2022 Spring Issue - 107

Each of the 166 purpose-built rental homes at Harrison
Landing Townhomes in Greenville, South Carolina,
features finishes that can be found in for-sale housing,
such as luxury vinyl plank floors, granite countertops,
and nine-foot (2.7 m) ceilings on the first floor.
increased supply is continued institutional
investment in the BTR space.
Single-family rental housing-owned
by individuals and investors-has always
existed. However, the sector emerged as a
viable real estate product type during the
Global Financial Crisis of 2007-2008 when
early investors recognized the opportunity
to aggregate distressed houses at substantial
discounts to peak pricing and rent
them out.
Some of these early investors believed
the investment strategy constituted purely
a trade, allowing the investor to take
advantage of the dislocation in the market
and wait until market conditions improved
before making a successful exit-that
is, buying low and selling high. Others
believed that the single-family rental
strategy could result in an industry that
provided individual and institutional investors
with much-needed measurable yield,
like its multifamily counterpart. These same
investors also recognized that individuals
and families caught up in the foreclosure
crisis would need homes to live in and preferred
houses to apartments.
Now that the economy has substantially
recovered from the financial crisis, a growing
cohort of individuals is renting houses
by choice because of the flexibility renting
provides. Others are renting houses
because they lack the downpayment
required or simply cannot qualify for a loan
given current high interest rates and home
prices.
In the past, rental housing was primarily
built with smaller floor plans-primarily one
or two bedrooms, with a small percentage
of three-bedroom units. As a result, an
individual or a family wanting to live in a
larger space had the option of renting one
of a limited number of homes in a market
or buying a home.
Today, renters have more options, and
an increasing number of residents are
choosing to rent rather than buy. This has
led to a growing single-family rental sector
that now includes a new construction
component commonly referred to as build
to rent. BTR is adding much-needed rental
inventory across the country to a housing
market that has rarely had single-family
houses purpose-built as rentals. As the
country enters an inflationary environment
in which interest rates are expected to rise
at least in the short term, more individuals
SPRING 2022
URBAN LAND
107
HAVEN REALTY CAPITAL

2022 Spring Issue

Table of Contents for the Digital Edition of 2022 Spring Issue

2022 Spring Issue - Cover1
2022 Spring Issue - Cover2
2022 Spring Issue - 1
2022 Spring Issue - 2
2022 Spring Issue - 3
2022 Spring Issue - 4
2022 Spring Issue - 5
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2022 Spring Issue - Cover3
2022 Spring Issue - Cover4
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2024-spring-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2024-winter-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-fall-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-summer-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-spring-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-winter-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022FallIssue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-summer-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-spring-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/ulm-winter-2022
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/summer-issue-2021
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/uli-spring-2021-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/ULIWinter2021
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDFALL2020
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDSUMMER2020
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDSPRING2020
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