With unprecedented home prices and generationally high mortgage rates, more people are looking for rental options — and not apartments — but single-family homes.
You've probably seen some of these communities throughout Central Florida. WESH 2 spoke with developers and renters about why this growing trend is here to stay.
“I previously resided in New York and came to Florida for the good weather, more family-oriented environment, fresh air, sun, beaches, all that good stuff,” said renter Joanna Becnel.
Becnel was looking for the perfect home and found it at Binion Reserve in Apopka. This neighborhood stands out because unlike many others, its homes are available for rent, not purchase.
“I was surprised. You know, normally, you see apartment communities going up and to see a community of homes going up. I said to myself, 'Next year I'm going to get a house,' and here I am,” said Becnel.
This community is one of nine owned and operated by American Homes for Rent. You may have seen some of their rental home communities in Apopka, but also at Sky Lakes in Saint Cloud and Celery Cove in Sanford.
Brent Landry is the executive vice president of development for AMH. He flew in from Atlanta to take WESH 2 on a tour of Winward Hills across from the Orlando-Apopka Airport.
“So in Central Florida and really across America, we are short housing in general. And we believe that we need more housing options, quality options of all sizes and shapes for families in all sizes and situations. We build three, four and five-bedroom homes and create a lifestyle for folks seeking a single-family option with a low maintenance lifestyle and flexibility of leasing,” said Landry.
This neighborhood will have 101 homes with a community swimming pool and playground. A five-bedroom home is 2,300 square feet and about 2,900 a month. That includes mostly everything, except lawn care, which is $50 a month.
“At $2900, the rent includes your property taxes, insurance, HOA fees and obviously your monthly rent for living in the community. And that's a one-year lease minimum for our residents,” said Landry.
Inside are the amenities of a brand-new build without the headache of home ownership.
“One of the greatest benefits we offer for our residents is peace of mind, knowing that repairs to a water heater or an appliance or the roof, as you mentioned, we take care of that for them as part of their monthly rent," Landry said.
This really resonated with Becnel when it came to finding a home.
“I don't want to be responsible for landscaping, plumbing, electrical, that AC unit,” said Becnel.
These rental home communities are popping up all over Central Florida. In Brevard County, Condev, a family-owned real estate development company, is building "The Landings at Viera" located at Pineda Blvd. & Stadium Pkwy.
Rent will range from $2,600 to $3,500 a month.
The developers say the American dream of owning a home is changing with the needs of their customers.
“That American dream of housing may not be in the form of home ownership. There are other parts of the world where very few people own homes,” said president Chris Gardner.
“Because of interest rates and the cost of home ownership, this is becoming a very viable segment where people are choosing to rent a home that they may have otherwise bought. When this community is fully built out and mature, it's not going to look any different than one of the for-sale neighborhoods down the street,” said Chip Bryan, managing director of Condev Communities.
Developers say you'll see more and more rental home communities in Central Florida because the demand is only growing.
“As a single mom, especially, it's difficult to be that one income in the household and not having to come up with tens of thousands of dollars, but still being able to provide my family with that same sense of home and togetherness and harmony under one roof without feeling like we're crammed in a sardine can was is amazing,” said Becnel.
Developers say the average renter will stay about 3 to 4 years.
Source: wesh.com
