Exploring BFR Concepts in Multifamily Design
What Build for Rent Means for the Future of Multifamily
- What build for rent communities are
- Types of build for rent properties
- What tenants expect from BFR communities
- Why multifamily developers should consider BFR in the future
The build for rent home model has been one of the fastest-growing sectors of the U.S. housing market since 2019. In fact, many multifamily developers are struggling to keep up with the increased demand from renters and investors alike. By understanding what makes BFR communities such desirable places to live, multifamily developers will be better able to serve the needs of their tenants.
What is a Build for Rent Community?
Build for rent communities go by many different names. You may have heard them referred to as build-to-rent homes, BTR homes, build-for-rent homes, or B2R homes. Whatever the nomenclature, the definition remains the same: A build for rent home is one that has been designed for the purpose of long-term rental — not ownership.
BFR properties differ from the apartment structures that are typically seen in multifamily development. Rather than a single building that houses multiple units, a build for rent community may feature a set of homes within a professionally managed community.
Types of Build for Rent Properties
There are a number of different forms that build for rent properties can take, including:
- Single-Family Homes: Some BFR communities are indistinguishable from traditional suburban neighborhoods as they are comprised of single-family homes. In these communities, each individual home is situated on its own lot.
- Duplexes: These BTR homes are comprised of two residential units that are attached to one another.
- Row Homes: This style is typically seen in urban or downtown areas where the BFR row homes are built side-by-side, sharing a common wall.
- Small Lot Homes: Similar to single-family home BFR communities, small lot BTR homes are constructed on smaller-than-normal lots. For instance, a typical lot might measure around 5,000 square feet while a small lot home might only be 700 square feet.
Amenity Expectations for BFR Communities
As multifamily developers look to satisfy the demand for more build to rent communities, they will need to ensure they are including the types of amenities that tenants expect from such living experiences. Specifically, tenants will need:
- Luxury Finishes & Fixtures: Residents looking for a BFR community do not want to sacrifice on the quality of their homes simply because they don’t own them. These homes should be designed to include spacious floorplans and upgraded finishes that stand out from typical rental units seen in apartment complexes.
- Outdoor Amenities & Activities: No neighborhood is truly complete without a playground, park, or walking trail of some sort. BFR communities are no different with tenants demanding unique outdoor amenities that allow them to explore and appreciate their surroundings.
- Energy-Efficient Upgrades & Appliances: From heating and cooling to washing and drying, every appliance in a BTR home should feature the highest degree of energy-efficiency. Not only will this give tenants access to the finest equipment, but it also helps them save money on their utilities and helps property managers reduce the number of repair and maintenance service requests.
- Clubhouse & Indoor Amenities: Another advantage to residents within a BFR community is still having access to traditional multi-family amenities like a clubhouse with gathering spaces, indoor gyms, and other areas to congregate and create a sense of community.
Why Consider Build for Rent for Your Multifamily Development?
With more tenants flocking to suburban areas than ever before, now is a great time for multifamily developers to consider creating a build for rent community to help satisfied this increased demand for housing. B2R communities offer many benefits to multifamily developers, including:
- Reduced Turnover: Tenants looking for a build to rent home are seeking a long-term rental experience, meaning they are less likely to pick up and move at the end of each year when compared to apartment leases.
- Increased Profit: A single-family home is a lot more valuable than a one-bedroom apartment, allowing community managers to charge higher rent from their tenants and increase profitability.
- Less Competition: Despite its surge in popularity, BTR communities are still in their relative infancy, meaning there is less competition for developers just entering the space.
The most important thing to consider when choosing to build a BTR community is the interior design team you select for the job. SouthPark Interiors has helped countless multifamily developers create massively successful communities thanks to our timeless, sophisticated designs. Get started with your BFR community project by scheduling a consultation with the multifamily interior design experts at SouthPark Interiors!