The number of multifamily units that broke ground in the Atlanta region this year dropped by about half compared to 2022, with the biggest tumble taking place in the suburbs.
The Anna City Council has cleared the way for a NexMetro Communities build-to-rent residential and commercial mixed-use development on 65 acres of land along U.S. Highway 75 in the city.
Pent-up demand from both investors and renters wanting access to the asset class has set up the build-to-rent space to thrive in Dallas-Fort Worth this year and beyond.
So you want a buy house but can't afford the down payment. Or, you need to lease but don't want to live in a traditional apartment building or complex. The answer may be North Texas hottest new housing concept - build for rent housing communities. They are starting to pop up all over the area and are giving those of you stuck between buying a home and renting an apartment a new option.
Amidst demographic shifts and lingering pandemic-impacts on the population and broader economy, the U.S. faces a pressing need to build 4.3 million new apartments by 2035, according to a new study commissioned by the National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC).
Buyers looking to purchase homes in North Texas are finding high prices and too few homes on the market to choose from. Real estate agents, developers, and researchers say the hot housing market is pushing more people to rent and they're seeing more renters who don't want to live in apartments and who would rather live in the suburbs.
Salon owner Erin Majors shared the struggles she and her family faced, trying to navigate the housing market.
"Oh, let's put it nicely. It was extremely stressful," she said. "I was regretting selling my home, actually, because I wasn't expecting, you know, how competitive the market currently is."
Dallas-Fort Worth ranks third nationally by the number of single-family rentals, with a total of 4,290 houses in built-to-rent communities. The wave is growing fast, with twice as many build-to-rent homes now under construction compared to the number completed last year - and that was a record year.
When Ronnie Martin graduated from high school in Murfreesboro in 1992, the small city in central Tennessee had "the charm of a sleepy town."
No longer: In the past 30 years, Murfreesboro has exploded in population, growing 20% in just the last five years.
US rents up 12.6% year over year in January, marking annual rent growth’s 10th consecutive record high.
Single-family rents continue to set record increases in growth.
Rent growth in this asset class increased 12.6% in January 2022, the fastest year-over-year increase in over 16 years, according to the CoreLogic Single-Family Rent Index (SFRI).
House hunters are attracted to the hassle-free living and lack of down payments, but there’s a trade-off: They give up the investment of owning a home.
Sometimes a small niche is growing so rapidly and becoming so important that it cannot be ignored. Whether you choose to abbreviate it BFR, B2R, or choose from a host of other iterations, the “build-to-rent” niche comprises only 5% of homes built, but it is growing rapidly and highlighting some important emerging trends in housing demand.
Simply put, instead of opting for a standard apartment unit, some renters incline toward more of a single-family residential experience with the benefit of a professionally-managed and amenitized community. One fast-growing developer in this niche, NexMetro, markets their Avilla brand as “Rents like an Apartment. Lives like a home.”
A different sort of American dream is under construction outside Denver. More than 130 homes are being framed and nail-gunned together. But there won't be any real estate agents staging open houses. Instead of homeownership, this development is all about home-rentership.
"We got started in around 2010 after the housing crash and people were losing their homes," says Josh Hartmann, the CEO of NexMetro Communities, the company building these homes.
He says the business idea was that all those families losing homes to foreclosure wouldn't want to go back to renting apartments. They'd want to rent single-family houses until they got back on their feet financially.
...more articles are available on the NexMetro website.