There are a lot of reasons people rent homes.
-Some people haven’t saved up enough for a down payment to buy a home
-You don’t have to worry about maintenance bills
-Maybe your continued residence in the area is uncertain due to job or other reasons
-Maybe you’ve retired and it’s just easier to not have to worry about property taxes, HOA dues, and all the upkeep that comes with home ownership.
Whatever the reason, there will always be renters and there will always be rental homes. But an entirely planned neighborhood as rental properties – single-family homes – this is relatively novel!
Usually, builders build vertically to maximize the return on their land investment. Building laterally comes with considerably extra costs.
Might be worth it.
In over a decade of managing residential property, the most consistent trend I’ve seen is that single-family homes are desirable. In any economy, in any part of town. People would simply rather live in a house. No one above you, no one below you. You get a yard. You can entertain guests.
So I guess we will see if this becomes a trend in residential single family home property management or if the experiment is met with tepid demand.