ATLANTA — Entire neighborhoods are being built across the country and right here in metro Atlanta that are not for sale, but for rent.
Over 100,000 build-to-rent homes are in the process of being developed across the United States, according to Point2Homes.com.
Channel 2 consumer advisor Clark Howard sat down with Jim Jacobi, president of Parkland Communities to talk about the concerns some critics have about this growing trend.
“It’s just truly ... it’s a maintenance-free lifestyle,” Jacobi said.
Howard met up with Jacobi at Sugarloaf Landing in Lawrenceville.
Sugarloaf Landing is designed to look like a traditional townhouse, but actually, each unit has 2 units inside -- a three-bedroom and a two-bedroom.
Jacobi said designing this way helps cut costs while still building with higher-grade materials and allows them to pass down those savings to their residents.
The average rent at Sugarloaf Landing is about $2,400.
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“Do you build these within mind that someday this may convert to an ownership community instead of a rental community?” Howard asked Jacobi.
“No, we build these in mind for long-term ownership for us,” Jacobi said.
Parkland Communities also offers single-family homes for rent.
Build-to-rent added 39,000 homes in 2024. Texas, Florida, Arizona, Georgia, and North Carolina top the list, according to Point2Homes data.
Robert Alan moved into the Summerwell neighborhood in Acworth last year. It’s a build-to-rent single-family neighborhood owned by Graystar, a huge real estate development company.
“I felt good about it because I knew that buying was... it still wasn’t going to be something that I could do yet, but having the availability that it’s there is still convenient,” Alan said.
Alan told Howard that overall, the experience has been great, and when he has issues, they are fast to act -- like when orange liquid was oozing out of the wall in his bathroom.
“I was like, ‘Oh my God.’ The house is possessed or something,” Alan said.
Alan said it turned out that it was a punctured soda can that was sealed inside the wall during construction.
“That was a week’s process. But they took care of it,” Alan said.
Not everyone’s convinced that build-to-rent is good for the housing market. Many people believe it takes away from the overall housing supply.
There have been plenty of stories of bad management companies not maintaining their properties. So, doing research beforehand is key.
Jacobi said for Parkland Communities, the best way to keep its value is to keep its properties looking good.
“What would you say to a local community, county, city that looks at this as a bad thing and wants to ban it?” Howard asked Jacobi.
“Why does every renter need to be relegated to apartments? I mean, if you’re a renter, wouldn’t you rather live here than live in an apartment down the road? And so, if you’re going to zone apartments, then this is a much better option and long-term option for the value of the area,” Jacobi said.
Whether you’re renting a home or an apartment, Howard said something you have to be aware of before you sign the lease is what other junk fees you are going to have to pay every month.
Some apartments, some homes you rent, every month, there are all kinds of add-on fees.
At Parkland Communities, they don’t play that game.
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