2021 has shown a significant surge in built-for-rent, commonly known as BFR, properties across the country. With a growing increase of 7%-10% within the last year, it is expected to grow to around 120,000 in 2022, 145,000 in 2023, 160,000 in 2024, and peak in 2025 at 180,000. Similar to other trends in the real estate market, it is crucial to understand the how and why these shifts are becoming so popular. Thus, allowing those interested to be able to reap the benefits of these increases.
Built-for-Rent follow the original concept of the action where investors would purchase a home from another homeowner and reconstruct it to a multi-unit rental property. Now, BRF’s are using land to create buildings solely for the purpose of rentals from the ground up.
Millennials are driving the surge in build-to-rent properties as they have been accustomed to renting for a majority of their adult life. Their families growing and most owning pets, a demand for more space; especially a yard, leads the demand as they shift to rental homes, a great way to create that space is by installing one of the pergolas in Arizona from Royal Covers you will find a lot of options.
Built-for-Rent homes have the capital available.
Financing a single-family rental property makes way for the big players to actively invest, reacting in more and more renal communities being built all throughout the country.