Single-family rentals in build-to-rent communities stand in contrast with the formerly owner-occupied properties that can be found in aggregators’ and individual investors’ portfolios. Rather than being scattered throughout existing
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neighborhoods, build-to-rent properties are located within master-planned communities, and are generally managed by the firms who develop them. These communities are financed and operated in much the same way that multifamily communities are, making them much more accessible to institutional investors. Following the Great Recession, we saw a steady uptick in the development of single-family properties whose sole purpose was to be rented out. In 2021, build-to-rent-focused developers, builders, investors, and REITs were behind 5 to 10% of new single-family properties under construction.
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