Hundreds of new Orlando rental homes are in constriction. According to the Orlando Business Journal, Orlando will support 13,050 built-for rent homes by 2030. This is because a lot of millennials and retirees are choosing single-family rental communities over apartment complexes.
Right now, only a small percentage of the Orlando rental homes supply is represented by the existing build-for-rent product. However, this will change over the next two years.
Millennials are a very big target for this market. There is a big opportunity among that generation, as the population between 30-40 will grow by 3.6 million people in the next 10 years. A lot of millennials currently lack resources to make big purchases. However, they like lower-density and private outdoor spaces. This is something that single-family rentals offer, without the burden of a down payment or commitment of ownership. In addition, these low-density rental communities are also attractive to families with children and retirees.
700,000 built-for-rent homes will rise in the next decade nationwide. Rental homes are gaining a lot of popularity. Nowadays, rental homes make sense for a lot of residents. For example, young professionals and people who do not like to stay in the same place for a long time.
Read more: https://www.bizjournals.com/orlando/news/2021/02/18/millennials-retirees-fuel-rental-home-construction.html