Single-Family Homes Turned Rental Community
Never mind a community, some developers are taking the apartment business model and transferring it to entire neighborhoods for single-family rental homes designed potentially for existing apartment residents.
Areas such as North Carolina, Texas and Arizona are prime areas for such activity because they have ample land and demand is high.
The new rental communities are promoting popular school districts and strong amenity packages. They replicate for-sale projects, with pools, walking trails and fitness centers, and feature management services much like professionally managed apartment communities, such as lawn care, leasing and maintenance. Incidentally, in December, ATTOM Data Research reported that single-family foreclosures in December reached their lowest level since 2006, and December marked the 15th consecutive month that the foreclosure rate nationwide fell YOY.
“It used to be that if you were an adult and didn’t own your own home, you were kind of a bum,” George Casey, a former home builder who is chief executive of Stockbridge Associates, an industry consulting firm, says. That stigma has now “been blown into a million pieces,” he said.
The number of renter households increased by 9 million between 2005.