NexMetro also has developed subdivisions in other cities such as Austin, Dallas, and Phoenix.
Build-to-rent homes are the latest trend for those who cannot afford homeownership in a tough market. Metro Atlanta has latched onto this new development through newly constructed subdivisions.
According to Fox 5, these build-to-rent neighborhoods will provide single-family homes. However, they will serve as rental opportunities and are unavailable for purchase. A subdivision in South Fulton aims to offer more space for young professionals and those with children outside the home.
“We have a lot of single women looking for the privacy we provide with gates,” said Jason Flory, managing director of NexMetro Communities Atlanta. “We’re providing all the maintenance inside and outside the home.”
NexMetro has also developed subdivisions in cities such as Austin, Dallas, and Phoenix. However, the website has not listed any price ranges for the units thus far. Despite this, Flory argues that the price will reflect the amenities offered.
This news comes as the average age of homebuyers jumped to 56, per CNBC. Moreover, some analysts have warned of the potential downsides to the growing “BTR” movement.
“We see that these companies tend to raise rents and add what’s known as junk fees and significant rates,” explained Georgia State geography professor Taylor Shelton to the news outlet.” We also know these companies are the most frequent subject of complaints to code enforcement in Atlanta and nationwide.”
Shelton also remains uncertain if the rise of these homes will lead to a decline in surrounding property values. However, he noted that these developments are similar to corporate landlords buying developments, inevitably cutting homeownership opportunities.
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Source: Black Enterprise
