As built-for-rent housing gains acceptance, it is increasingly being included in master planned communities, John Burns Real Estate Consulting reports.
In past housing cycles, you had to buy a new or resale home to live in a master-planned community, although some included a modest number of apartments. However, investor-owned single-family rental homes emerged in many popular masterplans since the Great Recession and housing correction, offering access to the lifestyle without owning the home. People of all ages appreciate the convenience and mobility that renting offers. In the last three to five years, many more people have “rented” someone else’s car through a rideshare service or “rented” a stranger’s home for a vacation. Today, both young and mature singles and couples are electing to rent in walkable neighborhoods near the restaurants, clubs, shops, and entertainment that they love.
William Olson, senior vice president for community developer Newland Communities, observes that BFR homes could add an additional housing segment to the masterplan and serve many future residents:
- Families preferring to rent a home instead of an apartment
- People choosing a rental for the flexibility and “lock-and-leave” lifestyle
- Relocating workers who aren’t ready to purchase a home
- People evaluating the masterplan before buying a home
- People waiting for a home to be built
- Military families who need flexibility when reassigned
- Seasonal residents