Belfiore: For-rent single family homes spread their wings and reach

By Mike Sunnucks | Rose Law Group Reporter

The for-rent, single family segment of the real estate marketplace continues to see significant interest in metro Phoenix.

That includes farther out, tertiary suburban markets where there has traditionally been fewer apartments and traditional rentals.

“I would say build-to-rent is the hottest product right now. The equity is trying to get into the business,” said Jim Belfiore, a principal with residential real estate firm Zonda.

Metro Phoenix has seen significant growth in for-rent, single family homes in its traditional suburbs. The segment started to grow after the Great Recession and has continued throughout the current market cycle.

Belfiore said he is seeing increased interest in rental single family homes in exburban submarkets “40 to 60 miles from the core urban center.”

“Markets that don’t have a lot of rental product,” Belfiore said.

The farther out suburbs have historically not had a lot of apartment complexes.

That resulted in renters leasing single family homes. “There is sort of a hidden rental market there,” Belfiore said.

That dynamic is still there and there are some larger real estate investment groups buying new homes in suburban markets for renting purposes.

Belfiore expects to continue to see that as well as the development of more for-rent subdivisions with single family homes, townhouses and duplexes.

He said some outer suburbs are proving to be very lucrative for those types of projects.

“There’s not a whole lot of competition,” he said.

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