For years, many people have struggled to find affordable housing as real estate prices continue to rise. After the Great Recession in the late 2000s, single-family rental homes became a popular option as real estate investors started buying up foreclosed single-family units to rent out. By the mid-2010s, however, the housing market had recovered, and it was getting harder for real estate developers to buy houses and make a profit on rentals alone. Keep reading to learn more from our real estate development recruiters who are experts on the industry.
As a result, multi-family developments became popular for real estate executives due to their lower long-term costs and higher potential for profits. Even so, many prospective renters wanted the privacy of a single-family property without the responsibilities of upkeep. Finally, the pandemic made urban multi-family developments unpopular.
As a result, this situation created a new form of real estate development: build-to-rent real estate. It started a whole raft of startup firms to build custom real estate communities specifically for the rental market.
The State And Future Of BTR
With over 20 million people expected to leave their urban apartments for suburban spaces as remote working becomes a permanent fixture, the future looks bright for real estate development recruiting executives interested in BTR developments. Most potential customers have good incomes but don’t make quite enough to save up for a down payment on buying a home.
BTR homes tend to average at under 2,000 square feet of space, and communities often come with luxurious amenities like swimming pools, attracting more potential renters to the neighborhood. Depending on the location, BTR homes average a monthly rent payment of $1,700-$2,300. Since this is still a relatively new industry, there are plenty of opportunities for growth across the country since most BTR communities are in the southern and southwestern United States.
Wage and salary growth remain stagnant nationwide, so BTR homes and communities make up an excellent alternative to multi-family dwellings in suburban areas. Serious and solid real estate investors are starting to see the potential in this market, so there will be a high demand for real estate executives to manage and plan these communities soon.
How Our Professionals Can Help
The Newport Group can provide you the assistance of our real estate development recruiters. We’re active in all major real estate sectors. Our meticulous screening process means that your company will soon have expert managers, junior executives, and even vice presidents who know how to manage this emerging market.
Each of our real estate executive recruiters has plenty of experience separating good candidates from the pool of workers. The talent we provide to BTR housing firms is specifically tailored to meet each company’s strategic goals. Call our executive recruiters today for a consultation.
We Network With A Purpose
The Newport Group is a leading executive recruiting firm with expertise in numerous industry verticals. We deploy proprietary data sets and meticulous processes to identify, recruit, place, and help retain blue-chip talent at leading companies nationwide. Turn the challenges ahead into competitive advantages alongside our help. Roles we’ve placed include Senior VP, VP of Operations, Sr. Construction Manager, and Operations Manager Telecom, to name a few.
Our team of recruiters is active in all sectors of real estate development, including production homebuilding, multifamily, commercial, retail, land, and asset, and property management. Construction verticals include commercial, civil, telecom, gas, power, pipeline, infrastructure, as well as environmental consulting and remediation. Ever strategic in our approach—we present talent that aligns with our clients’ strategic objectives.
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