The Rising Popularity of Built-To-Rent Communities

Americans who could afford to buy a house have traditionally bought one, while those who could not afford a down payment or didn’t meet mortgage requirements have rented until they could afford a home of their own. This paradigm is changing, though. A growing number of people—even those who have the means to buy a home—are now choosing to rent. And more and more frequently, they’re choosing to rent a single-family home in a built-to-rent community.

A built-to-rent community is a community of single-family homes that offers the same benefits of homeownership—like private yards, spacious floorplans, and quiet indoor spaces—with all the perks of a multifamily housing community and more. In addition to their own private spaces at home, residents in built-to-rent communities often have access to community pools, grilling and picnic areas, fitness centers, 24/7 property management teams, and more.

As some of the world’s largest asset managers dive into single family rentals and built-to-rent communities, it’s apparent the trend isn’t going anywhere anytime soon.

Homes for Everyone

The real estate industry typically puts renters into two categories: renters by choice and renters by necessity. Renters by necessity are the folks mentioned above who cannot buy a home for one reason or another. Renters by choice, on the other hand, are those who can afford homeownership (or have previously owned a home) but choose to rent instead.

Built-to-rent communities appeal to both of these broad groups and to several generations in a variety of different wealth levels. Everyone—from millennials to baby boomers—is getting in on the built-to-rent trend.

The Benefits of Built-to-Rent Communities

The built-to-rent industry has doubled its share of new home construction from 4% to 6% over the past year, and industry experts expect that number to double again by 2024. From the sky-high prices of entry-level homes to the slow economic growth rate due to the COVID-19 pandemic, there are a variety of reasons for this explosion in built-to-rent popularity. Among those reasons, you’ll find a variety of benefits to choosing a built-to-rent community over buying a home or living in multifamily apartments.

Affordability

It’s no surprise that owning a home is expensive. Even if someone is able to find a great deal on their mortgage, the cost of repairs and upkeep for a large home can be outrageous and sometimes come up unexpectedly. Living in a built-to-rent community often offers a more affordable option. Plus, with access to fitness centers and yoga studios, renters can get rid of extra expenses like gym memberships.

Flexibility

Homeowners are often tied down to their investment. Should they ever decide to move, they have to sell their house and find a new one that meets all of their needs. With no long-term commitments, built-to-rent communities provide flexibility for individuals and their families. If the renter needs to relocate for work or personal reasons, they can easily do so without dealing with all the extra hassle.

No Maintenance

Keeping up with maintenance around the house can turn into a huge headache. This problem only worsens as individuals become older and less mobile. In many built-to-rent horizontal living communities, like Christopher Todd Communities, residents enjoy on-site maintenance teams ready to meet your every need—from fixing emergency leaks to general lawn care and everything in between.

Community Perks

The community amenities in built-to-rent single-family communities often rival those in crowded, sometimes dated multifamily housing communities. With more space and amenities designed to live a life of luxury, built-to-rent communities can offer a more modern, more spacious, and better lifestyle than many alternatives.

New Builds

Most new homeowners can’t afford to buy a new construction home. The entry-level homes they’re looking at are often decades old and may require expensive renovations to meet all of their needs. Because the trend in built-to-rent single-family rentals is so new right now, many of these communities offer the newest in stainless steel appliances, granite countertops, and smart home technology.

Build Your New Life at Christopher Todd Communities

Whether you’re enjoying our impressive collection of community amenities, relaxing in your private, fenced yard, or lounging in luxury at home, Christopher Todd Communities provides A New Way To Live® that’s better than all the rest. Experience the built-to-rent community lifestyle for yourself and contact our team to schedule a tour.