Americans aren't just looking to rent apartments anymore. More and more of them are looking to rent full homes now, too. According to CNBC, demand for single-family rental homes is increasing.
Traditionally, builders want to sell their properties as soon as possible for an immediate return on investment, but building to rent is on the rise- many home builders are maintaining ownership after completion for additional revenue as landlords- maximizing their initial investment.
About 43,000 single-family homes were built for rent in 2018 — the largest number in nearly 40 years — per U.S. Census data, and the built-to-rent share of housing starts has nearly doubled since 2012.
Customers are favoring this living arrangement because of the flexibility and decreased need for responsibility. Renters want to be ready for whatever opportunity might come up, and don’t want a mortgage draining their finances in the short or long terms.