Feeling the heat from the supercharged housing market? You're not alone. Across the country, the dream of homeownership is getting trickier, with more folks deciding to sit on the buying sidelines. And guess what? North Carolina is riding a fascinating wave in response: a boom in built-to-rent homes!
Why This is Cool: Instead of diving headfirst into a mortgage, many are loving the idea of a brand-new, single-family home – minus the pesky down payment or a long-haul commitment. Talk about having your cake and eating it too!
Here's a fun fact for you: North Carolina is planning or building over 1,000 of these snazzy homes per million residents. If you're a numbers person, that's a lot. Like, triple the national average of 345.
So, What's the Buzz? Doug Ressler, a big-shot from real estate research firm Yardi Matrix, spilled the beans to Axios. He says these homes are a hit among two types of folks:
The "I-can't-find-my-dream-home" gang.
The "I'm-just-not-feeling-the-buying-vibe-right-now" crew.
If you've been out and about in North Raleigh or its suburbs, you've probably noticed whole neighborhoods dedicated to this trend. Why? The Triangle is seeing a population boom, making it prime real estate (pun intended!) for investors. In the past month alone, two major national builders have shared plans to sprinkle hundreds of these homes in north Raleigh and Wake Forest.
But Wait, There's More! While this trend is hot and happening, there's a little shadow lurking behind. A shortage in new construction means the Triangle's housing market feels the squeeze, pushing both prices and rents skyward. Raleigh, for instance, is coming up short by around 17,000 housing units.
Before We Sign Off: While the single-family rental game isn't brand new, its boom is. And while it may not be the ultimate solution to our housing hiccup, it's sure making waves in the supply pool.
Keep your eyes peeled and ears to the ground, folks! There's never a dull moment in the real estate world. Stay tuned for more updates!
