Home ownership has always been an integral part of the American Dream. You find a house to buy, secure a mortgage and build equity over the years. But with the constantly changing real estate landscapes and growing popularity of alternative investment options, such as NFTs, ETFs, and everything in between, more and more people discover better ways to build wealth without being strapped into a multi-decade commitment.
Rapid price increases in the housing market post-pandemic and historic shortages in inventory have also been huge factors in reshaping the idea of homeownership, and many families now opt for living in build-for-rent single-family home communities. Let’s take a look at the three main groups of residents who call Quinn communities home and how their decision to rent redefines the concept of the American Dream.
Based on a survey of 1,160 single-family renters with a household budget for rent over $1,000 conducted by New Home Trends Institute, 35% were renters-by-choice. Renters-by-choice include those who could purchase a home if they wanted to, but for whatever reason prefer not to.
Renting a home allows for a level of flexibility that owning does not. It could be a great option for an individual moving for a new job or someone who needs temporary housing on a short-term lease. Another upside of renting is fewer financial and maintenance responsibilities. Mowing a lawn every week or having to cough up cash every time an appliance breaks is not ideal. When you rent a home, these worries disappear. Those looking for a maintenance-free lifestyle come to Quinn for a simpler way to live. For residents of our communities, maintenance requests are just a call or click away at no extra cost.
Young Couples and Families
We see a substantial number of young couples in their 30s in our communities, many with a child or one on the way. They may have the intention to purchase a home in the future but could still be saving for a down payment or working on improving their credit score. When considering alternatives, these potential residents quickly realize that single-family rentals offer more space and autonomy, as well as a better pet-friendly environment than apartment living.
For many young families, the decision to make Quinn their home is also driven by desire to move to a neighborhood with better employment opportunities, school options and community amenities, such as on-site playground, dog park, pool or a clubhouse.
For older adults and empty nesters, dream retirement means not only to live comfortably financially, but also having the flexibility to move near children without the commitment of home ownership. This is exactly what build-for rent homes can provide.
Take Marisol and David Laboy from Connecticut. When their daughter moved to South Carolina, they followed to be near her family – or more specifically her two children. The Laboys look forward to hosting their grandchildren and kids in their newly built home in Quinn’s Harrington Trail community in Greenville. Their five grandchildren get all the benefits of spending time at their grandparents’ home, and the Laboys do not have to stress about a mortgage or maintenance. The Laboys’ home features a fenced-in backyard, a playground and swimming pool for the kids to enjoy and spacious rooms for spontaneous sleepovers.
Whether our future residents are looking for more space, less maintenance or more flexibility and financial freedom, renting a Quinn home can be the next best step towards their new American Dream. Check out one of our newly built and future communities to see why it could be a great fit based on your financial situation, lifestyle, and personal goals.