Owner and operator Tricon Residential plans to deliver thousands of new build-to-rent homes.
Owner and operator Tricon Residential is expanding across the Sun Belt with 23 new home communities. The company announced earlier in November it was expanding to more than 3,000 rental homes in its build-to-rent (BTR) communities.
"At Tricon, we are committed to expanding the supply of accessible, high-quality housing for families who are seeking a single-family home and prefer the convenience and flexibility of a rental lifestyle,” said Gary Berman, President and CEO of Tricon Residential, in a release.
Most of the communities will be single-family detached homes with three to four bedrooms in high-growth Sun Belt markets. These include Texas, California, Arizona and Florida, and more than 600 homes will be available for rent by the end of next year. The entire portfolio will be available by the end of 2024.
“We are also focused on building sustainable communities that enrich the lives of our residents and the local neighborhoods they live in, which is central to our corporate strategy and our Environmental, Social and Governance ("ESG") priorities,” added Berman. “Our build-to-rent pipeline makes a positive contribution to alleviating America's housing shortage, while stimulating local economic growth and catering to the needs of modern residents."