By Mike Sunnucks | Rose Law Group Reporter
The for-rent subdivision segment continues to show strength and increasing diversity — both in terms of offerings to tenants as well as investors and industry players.
That is according to Jim Belfiore, a principal with real estate research Zonda.
“I would say the product is diversifying,” Belfiore said.
He said for-rent single-family and townhouse developments — which sprouted after the Great Recession as an alternative to apartments — are now offering a wider variety of floor plans and residence sizes as the segment matures.
“The new products have attached and detached units — smaller units, larger units. The product is really infilling every nook and cranny of the metro Phoenix area,” Belfiore said.
Belfiore said he continues to see interest from for-rent single-family developers and investors in areas along the Loop 303 and Loop 202 freeways as well as farther out suburbs such as Pinal County.
The former freeway corridors offer proximity to jobs and commuter routes — as well as some available land for development. “There are a lot of farms along those corridors,” Belfiore said.
He also said Pinal County has not traditionally had a lot of rental products available creating an opportunity for the for-rent residential segment as the area continues to grow its jobs base.
