Built-to-rent suburbs are likely to become a dominant force in the rental housing market, with implications for the communities that surround them, and the nature of home ownership
and more. This month is Cities & Real Estate, online starting June 4 and in the paper on June 11.
For some residents, the gated community in the Arizona desert is their first go at suburban living. The 222 houses have tile roofs, garages and white-fenced backyards where residents host barbecues and their dogs play. But these aren’t forever homes, or even starters: They are one- and two-bedroom rentals, with rents starting at $1,420 a month.
Subdivisions such as Christopher Todd Communities on Happy Valley, located 30 miles outside of Phoenix, were built for renters from the start. Owner and developer Todd Wood, a former organic food mogul, started his real-estate company almost five years ago to seize on what he saw asInvestors have beento rent out for some time, typically in disparate bunches in communities where most people own their homes. Tenants may have absentee landlords.
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