By Angela Gonzales | Phoenix Business Journal
Phoenix is ground zero for a rapidly growing hybrid rental housing product that’s catching the attention of national homebuilders.
Big publicly traded homebuilders such as Horsham, Pennsylvania-based Toll Brothers Inc. (NYSE: TOL) and Scottsdale-based Taylor Morrison Home Corp. (NYSE: TMHC) have put their hats in the ring, while an array of smaller builders are jumping in to get a piece of the action.
Built in a community setting, the residential properties are single story and usually detached but are rented out like an apartment, with average monthly rents of about $1,530 across the Valley. Compared with apartment living, renters don’t have to worry about climbing stairs, feet stomping above their heads or loud music blaring on the other side of the wall. Each rental home has its own front porch, small back yard and some even have doggy doors. Depending on the builder, communities have a pool, hot tub, fitness center, doggy park, barbecue grills and recreation areas for horseshoes or bocce ball.