Bedroom at Olive Marketplace Apartments in Glendale, Arizona. Photo via Empire Group.
(Disclosure: Rose Law Group represents Empire Group.)
By Melissa Rosequist | YourValley
Adults in the rental market are finding built-to-rent communities may be the best of two worlds — a dwelling with benefits of a single-family home without the longterm commitment or financial needs required to get a mortgage.
Built-to-rent communities arrived on the scene around 2008, emerging in recent years as developers sought to diversify housing for consumers and cater to markets that either did not want or could not afford a new home, but wanted the trappings of the single-family life.
“I think one of the reasons why there’s so much attention placed on it now is that it’s become much more prevalent, the market has expanded for this product type, especially since 2017,” said Mark Stapp, a professor at Arizona State University and director of W. P. Carey Master of Real Estate Development.
Historically, housing options included single-family neighborhoods, condos or town houses or apartment complexes. Built-to-rent communities offer the luxury of individual homes that can include yards, space from neighbors and a neighborhood feel, with the luxuries of rental units.
Real estate professionals say this version of homes is filling a need for young families, single adult professionals and aging adults who are not in the market for homeownership for one reason or another. It’s a popular option in markets like Phoenix and Texas, but isn’t appropriate everywhere.
