RentCafe: Build-To-Rent Segment Sets New Construction Milestone
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The largest number of new BTR homes last year were constructed in the Phoenix metro area, where more than 4,000 units were completed. Dallas came in second with almost 2,700 and Atlanta was third with approximately 1,980. Austin and Charlotte, with 840 and 714 respectively, were the next metros on the list. In sizing up the numbers, RentCafe observed that the Covid-19 pandemic’s impact should not be underestimated. In the years before Covid turned our worlds upside down, an average 6,600 BTR houses were constructed annually nationwide. Upfront costs are the costs you'll need to pay before moving into your new home, including your down payment, closing costs, and other fees.
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Anyone prepared to argue there’s really nothing new under the sun in the U.S. housing market hasn’t glimpsed RentCafe’s annual Build-to-Rent Construction Report, out just last week. The niche comprised of single-family houses built expressly to be rented has established its fifth straight yearly record, with more residences than ever being constructed. Even more striking, 41% of all BTR homes, or about 68,000 homes, were constructed in just the last half decade. The explosive growth of the market, especially in the last three years, is evident in the following figures. That number grew to 6,434 in 2016, 9,978 in 2021, 15,691 in 2022 and 27,495 last year. While BTR is concentrated in the Sunbelt, the phenomenon is by no means limited to that region.
RentCafe: Build-To-Rent Segment Sets New Construction Milestone
A rent increase is when your landlord raises the rent you pay each month. In Alabama, the dramatic growth of jobs and residents in Huntsville has supercharged the production of BTR houses. The metro had a total of 262 units, and is now readying another 2,500. The loan amount is the amount of money you plan to borrow from a lender. Homeowners insurance also provides liability insurance if there are accidents in your home or on the property. Home value is the estimated amount your home is worth in the current market.
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After that, the pace of new completions is likely to moderate, the nationwide apartment listing service observed. In fact, Huntsville is topped only by Phoenix, Dallas and Houston among the metros with the most BTR homes under construction. At the opposite end of the spectrum, Denver, Sacramento, Riverside and Minneapolis bring up the bottom of the top 20, each of them with fewer than 1,000 BTR units under construction. The leading emerging metros for BTR homes are found in Florida and North Carolina. The North Port and Lakeland markets were the new markets with the greatest activity within the Sunshine State. In North Carolina, Raleigh is a fresh new BTR market, while in Georgia it is Savannah and in Michigan, Ann Arbor.
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Approximately 27,500 build-to-rent (BTR) houses were completed last year, a number 75% greater than 2022. Sunbelt metros in the South, Southwest and Southeast saw the greatest construction, and accounted for almost one-third of all units built last year. An adjustable-rate mortgage or ARM has an interest rate that can change.
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Housing costs include your mortgage payments, homeowners insurance, property taxes, and HOA fees if you have an HOA. Still, most envision a bright future for BTR, especially given Millennials’ desire for home ownership, even if it comes with a monthly rent payment rather than a mortgage expense. If your down payment is less than 20 percent of your home's purchase price, you will need to pay for mortgage insurance. Mortgage insurance protects your lender from losing money if you default on your loan. Typically, Federal Housing Administration (FHA) and US Department of Agriculture (USDA) loans require mortgage insurance. A fixed-rate mortgage has an interest rate that doesn't change for the entire loan term.
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A security deposit is the amount of money you give to your landlord at the beginning of a lease. This deposit is usually equal to one month's rent and covers any damage the tenant causes to the property. RentCafe reports most of the 45,400 BTR homes currently being constructed will open their doors next year.
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Your home equity is your current home value minus what you owe in your mortgage. Home location helps accurately estimate today’s interest rate, tax rate, home insurance cost, and the average home price.
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