Built-to-Rent Communities Are Growing in Popularity
As skyrocketing housing costs continue to strain affordability, the built-to-rent (BTR) model is emerging as a viable solution for many Americans. Builders are increasingly constructing entire blocks of single-family homes specifically designed for renters, providing an alternative for those unable to enter the homeownership market. With a recent CNN poll indicating that 86% of renters feel priced out of buying a home, the demand for these communities is on the rise. Initially popularized during the Great Recession in Phoenix, BTR developments are now spreading throughout Sunbelt cities like Atlanta and Dallas, attracting a diverse range of renters from Gen Z to Baby Boomers.
While BTR communities accounted for only 7.9% of new residential constructions last year, industry experts like Brent Long of Christopher Todd Communities argue that they are crucial in addressing housing shortages and offering flexible living arrangements. Renters like Cassie Wilson appreciate the benefits of living in well-maintained homes without the burdens of ownership, allowing them to enjoy amenities and a sense of community. Although some housing advocates caution that BTR developments alone won’t significantly lower housing prices, they acknowledge the positive impact on availability and affordability. As more people like Texas resident Richard Belote seek temporary housing solutions while waiting for market conditions to improve, the BTR trend is set to grow in importance within the housing landscape.
