Build for Rent:
Delivering beauty and convenience
A Good Neighbor
in a Great Community
Build for rent communities combine the best of home living with the added conveniences of professional maintenance, advanced smart home technology, and beautiful amenities. When an entire neighborhood is developed as a BTR community, we take the opportunity to maximize value, quality of life, and long-term appeal. An experienced build-to-rent developer understands how to create a BTR community that will serve residents, neighbors, owners, and local community partners alike.
There are many reasons individuals and families are drawn to the option of renting a BFR home over a traditional rental or purchasing a home. Below are a few examples:
Greater home value per dollar than owner-occupying
Amenitized Living
Included professional home and landscape maintenance
Increased Security
Shifting generational values and priorities – opting for “lock and leave” flexibility
Increased mobility – opening more opportunities
Perfect Balance
Build for Rent Community Benefits
Along with the major pulls that are driving individuals and families of all ages into build for rent construction; there are additional benefits to be considered by investors, property management companies, nearby neighborhoods, and local communities.
Stay informed
Addressing Build-for-Rent Concerns
The build-for-rent concept is relatively new to the general housing market, which can leave the public and neighbors somewhat wary regarding possible downsides of BFR communities. Black Cedar is committed to creating purpose-built, single-family rental homes in desirable, amenity-rich communities that are great neighbors for the surrounding areas. Below are some common BFR discussion points:
Traffic
An increase in traffic is one of the most common concerns shared with any new housing development or construction zone. After all, more homes result in more drivers, right? Traffic congestion and safety is something that is taken into account while designing and building each one of our communities. We work with all local municipalities to ensure any new traffic is properly accommodated, and often participate in bringing improvements to the existing infrastructure. However, due to the amenitized and professionally maintained nature of our BFR communities, traffic per capita can be even less than that of an owner-occupied neighborhood.
Oversaturation of Rental Homes
The build-for-rent home market is growing in response to the the lack of available single-family homes to purchase or rent. BFR communities allow individuals and families to enjoy a single-family home living experience, but at an obtainable monthly cost. As interest rates and construction costs rise, it is becoming increasingly difficult for families and individuals to produce the down-payments needed for a home purchase. These are otherwise financially stable households who are actively pursuing careers and other endeavors, but either need a few more years to save a down-payment or simply prefer the flexibility that home renting provides to their lifestyle.
Home Values
A common misconception when a new housing development is being considered is that it will decrease the value of surrounding homes. However, history has shown just the opposite to be true. New home development increases the average nearby home value by creating additional market activity and comparisons. Furthermore, build-to-rent communities are almost universally maintained by professional property management companies, guaranteeing a consistently beautiful and clean appearance throughout the entire BTR community. In BTR living, gone forever are the pesky neighbors who never mow or clean their yards, thereby adversely affecting curb appeal for the whole street. Truthfully, you couldn’t hope for a better neighbor than a build-for-rent community.
Crime
An increase in crime rates is another common misconception when the general public considers a new build-for-rent community. Conversely, the vetting process for any BFR applicant is considerably more strict than that of a would-be home purchaser seeking to apply for a mortgage. Every BFR adult resident (not just the applicant) is required to submit to a background check as well as a credit check as part of their rental application. Mortgages only check credit, leaving the criminal history of any homebuyer a complete mystery to their neighbors. For these reasons, the chances of having a questionable neighbor in an owner-occupied home is significantly higher than in a BFR community. Neighbors in and around a BFR community can enjoy the peace of mind that every adult BFR resident has been properly screened for a clean background before approval to become a BFR renter. To add even another layer to the secure nature of a BFR neighborhood, many of these have on-site management staff who are able to monitor any suspicious activity. Truthfully, BFR communities will bring, if anything, a decrease in crime.
As lifestyle preferences evolve with each generation, BTR communities will continue to serve a currently unrepresented marketplace. These build-for-rent neighborhoods will be constructed in prime locations with quality schools and access to jobs, culture and recreation.
**Note: “BFR,” “BTR,” “build-for-rent,” and “build-to-rent” are all used interchangeably. Because these terms are widely used in the industry, we have sought to include a variety for the sake of our audience.**