Despite housing shortages driving up home prices, built-for-rent housing continues to grow and evolve
By Jeff Andrews | Curbed
Matt and Sam Blank always wanted to go into business together, and the housing bust in 2008 provided a once-in-a-generation opportunity for the two brothers to do so. They quit their jobs in New York and moved to Phoenix, Arizona. The plan was to buy houses out of foreclosure at bargain prices with their own money.
The only problem: private equity firms like Blackstone with bottomless access to capital had the same idea. “In about a period of two weeks they put us out of business,” Matt said.
To salvage their business—and their pride—the brothers shifted gears. Instead of buying houses and renting them, they decided build houses and rent them. And not just one house here and there, but whole communities of more than 100 single-family homes where every unit is a rental.