The NAHB's Eye on Housing says single-family built-for-rent (SFBFR) construction has cooled and investor interest has pulled back on tighter financial conditions. Citing data from the Census Bureau's Quarterly Starts and Completions by Purpose and Design, they report there were approximately 14k single-family built-for-rent (SFBFR) starts during the first quarter of 2023 - nearly 7% lower than Q1 2022. They say demand by investors for single-family rental units (new & existing) has cooled in recent months as financial conditions have tightened.
"The SFBFR market is a source of inventory amid challenges over housing affordability and downpayment requirements in the for-sale market, particularly during a period when a growing number of people want more space and a single-family structure. Single-family built-for-rent construction differs in terms of structural characteristics compared to other newly-built single-family homes, particularly with respect to home size."
Click here to read the full report at the NAHB's Eye on Housing.
No comments:
Post a Comment