San Antonio ranks 9th in nation for built-to-rent homes
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San Antonio is among the top ten metro areas for communities of built-to-rent single-family homes, according to RentCafe.
Why it matters: As mortgage rates reached near-record highs this year, there has been a proliferation of communities that offer amenities, property management perks — and no mortgages.
The big picture: Such developments are typically popular in the Southeast, Southwest and Sunbelt, where land costs less.
- 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.
The other side: Some affordable housing advocates worry that the increasing number of built-to-rent homes reduces the supply for would-be homeowners.
By the numbers: At the end of 2019, there were 1,223 built-to-rent homes in San Antonio. By the end of this year, there will be a total of 4,622 built-to-rent homes, according to local real estate firm Embrey, which has developed such communities.
- 1,299 rental homes were built locally between 2018 and 2023, according to RentCafe.
Between the lines: Forbes described the rise in popularity of these homes as "filling in gaps" between large metros, such as the I-35 corridor between San Antonio and Austin.
- Rent in these communities can reach up to $2,500 a month, Forbes reported.
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 RentCafe.
- Over 45,400 more are now under construction, per the analysis.