In reality, there are stark differences between the two asset classes. As opposed to scattered single-family rentals, build-to-rent provides new, reasonably priced housing inventory. Redfin reported that the median U.S. asking rent in October rose 7.8% year over year, the smallest annual increase since August 2021.
Despite these facts, NIMBYism is at its peak with municipalities shutting down prospective communities for fear of the unknown. It’s time to break that stigma, debunk the harsh perceptions of build-to-rent and educate the public about the sector’s goal to help mitigate the housing crisis one community at a time.
Why are people choosing to rent their houses?
Unlike what many NIMBYs may think, our residents are not stereotypical “renters.” Our homes accommodate a diverse mix of residents including renters-by-choice, young couples and empty nesters – all looking for more space, less maintenance and increased flexibility. Quinn’s build-to-rent dwellers are an average age of 37 years old and earn nearly five times their monthly rental payment.
For residents who are still interested in buying a home in the future, Quinn provides the foundation for a path forward, offering assistance like positive rent reporting to credit bureaus and reasonable rent pricing to help save for a down payment in the future. It’s no longer necessary to stay in an apartment while you save or decide where you ultimately want to live – our newly built communities provide opportunities for professionally managed, well-kept homes that make living easy.
In fact, according to a recent National Association of Realtors (NAR) survey, 86% of tenants renting single-family homes end up purchasing a home within five years.
Why does build-to-rent stand out?
Build-to-rent communities have notable distinctions compared to individual homes or scattered-site for-rent portfolios. BTR is bringing new inventory to the area, helping meet increased demand for housing and potentially leading to more affordable housing options. These developments are often built on underutilized land, especially in secondary markets, helping to fuel market growth in areas that otherwise would not have seen it.
The communities are also professionally run and well-kept, offering high-quality amenities that residents desire today. Our communities are outfitted with top-tier, environmentally friendly technology and sustainable community amenities, such as playgrounds, dog parks and community gardens. The maintenance and operational advantages at Quinn homes compared to scattered SFR portfolios are unmatched, offering aspects that multifamily projects do not and cannot offer.
Richard Ross, CEO of Quinn Residences, believes NIMBYism is the single biggest threat to the BTR industry. However, the build-to-rent asset class isn’t going away. It is our mission to continue educating the public on the benefits of BTR and the intense need for more homes in this country.
If you’re interested in learning more about Quinn Residences’ communities to find out if renting a home is for you, check out this link.