RentCafe: Build-To-Rent Segment Sets New Construction Milestone

Table Of Content

• Xuan bought a $6,000 apartment in an old Chinese city so she could 'lie flat' and escape the rat race
• Bedrooms near Los Angeles, CA
• Home prices continue to rise, but experts see a market correction ahead
• Rentals for neighborhoods near Los Angeles, CA
• RentCafe: Build-To-Rent Segment Sets New Construction Milestone
• Los Angeles, CA houses & single family homes For rent

In Tasmania, rent rises can be appealed if tenants feel they are not in line with surrounding neighbourhoods. But over the past 12 months, residents of some of its 52 villages – the majority of whom are age and disability pension recipients – have been receiving notices from the company that have given them concern. I have seen many tenants say a problem makes a property unlivable, stop paying rent, but remain in the home. This only leads to more problems for the tenant because if the property really were unlivable, they would not be able to stay there. BTR as a sector is facing many of the same headwinds the rest of the home building industry confronts, with persistently elevated interest rates and inflated construction expenses near the top.

Xuan bought a $6,000 apartment in an old Chinese city so she could 'lie flat' and escape the rat race

The rent rise has pushed some into seeking social and public housing, trying to find a private rental in markets with few one or two-bedroom options, or reducing their spending further just to cope. On the age pension, the rent rise meant she would be left with less than $300 per fortnight for living expenses. "Eureka does not apply rent increases on a national basis, but assesses each village and market individually, with consideration given to the local socio-economic environment," the statement reads.

Bedrooms near Los Angeles, CA

We zero in on the advantages and disadvantages of high- and mid-rise apartment buildings.

Home prices continue to rise, but experts see a market correction ahead

If the landlord does not make a good-faith effort to fix things, the tenant can terminate the lease and move out. If your landlord ignores the issue or dismisses your concerns, try again, but this time in writing. This lets her know you are serious about the problem and helps create a record of your efforts to get your landlord to live up to her responsibilities.

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Still, most envision a bright future for BTR, especially given Millennials’ desire for home ownership, even if it comes with a monthly rent payment rather than a mortgage expense. The leading emerging metros for BTR homes are found in Florida and North Carolina. The North Port and Lakeland markets were the new markets with the greatest activity within the Sunshine State.

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The Tasmanian Tenants' Union asked Eureka if it would apply the RTC's decision to all residents at its five Tasmanian sites as a "gesture of goodwill". We acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn, and work. "A lot of those residents will have to make the decision whether they look for somewhere else, but that's difficult in Broken Hill," he said. Broken Hill mayor Tom Kennedy said this had negatively impacted the lives of elderly residents. "I worry about these people. I don't know where they'll go, what they'll do, if they don't have families. And a lot of them don't have any family at all. "A lot of people are on expensive medications as well. And that's got to be found out of what's left of your pension," she said.

She felt she had no option but to move out, and the Salvation Army assisted her to find social housing in the town of Richmond, 25 minutes away. "To ensure we offer the best facilities and lifestyle, we have reviewed the cost to operate the Village with our terrific staff and services." Board-certified real estate lawyer Gary Singer writes about industry legal matters and the housing market.

The company argued that the increased rent was due to a new breakfast service, but the RTC found there did not appear to be an opt-out option. In the Hobart suburb of Glenorchy, Eureka Village resident Julie Rookyard noticed her neighbours starting to receive the $50 rent rise notices one by one. Rent rises at one of Australia's largest providers of independent living units for seniors have been found to be "unreasonable" by a state regulator – but the company plans to continue with them anyway. Typically, a tenant can terminate a lease agreement if the property has become uninhabitable and the landlord does not take appropriate corrective action. The tenant must notify the landlord in writing and demand the problem be worked, typically within seven days.

