Public home builder Lennar is providing the blueprint for operating single-family detached subdivisions as rental communities.
Meyers Research studied how Lennar runs its Frontera at Pioneer Meadows neighborhood in Sparks, Nev. The project opened in March of this year and is leasing nine units per month. 55 percent of the 80 units are leased and 34 percent are occupied.
The most popular floor plans are the smallest options (less than 1,700 square feet) at the lowest prices (less than $1,800 per month). Frontera’s absorption is slower than traditional apartment communities but is faster than for-sale housing developments.