Lack of supply continues to put a strain on the U.S. housing market, resulting in higher prices and limited options for Americans who want to own a home. There’s no single, or simple, solution to this problem, and reversing more than a decade of under-building will take time. However, a portion of the single-family rental home market is helping to address this shortage by building homes for rent.
Through build-to-rent operations, or BTR, Invitation Homes is proud to help bring new supply to the market and meet increased demand for our product by building single-family homes for lease. BTR is a new, yet swiftly growing portion of our business, and it plays an important role in expanding our portfolio and providing residents with a high-quality, modern housing option in an often challenging environment.
Invitation Homes has introduced two BTR communities recently – in Atlanta and Dallas – and we expect four more to become available this year. Our BTR operations manifest in two ways: traditional build-to-rent and “merchant build” homes. Both avenues put residents first, providing a best-in-class leasing experience and homes with new fits and finishes, open and airy floor plans, and other high-quality, modern features.
Through the traditional build-to-rent approach, Invitation Homes partners with a leading home construction company to build single-family homes within a community. In some instances, the community will be fully owned by Invitation Homes, but more commonly, Invitation Homes will own homes throughout a community. We make sure new construction takes place in desirable locations where people want to live, close to good schools and transportation corridors. "Merchant build" is another form of BTR in which Invitation Homes partners with local homebuilders in a scattered-site approach to construct homes on available lots within a specific region.
Both initiatives provide residents with the benefits that come with a worry-free leasing lifestyle, including smart home technology, air filter delivery, and utility management, among others. Some of these new communities will also feature fitness centers, playgrounds, dog parks, resort-style pools, sports courts, and walking trails.
On par with Invitation Homes’ other business endeavors and operations, our work in the BTR space is focused on creating a best-in-class experience for residents. As our BTR footprint grows, we’ll continue to set industry-leading standards, with desired amenities that provide an elevated leasing experience.
We also are supporting and partnering with local businesses and vendors through the BTR process. Invitation Homes has strong existing relationships across our markets with thousands of home improvement and construction companies that help update and renovate our homes, and we’re committed to continuing that tradition.
Individuals and families continue to desire flexibility and choice when it comes to housing. Our dual approach to BTR, through build-to-rent and “merchant build” homes, is one of the many ways Invitation Homes is helping to bring new supply and options to the housing market, leveraging our ability to offer leading amenities and services, and setting the bar for other companies in the process.
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