Development leaders: Build-to-rent outlook positive on First Coast
But with interest rate increases in the past year, that high-growth market is in a"wait and see" mode right now, according to Southern Impression Homes owner Chris Funk.
"There are a lot of people who choose to rent," Funk said."They may not want to own anything, but they want to live in a house. Giving these options outside of rental properties is a trend that's being well-received by the market and the tenants." "A year ago, you could pick a lot, pick one of your floor plans, put it up. Put a tenant in it and everything works," Funk said."Today, we're having to work a lot harder at underwriting. Which means we're being more selective about the models.
He said the construction side of build-to-rent isn't largely different than building a regular subdivision. Egger said a focus on amenities follows the trend that apartments have undergone. He said there will always be a market for people who are afraid to buy traditional single-family homes, a tenant market that build-to-rent taps into.
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