As the world evolves, so does the way we live. Increasing property prices, high mortgage rates, and lifestyle changes have led to an increase in the number of people choosing to rent instead of owning their homes. The monthly cost of homeownership became 35% higher than the cost of renting a professionally managed apartment, according to NMHC estimates. This marks the highest buy-to-rent premium (on an inflation-adjusted basis) since the peak of the housing bubble in 2006.
In response to this shift, a new concept of “Build To Rent” (BTR) communities has emerged, offering a unique living experience to renters.
What Are Build-To-Rent Homes?
BTR communities are purpose-built rental properties designed and constructed specifically for renting. Unlike traditional rental properties, BTR communities are managed by a single company, offering tenants a more streamlined and consistent living experience. These communities are usually located in desirable suburban locations, offering easy access to urban centers while still providing a peaceful and comfortable living environment.
Benefits of Renting in a Build To Rent Community
BTR communities offer many benefits to renters, including:
Modern Amenities
BTR communities are designed to offer modern amenities that cater to the needs and wants of residents. These communities often feature fitness centers, swimming pools, communal spaces, outdoor areas, and more.
High-Quality Living
Because BTR communities are purpose-built, they are often constructed to a high standard. This means that renters can expect a higher quality of living in terms of design, materials, and finishes.
Professional Management
BTR communities are managed by a single company, meaning residents can access professional management and maintenance services. This ensures that any issues are resolved promptly, and the living environment is well-maintained.
Community Feel
BTR communities are designed to foster a sense of community among residents. The communal spaces, events, and activities offered by these communities make it easy for renters to meet their neighbors and build relationships.
Conclusion: Build To Rent Communities Are In High Demand
Build To Rent communities offer a great alternative for rental living. With modern amenities, high-quality living, professional management, flexible leases, and a community feel, these communities offer a unique and attractive living experience for residents. As the demand for rental properties continues to grow, we can expect to see more BTR communities being built across the country.
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