Four key takeaways from the IMN BTR Conference in Nashville

Earlier this month, I had the opportunity to attend the IMN Build-to-Rent (BTR) Conference at the Grand Hyatt in Nashville. While the event skewed a bit vendor-heavy, it was a valuable opportunity to connect with decision-makers, hear from seasoned voices across the space, and assess where the BTR market is heading.

As Managing Director of Investment Sales in the Atlanta Walker & Dunlop office, I spend a great deal of time analyzing trends, advising clients, and identifying strategic opportunities. Here are a few key insights I took away from the event:

1. Scale matters more than ever

Smaller developers are feeling the pressure in today’s market—especially when it comes to securing capital and navigating rising costs. In contrast, well-capitalized groups with robust infrastructure and access to real-time data are well-positioned to take advantage of market dislocations. These players can move quickly when opportunities arise and are more resilient in the face of ongoing volatility.

2. Low barriers to entry are creating wide variance in operator quality

The BTR space has drawn a broad mix of sponsors—some with deep experience and others newer to the industry. That’s partly due to the sector’s relatively low barrier to entry compared to conventional multifamily. As more of these assets enter the operational phase, the differences in sponsorship, execution, and strategy are becoming more pronounced. Buyers and capital partners are placing a premium on experience and scale.

3. Conventional multifamily buyers are circling—but pricing is tricky

As BTR assets begin to stabilize, they’re attracting attention from traditional multifamily investors looking to diversify. That said, there’s a disconnect between buyer expectations and the pricing that some sellers are holding onto. Sellers are still anchored to peak valuations despite shifting fundamentals. It’s a dynamic we’re watching closely, as it may create windows of opportunity for groups prepared to act decisively.

4. In-person conversations remain invaluable

One of my biggest takeaways from the conference was the continued value of face-to-face engagement. Some of the best insights came from impromptu hallway chats or candid conversations over coffee. These events provide a pulse on sentiment and capital flows—and being present allows me to better support our clients with forward-looking strategies grounded in real-time market perspective.

How Walker & Dunlop helps clients navigate the BTR landscape

At Walker & Dunlop, our Investment Sales and Capital Markets teams work hand-in-hand to guide clients through every phase of the BTR lifecycle—from site selection and equity structuring to recapitalization and disposition. Whether you're looking to scale your platform or acquire stabilized assets, our team delivers the insights, relationships, and execution certainty to move your strategy forward.

If you’re active in the BTR space—or exploring it for the first time—I’d love to share what we’re seeing and how we can help. Let’s connect.