Rentership Communities Will Start to Pop Up More This Year
And gold courses are starting to go away in the world of master plan community developments.
“One of the most significant shifts will be the rise of new rentership communities,” Suzanne M. Maddalon, VP of marketing at Freehold Communities, tells GlobeSt.com. “People in all income ranges, and all regions of the U.S., are choosing to rent. Driving this trend are many forces: increased mobility of families, rapid career changes, preferences for low-maintenance lifestyle, and lifestyle needs among all age groups.”
Affordability plays an enormous role in the rise of these communities. “Of course, it’s also often all about the lack of a down payment,” says Maddalon. “But this trend is spreading to higher-income families. In certain markets, the number of six-figure renters doubled or better between 2006 and 2017, making them the fastest-growing segment of renters in these markets.”
In addition to the cost of homeownership and the challenges saving for a down payment, many people just prefer renting over owning. “There is a growing desire among many families to be free of the cost, obligation and hassle of maintaining a home,” says Maddalon. “So look for home builders and masterplan developers to increase communities with homes offered in the ways people want them, whether to rent or to own.”
While rentership communities are on the rise, gold courses are falling out of fashion for master plan developers. “Golf courses will continue to wane. Golf remains important for a very defined clientele, but other amenities appeal to more groups,” says Maddalon. “The core appeal is healthy living. Our research with economic demographer James Chung showed most people are very interested in trails and parks, because of their wide variety of health benefits. Parks can be for picnics, for exercise, for walking or for pets. And when combined with community gardens, parks offer an educational component that is also engaging and fun.”
This is giving was to a trend toward providing community gardens where residents can grow their own food. “People are very interested in where their food comes from and teaching that to their children,” says Maddalon. “Agrihoods can have such a strong appeal that they attract visitors from outside the community.”