Homebuilders Chase SFR Market
Investors and residents are gobbling up single-family rentals, so developers–both traditional homebuilders and multifamily specialists–are clamoring to feed their growing appetites. According to the National Association of Home Builders, there were approximately 14,000 single-family built-for-rent starts in the third quarter of 2020, a 27 percent increase over the prior quarter.
“’We looked at a few other opportunities, including senior living and student housing, but single-family rentals seem to have the most opportunity,’ said Callum Parrott, President of Single-Family Rentals.
We are expanding into a space that has typically been managed by mom-and-pop operators. ‘Mill Creek is vertically integrated, with construction, development and operation capabilities, and we think the product type, while not easy, will be easier than what we have built in the past.’ Plus, the initial markets Mill Creek is targeting—the Carolinas, Georgia, Florida, Texas and Arizona—are all markets in which the company is currently operating.”
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