The Orange County (Calif.) Register staffer Jeff Collins reports on how several home builders are constructing new rental homes.
They’re taking advantage of a white-hot rental market due to an increase in renters and constrained home buying because mortgages are harder to get,writes Collins.
Home builders and market experts say also that while families tend to prefer houses, they either can’t come up with the down payment or prefer the flexibility of renting.
Meanwhile, the number of single-family rentals has been soaring.
Lennar is one of at least four U.S. builders constructing new rental houses, according to Colllins.
“A lot of people want to buy a single-family home, but for whatever reason, they’re credit challenged,” said Jeff Roos, Lennar’s Western regional president. “There’s a great deal of demand. There’s an underserved market.”