The hottest thing in residential development is built-for-rent single-family communities, and billions of dollars are lined up to serve the growing need
, the largest land company in the U.S., and he told me that between 5% and 10% of their land sales are for BFR right now, and that the percentage share is growing rapidly month after month. He said he anticipates that percentage will “double or triple in the next couple of years.”The buyers of these land parcels run the gamut, from smaller local players to major platforms with billions of dollars behind them.
Different BFR land investors have different preferences. Some want to maximize density, aiming for 11 or 12 units per acre , while others, like American Homes 4 Rent, only... [+]build traditionally-platted single-family homes, at densities closer to 4 to 5 per acre. Parcels suited to rental townhomes, with a density in the middle of those ranges, are in extreme demand.
the fastest in the secondary metro areas, boosting demand for BFR land in places like Augusta and Savannah, and San Antonio and St. Paul.There is more demand for the different types of built-for-rent than virtually any community will allow, or zoning is set up to accommodate. The shortage of land supply is partly due to attitudes within local governments, who often have a strong bias against rentals. And that derives from the fears of existing residents .
4) The need for sufficient space for home offices is driving some out of apartments and into townhomes or detached housing units.
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