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.Texas resident Richard Belote says his rented home 90 minutes from Houston is a “good stepping stone, because interest rates are “just too high to manage.” Despite saving diligently to buy a home, he and his fiancee feel priced out of their house hunt. “Just really kind of crossing our fingers that those rates go down,” he said.
Belote is far from alone. A July CNN poll found 86% of renters say they can’t afford to buy a home and 54% say they believe it’s unlikely they’ll ever be able to. However, another poll found 81% of renters want to own a residence in the future.
“House prices have gone up by more than 40% in just four years,” said CBS News business analyst Jill Schlesinger. “There are a lot of people out there who really, really want to be in homes, and they just can’t afford to get there,” Schlesinger said.Built-to-rent communities began in Phoenix during the Great Recession to meet that demand. They are higher density and smaller cottage-sized homes — a literal cottage industry now spreading in cities across the Sunbelt, including Phoenix, Atlanta and Dallas.Brent Long leads the build-to-rent expansion for Christopher Todd Communities in Arizona. He says the renters range in age from Gen Z to Baby Boomers. “It’s really renters by choice and rent …
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