Demand for single-family rental homes is surging, and homebuilders are now stepping in, redesigning and reimagining the sector — and becoming landlords themselves.
"We basically took an apartment and went horizontal instead of vertical," AHV founder and CEO Mark Wolf said. "About 93% of the apartment stock consists of studios, one and two bedrooms, very few three bedrooms. We saw a growing need coming out of the downturn, to provide three- and four-bedroom homes to the renter society."
Builders are becoming landlords by renting their housing developments. The Pradera development has its own dog-washing station at PraderaLast year, about 43,000 single-family homes were built for rent, the largest number in nearly 40 years according to the U.S. Census. The built-for-rent share of housing starts is also rising, nearly double its recent historical average .Taylor Walters and Paree Dilkes want to get out of their rental apartment and into a larger single-family home.
Renting used to come with a social stigma, since homeownership was touted as the American Dream. The average annual household income of tenants in Pradera, however, is over $100,000, meaning many of them can afford to buy a home but simply choose not to."I've done research, read different articles on millennials buying houses, and I think the biggest thing is the hidden costs that we might incur," said Walters.
Rent increases and homelessness?
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