In its statement, Eureka Group said it does not apply a "one-size-fits-all approach" to its rental rates. Tenant Sandra Flintoff felt that was unfair, and she will try to find a private rental instead. In its decision, the RTC compared the rent with "similar properties in gated communities" nearby – also owned by Eureka Group. So far, the RTC has ruled in the residents' favour in every case, deeming the rent rise to be "unreasonable".

In fact, Huntsville is topped only by Phoenix, Dallas and Houston among the metros with the most BTR homes under construction. At the opposite end of the spectrum, Denver, Sacramento, Riverside and Minneapolis bring up the bottom of the top 20, each of them with fewer than 1,000 BTR units under construction. In Alabama, the dramatic growth of jobs and residents in Huntsville has supercharged the production of BTR houses. "They're stuck between a rock and a hard place. There's actually no rental properties for them to move into."

Eureka Group said it commissioned an independent report last year to "quantify the value of savings" for its tenants, in comparison to the private rental market. Anyone prepared to argue there’s really nothing new under the sun in the U.S. housing market hasn’t glimpsed RentCafe’s annual Build-to-Rent Construction Report, out just last week. The niche comprised of single-family houses built expressly to be rented has established its fifth straight yearly record, with more residences than ever being constructed. The RTC ruled that Ms Dodson's rent will instead increase by $20 a week, rather than $50. Eureka villages can be found in outer suburbs and regional communities across Australia, claiming that they offer "affordable rental housing" to independent seniors.

RentCafe reports most of the 45,400 BTR homes currently being constructed will open their doors next year. After that, the pace of new completions is likely to moderate, the nationwide apartment listing service observed. The largest number of new BTR homes last year were constructed in the Phoenix metro area, where more than 4,000 units were completed.

In sizing up the numbers, RentCafe observed that the Covid-19 pandemic’s impact should not be underestimated. In the years before Covid turned our worlds upside down, an average 6,600 BTR houses were constructed annually nationwide. Last year, residents at Shorty O'Neil village in Broken Hill, New South Wales – also a Eureka site – were told their rents would increase by $50 a week. "I've lived in two villages before this. And the rents have gone up by $10 a week, [not] $50 a week," Ms Dodson said. If there are problems, but the property can still be lived in, the tenant must continue paying the rent while holding the landlord accountable for not living up to their responsibilities.

In North Carolina, Raleigh is a fresh new BTR market, while in Georgia it is Savannah and in Michigan, Ann Arbor. While BTR is concentrated in the Sunbelt, the phenomenon is by no means limited to that region. Detroit came in sixth on last year’s list, with 651 completed, followed by fellow Midwestern markets Kansas City, Mo. with 636 BTR homes finished in 2023, and Columbus with 625 homes completed. Cr Kennedy said the village should have stayed in council hands as a public asset, and he believed Eureka was acting in the interests of its shareholders, not its tenants. In late 2023, Eureka Group's wholesale property fund acquired a further six villages in Western Australia for $44 million.

"To maintain our high standards and to ensure the quality-of-service delivery, it is necessary for rental rates to increase. "For this period rents for one-bedroom properties in the greater Hobart area saw decreases in the second and third quarter and have seen increases of 3 per cent in the final quarter." She is one of 24 residents at Eureka villages in Tasmania who took the matter to the state's Residential Tenancy Commissioner (RTC), arguing the increase was "unreasonable". At a Eureka Village in Hobart, residents in one-bedroom units will have to pay $482 per week, which is 77 per cent of the age pension.

Even more striking, 41% of all BTR homes, or about 68,000 homes, were constructed in just the last half decade. The explosive growth of the market, especially in the last three years, is evident in the following figures. That number grew to 6,434 in 2016, 9,978 in 2021, 15,691 in 2022 and 27,495 last year. Approximately 27,500 build-to-rent (BTR) houses were completed last year, a number 75% greater than 2022. Sunbelt metros in the South, Southwest and Southeast saw the greatest construction, and accounted for almost one-third of all units built last year. The council conducted a market analysis last year, in response to the rent increases, and estimated the village had an annual surplus of $150,000 – factoring in income and operational costs.