New Housing Concept - Build-to-Rent
A Contractor friend of mine took me to see a WHOLE community built on this concept. WOW - I had no idea that this was catching on to this extent especially in major US cities and town.
CBS News 09/19/2024 - Built-to-rent communities a growing U.S. trend amid sky-high housing costs
from the link:
As housing costs skyrocket and the demand for affordable homes surges, builders across the U.S. are constructing entire blocks of single-family homes specifically designed for renters. These so-called built-to-rent communities can offer another option for those who want a home but cannot afford to buy one.
A more local news cast shows that this type of community living is really growing in Metro Atlanta.
I did not see that these housing units are on the smaller size - many of the ones I looked at had 3-4 Bedrooms and multiple baths. The rent wasn’t on the cheaper side either - how could it be when the cost of the units have to be paid for as well as the land cost, property taxes and any other fees that are on the “landlords” - I guess that is what one would call them; as well as a monthly profit from the rentals.
I can see how the concept is taking off - there are advantages but also disadvantages - the main one would be that the “renter” is not earning any equity and for most of our history, equity in ones’ home was a way to build wealth.
Do you think that this equity wealth building concept is changing? How fast? Cause I know lots of retiree who have hopes that their equity in their home would add to or support their retirement - are they gonna be in for a real surprise?
I think my contractor friend was impressed so I look for a plan from him on his take on this new home renting community concept real soon.
Just something to think about - everybody needs a place to live - is this part of the answer? Personally, for me, they are too bunched in but I would think that regardless of how people are living in them - buy or rent.