As the competition among buyers of single-family homes increased, enterprising land investors, builders, and other professionals in the industry joined forces to develop planned build-to-rent communities, which are tracts of rental homes, instead of competing with individual buyers for available properties.
As the pandemic progressed, the mindset and focus of many potential renters turned away from the more traditional, densely populated apartment setting. Instead, these renters sought a lifestyle centered around the home with perks like backyards for enjoying the outdoors in privacy, and built-in family entertainment, such as resort-like pool areas and garages for extra storage.
Build-to-rent properties typically offer the benefits of a master-planned community and quality housing as an alternative option for renters. So read on as we explore these three things to consider when investing in a Providence build-to-rent property
Build-to-own communities are much like a small town within Providence. When investing in a Providence build-to-rent property, you should understand how important the location you select for your development and working with a master planning community is to maximize your rental income potential. These communities rent for higher rates as tenants are willing to pay for newer rentals and the conveniences. Drawing in larger commercial tenants further adds to the appealing community amenities and enhances Providence, bringing economic growth and creating jobs for residents. There is also a trend towards walkable communities, so consider your potential tenant’s needs as pedestrians as you plan your community. Understanding the Providence market, the future city plans, and the placement of these communities will provide you with the best returns on your investment. Working with experts with a proven track record like the professional investors at Ocean State Homebuyers can help you locate the best property available in Providence to develop a build-to-rent community.
For whatever reason, many of these tenants are millennials who are reluctant or would-be buyers, such as first-time buyers currently priced out of the market. They may have sold their primary residence but have yet to beat the competition to a new home, turning to the build-to-rent sector as their housing solution. Typically, these are dual-income families with children seeking longer-term housing, meaning turnover is much lower. Additionally, these tenants are more inclined to treat the property as if it were their own, further decreasing your overhead. When investing in a Providence build-to-rent property, consider your marketing and tenant screening process as your tenants are the backbone of the business. The economy of scale’s cost advantages makes on-site professional property management feasible. At Ocean State Homebuyers, our network of specialists comprises the most highly qualified pros from across the industry, including our top-notch property management professionals who will handle everything, so you can sit back and enjoy your passive income.
Build-to-rent investments are also more profitable because of the planning and design, simplifying community management as repairs and maintenance are carried out efficiently among the units. When investing in a Providence build-to-rent property, you should approach the purchase systematically and complete every task on the to-do list. Before buying the land, your due diligence should be carried out through the performance of a feasibility study and define problem areas with a critical areas designation or CAD, which is required before you can attain approval for projects of this magnitude. Doing so gives you a realistic picture of your possibilities and limitations for developing the land, the approach and costs of any necessary mitigation, and the profits you can expect to realize. Otherwise, failure to perform the steps that lead to a thriving build-to-rent community can result in a financial catastrophe with an investment you cannot develop and may have difficulty reselling. When you work with professional investors like those at Ocean State Homebuyers, you will benefit from years of building connections to bring your dreams to reality. You can be sure of your numbers and rest easy knowing your project will stay on time and within your budget when working with the best in the business.
The local professional investors at Ocean State Homebuyers can help you check off everything on the list that you should consider when investing in a Providence build-to-rent property. When you speak with one of the professional investors at Ocean State Homebuyers, there is no obligation whatsoever; we are happy to help investors by answering any questions you may have. Don’t forget to ask about our current inventory of the best build-to-rent parcels available in Providence, and if you have land to sell, let Ocean State Homebuyers provide you with an offer you will agree is fair. At Ocean State Homebuyers, our team is proud of our work to improve our community, increase property values and help investors like you grow wealth by achieving the best return on each investment dollar. At Ocean State Homebuyers, your success is the passion of our professional investors, and when you win, we win. Call Ocean State Homebuyers at (401) 290 8784.