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The American dream of homeownership may be shifting gears. Single-family homes built for rent are popping up across the country at record rates. This new trend, known as built-to-rent, is primarily concentrated in major metros like Phoenix and Atlanta but is spreading to all regions.
Built-for-rent communities are clusters of single-family rental homes in a professionally managed community with amenities such as swimming pools, tennis courts and dog parks. With no maintenance costs, homeowners association fees, or mortgage payments, built-for-rents have become a more economical alternative to homeownership that still gives young families the space they need to grow.
"People who can't afford to buy in today's high-priced housing market are opting to rent single-family homes instead," National Association of REALTORS® Deputy Chief Economist Jessica Lautz said.
"We are seeing this growing move towards having built-for-rent properties in the U.S.," Lautz said. "[Young adults] have to turn to rental properties because there is no alternative."
