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.
Deemed NexMetro Communities, they will offer nearly 200 two-story homes with two to three bedrooms. They will come complete with garages and backyards, in addition to maintenance provided by management.
“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.
“The main difference is the fact the fact we have on-site maintenance and on-site professional management team to make sure these homes stay well maintained,” stated Flory. “If we’re going to charge $2,000 a month, we need to be able to maintain it and give them (clients) the quality they deserve.”
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.RELATED CONTENT: Young Thug Stands Trial While Former Mansion Listed For $2.6M