A leading home rental company has purchased more than 200 lots for new homes in St. Cloud. Reported Orlando Business Journal.
Agoura Hills, California-based American Homes 4 Rent bought 222 lots for an undisclosed price from a group of Florida developers, Mark Maciel, one of the sellers, told Orlando Business Journal. American Homes 4 Rent (NYSE: AMH) plans to bring a built-to-rent subdivision, an increasingly popular type of housing, to Central Florida.
New real estate construction is important locally because it creates jobs and subcontractor opportunities, and every home sale in Orlando or in the state has an estimated local economic impact of $77,858, according to a 2018 study by the National Association of Realtors. In addition, the housing market often is considered a reflection of the overall health of the local economy.