Atlanta ranks 3rd in nation for built-to-rent homes
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Atlanta is among the top three metro areas for communities of built-to-rent single-family homes, according to RentCafe.
Why it matters: With mortgage rates perched near record highs for the year, there has been a proliferation of those communities, which offer amenities, property management perks — and no mortgages.
Zoom in: Atlanta created 3,536 built-to-rent community units from 2018 to 2023, RentCafe shows.
- A 2023 AJC investigation found that large investment firms have been converting and building single-family houses into rental properties for years.
- The development trend has created friction among suburban Atlanta homeowners as the companies push homeownership out of reach for many first-time buyers.
The big picture: Such developments are typically popular in the Southeast, Southwest and Sunbelt, where land costs less, but they've been slowly moving into other parts of the country.
Between the lines: Built-to-rent communities are particularly appealing to those who want more space but can't afford to buy a house, and empty nesters seeking less home upkeep, experts say.
Zoom out: The number of built-to-rent community houses completed nationwide jumped 75% from 2022 to 2023, reaching an all-time high of nearly 27,500 homes, according to a recent RentCafe report.
- More than 45,400 are under construction, per the analysis.