Institutional build-to-rent has crossed a threshold in 2025. In the UK, over GBP 1 Billion was invested in single-family rental between Q1 and Q3 alone. In the US, the Sun Belt BTR pipeline now constitutes a genuine institutional asset class. In Germany, Berlin's BTR market is the largest in Europe. The structural driver — homeownership affordability constraints — is not cyclical. It is generational.