Page 41 - Green Builder Magazine May-June 2021

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HOME OWNERSHIP:
IT’S NOT FOR EVERYONE
A millennial’s ideal
It’s not just the home buying market
30% home size? that has gone gangbusters over the past
About 1,500-2,000 year. The single-family rental market
has exploded as well, driven primarily
square feet.
by millennials. Build-to-Rent is one of
the fastest-growing sectors of the U.S.
20%
housing market, with demand from
renters and investors exceeding supply.
The National Association of Home
Builders (NAHB) reports that the number
10%
of single-family homes built to rent
increased by more than 7,000 from 2017 to
2019 alone, and U.S. Census Bureau data
shows that the number of occupied single-
0%
LESS 800- 1500- 2500- OVER family rental properties is up 5.6 percent
THAN 1500 2500 3500 3500 from where it was a decade ago.
800 SQUARE SQUARE SQUARE SQUARE
SQUARE FEET FEET FEET FEET Factors driving the growth of the
FEET
Build-to-Rent segment include:
AFFORDABILITY: Even with a good job,
many millennials, saddled with student
loans, credit card debt and/or lack of
substantial savings, simply can’t afford a
Connecting with nature, fitness and having plenty of room to move is home. Ninety-two percent of millennials
important to this audience segment. Nearly 53 percent of respondents consider homeownership a good
investment, but 48 percent of say they
indicated that they would like a larger yard, 49 percent would like a
will delay buying a home because of their
home gym and 47 percent would like a larger home. student loans.
FLEXIBILITY: Many millennials like the
flexibility of renting and the simplicity of
LIVE IN A HOME WITH A LARGER YARD AND MORE OUTDOOR LIVING SPACE
having a landlord handle maintenance.
LIVE IN A LARGER HOME WITH A HOME OFFICE They appreciate the privacy, quality,
and convenience of renting a home
LIVE IN A LARGER HOME WITH A HOME GYM in a community that offers desirable
amenities like gyms, community spaces,
LIVE IN A HEALTHIER HOME
and walking trails. They like having
access to the work-play-live lifestyle,
LIVE IN A BIGGER HOME
without the long-term financial burdens
HAVE NICER APPLIANCES associated with homeownership.
LIMITED HOUSING INVENTORY:
LIVE IN A NET ZERO HOME
Because housing inventory has been at an
all-time low over the past year, rentals are
HAVE NICER FURNITURE
on the rise. Single-family home rentals
LIVE IN A SMALLER HOME are satisfying that growing demand,
particularly for individuals in the low-
LIVE IN A MORE CONNECTED HOME and middle-range income brackets.
LIVE IN AN OFF-GRID HOME

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www.greenbuildermedia.com May/June 2021 GREEN BUILDER 39