Communities of single-family Build-to-Rent homes constructed with renters in mind have become the latest trend in housing as they cater to their need for a change in lifestyle that gives more privacy and space. With 6,740 newly constructed built-to-rent homes finished, 2021 set a record for single-family rental home building. Additionally, the trend is accelerating, with roughly 14,000 houses slated to welcome tenants this year after being twice as many are already under construction.
Communities of Build for Rent houses constructed for the sole purpose of renting are quickly becoming the trendiest subject in residential living, cleverly referred to by some as "horizontal flats." Single-family rentals, however, are not a novel idea. Despite the fact that they increased following the housing crisis of 2008, this time is different. Renters now have an extraordinary need for privacy and space, which homes may provide considerably better than flats due to the epidemic.
A recent study of 3,300 renters revealed that up to 78 percent of respondents were interested in living in a Build-to-Rent neighborhood of single-family houses. According to the report, single-family rentals are becoming increasingly popular. This trend started to emerge last year, too, where searches for "build to rent homes near me" increased in 2021 compared to 2020.
In addition, the competition to create more of this popular rental type is accelerating: According to Yardi Matrix statistics, 6,740 new rental houses were finished in built-to-rent communities in 2021, which is the largest annual total to date. However, given that the rate of building is anticipated to quadruple starting this year, this is simply the start of a pattern that we will inevitably see more of. Particularly, the number of built-to-rent homes being developed in the US is projected at 14,000 units.