This year over 14,000 freshly built homes will become available as rental units.

According to a recent survey of 3,300 renters on RentCafé, as many as 78% said they were interested in living in a community of single-family homes. The survey confirmed the rising interest in single-family rentals that began to take shape last year, where searches for “homes for rent” tripled in 2021 compared to the previous year.   For renters looking for lifestyle changes offering more space and privacy, single-family communities and houses built for the purpose of renting have become a more popular trend in housing. While 2021 was a record year for single-family rental home construction, with 6,740 new built-to-rent homes already completed. The trend is growing rapidly, as twice as many homes are now under construction for an average total of 14,000 set to open their doors to renters this year.  Described by some experts as “horizontal apartments,” communities of houses built for the sole purpose of renting are becoming an increasing topic in residential living. Although proliferated in the aftermath of the 2008 housing crisis, the pandemic created an unprecedented demand among renters for space and privacy, unlike apartments.  The built-to-rent trend combines the financial and leasing flexibility of a rental with the amenities and convenience of a professionally managed property, all while living a single-family home lifestyle. As a result, everyone is interested, according to Shannon Hersker with Walker & Dunlop: “There is a misconception that the majority of renters are Millennials when, in reality, you have everyone including college students, empty nesters, families with kids, pet owners, and those wanting to downsize,” Hersker said.

Source: DSNews