing in a drop in renter activity—at least not in their local markets. Even in markets like the Southeast and Southwest, where investors say the market is weaker, they also respond that they are trying to purchase more.  At the same time, rising insurance premiums, property taxes, and higher-for-longer interest rates are forcing investors to reassess margins, stress test cash flow, and stay disciplined on acquisitions. “In 2025, real estate investing is about finding opportunity in a changing market,” says LendingOne CEO Matthew Neisser. “Our survey highlights that investors are not backing down despite the ‘higher-for-longer’ interest rate environment and rising costs. Instead, they see the initial signs of buying opportunities as inventory levels increase. There will be more opportunities in Q3/Q4 for unsold properties that have been on the market longer than normal compared to the prior few years.” Topline Findings 1. Most investors plan to buy—despite headwinds 80% of single-family landlords say they’re likely to buy at least one property in the next 12 months. 32% of single-family landlords say they’re likely to sell at least one property in the next 12 months. 57% of investors believe mortgage rates will remain above 6.5% over the next 12 months—up sharply from 29% in Q4 2024. 2. Operating costs are rising—especially insurance 59% of landlords say higher insurance premiums have moderately (42%) or significantly (17%) reduced their cash flow over the past year. 30% of investors said property taxes were their largest expense increase last year, followed closely by 29% who cited home insurance. In the West, 19% of landlords report insurance premiums have risen more than 50% over the past five years. 3. Rent growth is still on the table 83% of landlords plan to raise rents in the next 12 months—but only 10% of landlords expect rent hikes of more than 7%. Only about 12% of respondents expect rental demand to weaken over the next year, while 89% expect it to remain steady or improve.  Big picture: The results of the LendingOne–ResiClub SFR Investor Survey (Q2 2025) point to a market where most single-family rental investors remain in cautious acquisition mode. With borrowing costs still elevated and operating expenses rising, investors are adjusting their strategies and attempting to modestly raise rents to offset pressure on cash flow. In today’s environment, successful investing requires discipline—and those best positioned are focused on long-term fundamentals. Likelihood of Buying in the Next 12 Months Likelihood of Buying in the Next 12 Months (Q2 of 2024 to Today) Likelihood of Selling in the Next 12 Months Impact of Rising Insurance on SFR Investor Cash Flow 5-Year Insurance Cost Changes How SFR Investors View Home Price Momentum (12 Months) How SFR Investors View Rental Demand Over the Past 12 Months How SFR Investors Expect Rental Demand to Be In the Next 12 Months How Much SFR Investors Plan to Raise Rents in the Next 12 Months Expected Home Price Changes Nationally Over the Next 12 Months Expected Home Price Changes Locally Over the Next 12 Months Expected 30-Year Fixed Mortgage Rates Next 12 Months

Once a niche strategy, build‑to‑rent (BTR) is now a part of the mainstream.  Annual U.S. build-to-rent (BTR) deliveries soared to 39,000 single-family homes in 2024, a 455% increase from the pre-pandemic 2019 BTR delivery count. Moreover, according to LendingOne’s analysis, the runway is long: the nation’s 100 largest metros still have over 90,000 units in the active BTR pipeline. And while development is still heavily concentrated in the Sunbelt, purpose-built single-family rental communities are now cropping up in smaller Southeastern, Midwestern, and Mountain West metros, warranting real estate investors’ attention. Annual U.S. Build-to-Rent Deliveries Hit Another All-Time High To see where the build-to-rent has made the biggest footprint—and where BTR is continuing to expand—LendingOne examined Point2Homes/Yardi’s metro-level database of completed single-family build-to-rent deliveries from 2020 to 2024 and active pipeline counts as of April 2025, across the 100 largest U.S. metros. These were our top-line findings: BTR deliveries that were seeded during the Pandemic Housing Boom are now coming to fruition as annual deliveries hit a new record high in 2024. The Sun Belt’s BTR epicenters—Phoenix, Dallas, and Atlanta—continue to expand due to favorable demographics, developable land, and continued institutional investment. Build-to-rent is also gaining traction in secondary and tertiary markets—places like Wilmington, Des Moines, and Chattanooga—where the current BTR pipeline is more than double the size of what’s been delivered over the past five years Sun Belt Markets Have the Largest Build-to-Rent Footprint Among the largest 100 U.S. metros by population, these are the 10 markets with the largest BTR footprint: Phoenix-Mesa-Chandler, AZ → 25,712 units Dallas-Fort Worth-Arlington, TX → 18,863 units Atlanta-Sandy Springs-Roswell, GA → 14,197 units Houston-Pasadena-The Woodlands, TX → 9,219 units Charlotte-Concord-Gastonia, NC-SC → 8,551 units Austin-Round Rock-San Marcos, TX → 6,124 units San Antonio-New Braunfels, TX → 4,539 units Tampa-St. Petersburg-Clearwater, FL → 4,204 units Orlando-Kissimmee-Sanford, FL → 4,084 units Jacksonville, FL → 3,873 units Even as scattered-site acquisitions have cooled down over the last couple of years, big names like J.P. Morgan Asset Management are continuing to invest, propping up the investment category’s resilience. Even with rent prices cooling off, the long-term BTR vision for as well as Atlanta, Charlotte, and primarily Texas and Florida metros, is sustaining a growing footprint.  Smaller markets are not getting left behind either. While BTR momentum remains strong in Sun Belt giants, it’s the next tier of markets that may offer investors the most runway. In places like Colorado Springs (+260%), Durham (+228%), Richmond (+222%), and Wilmington (+185%), the pipeline of future build-to-rent supply is more than double what’s been delivered over the past five years.  These surges point to shifting investor focus toward affordable, fast-growing metros where competition is lower yet demand remains strong. Top 40 Housing Markets with the Biggest Footprint of Single-Family Rentals Built-to-Rent Units Big Picture Build-to-rent has moved beyond its niche status, emerging as an investment category with staying power, driven by long-run demographic demand and an active pipeline stretching across both Sun Belt hubs and fast-growing secondary markets.