Author: Jered Lerum

WHAT IN THE BTR-YOU TALKING ABOUT?

The Build-to-Rent (commonly known as BTR) phenomenon is a growing sector of the rental market in which entire communities of single-family homes are developed for the sole purpose of being leased as rental units. Often coined “The New Starter Home” renting a single-family home is seen as a stepping stone between an apartment rental and home ownership. While private owners have historically leased homes sporadically throughout traditional neighborhoods, BTR neighborhoods are developed from the ground up for the sole purpose of renting.

_{Gig Harbor, WA- Skansie Pointe, Edison47’s first BTR community completed in 2023}

WHY THE DEMAND FOR BTR?

BTR communities have become popular with those not quite ready to pay a hefty down payment or as a step on the path to homeownership. Popularity for these communities began shortly before the COVID pandemic, which only intensified demand with an increase in the workforce’s ability to work from home. A wave of renters moved from their tiny downtown lofts to larger rentals further from the office.

With housing costs high, and supply low, there is a strong market in advertising the benefits of renting a home rather than purchasing. Beyond the individual homes themselves, residents of BTR communities often benefit from clubhouses and common spaces not offered in traditional neighborhoods. These homes typically include private outdoor spaces in addition to private garages. The list of benefits in renting a BTR home is lengthy, but highlights include; no taxes or HOA dues, no large down-payments, repairs and maintenance included, no shared walls, and access to community spaces like clubhouses, fitness centers, private parks and more!

EDISON47 AND BTR

In 2023, Edison47 with our development partner, The Rush Companies, completed our first BTR community, Skansie Pointe. Located in Gig Harbor, Washington, Skansie Pointe consists of 174 homes across 8 acres and is anchored by a 3,000 SF clubhouse. This neighborhood is a shining example of the potential return for investors of BTR neighborhoods.

“For the past 35 years at The Rush Companies, we have been in the business’s of both building and selling homes and building and holding apartments. We see strength in the BTR single family and attached housing communities and are investing in that market as a long term business. We will continue to evolve and provide housing that meets the ever changing needs of our communities.”

-Scott Walker, Vice President, The Rush Companies

LOOKING TO THE FUTURE

We are thrilled to announce the construction of a second BTR community, Hudson at Mill Pond in Yelm, WA. This community will consist of 56 homes slated to be move-in ready this summer. Unlike anything else in the area, we will be offering 2 and 3 bedroom homes for rent boasting quartz countertops, stainless steel appliances, gas fireplaces and private garages.

Stay up to date with construction at www.hudsonatmillpond.com and follow us on Instagram at @hudsonatmillpond