The latest annual report on the State and Trends of Build-to-Rent (BTR) in Spain presents the challenge currently faced by this asset. In the last four editions of this same report, we have been able to observe the evolution of this asset class which, despite being in a period of unprecedented demand, has yet to fully establish itself within the Spanish residential market due to various challenges such as land prices, construction costs, increased operating expenses (OPEX), and financing costs, all of which contribute to making the overall returns generally unattractive for many investors.