Build to Rent properties find a home in Florida

ABC Action News / WFTS Tampa Bay:

Renting the American Dream: Build-to-rent communities fill supply shortage amid housing crisis

https://www.abcactionnews.com/news/full-circle/renting-the-american-dream-build-to-rent-communities-fill-supply-shortage-amid-housing-crisis

“Housing experts describe the hybrid build-to-rent model as "the biggest change in residential real estate that we've seen in our lifetimes." But, what does it mean for single-family homeownership and the future of housing?

NexMetro launched its first community 10 years ago in Arizona. The motto on their website is "rents like an apartment, lives like a home."

And, if anything breaks, it's a rental, so you don't pay for maintenance, and transitioning later on to a product you can buy is off the table.

"This is a for rent only product, okay, so for rent only in perpetuity," William Hulton, Vice President of Development for NexMetro in Florida, said. "And we do not develop this product with that (buying later) in mind. It is intended at the onset and throughout its life to be a full rental product."

…

"So it's not a new concept…Surak said. "I don't think it will be a displacement of the single-family home. I think it's an alternative to folks who have traditionally been serviced in the apartment rental space.“