Other Western cities are also seeing a surge in development and investment activity
PHOENIX, ARIZONA (December 22, 2021) – Trevor Koskovich, president – investment sales, shared his insight in Western Real Estate Business on one of the hottest asset classes in the U.S. rental housing market: build-to-rent communities. Topics include: Who is Renting, Phoenix Inventory Doubling, and Capital Pouring In.
Demand for these properties, defined as “purpose-built, single-family rentals,” has been particularly insatiable in Phoenix and across the Western United States, and there are no signs of a slowdown as demand continues to outpace supply. Thousands of new units are being built.
Renters are attracted to the BTR lifestyle as it offers the advantages of a single-family home without the responsibilities of owning a house. It also provides the convenience of low-maintenance apartment living, but with more space and privacy.
These detached units also come with backyards as well as communal amenities like pools, dog parks, party spaces and fitness centers. Single-family renters are generally “stickier” than typical apartment renters because they view the home as a longer-term commitment, resulting in higher renewal rates than apartments.
