When Greystar Real Estate Partners and Canada Pension Plan Investment Board (CPP Investments) formed a joint venture to address the purpose-built single-family rental market, it wasn't a whim or experiment.
Single-family rentals have been on the upswing and a heating market, drawing increasing attention from institutional investors. But big investors might instead focus on the build-to-rent market, suggests a presentation from real estate consulting firm RCLCO.
Between high prices and lack of enough money for down payments, millennials have a lower home ownership percentage than older generations and it's not clear what Gen Z members will do. And yet, many want the amenities and greater room of a home, particularly those who moved to affordable areas in the Sun Belt. Combine that with insufficient construction of traditional homes and rentals address a sweet spot in the market.
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