Build-to-rent (BTR) communities are helping hardworking Americans reach a comfortable way of living in a mostly priced-out market. And Andy Carmody, senior managing director at Tricon Residential, says the firm continues to see demand for the housing type.
Tricon, which develops, owns, and operates single-family rentals across the United States, recently opened a new 114-home BTR community in Rancho Cordova, California, outside of Sacramento. The two-story homes with three- to-four-bedroom layouts, two-car garages, and fully fenced backyards offer a slice of larger-than-apartment living for Californians—including nurses, teachers, firefighters, veterans, and others—who can’t afford the steep prices and interest rates of homeownership.
Courtesy Tricon Residential
Andy Carmody
The project, which was developed in partnership with Sares Regis and Signature Homes through a nearly $60 million investment from Blackstone Real Estate, is just the start of what Tricon does for its residents.
“We believe everyone deserves access to affordably priced housing in desirable communities. That’s why we’re seeing such enthusiasm and support for thoughtfully planned neighborhoods like ours—not just at Tricon Sunridge, but across California and the nation,” says Carmody.
Tricon offers a free credit builder program that helps residents build their credit history by reporting on-time rent payments to three major credit bureaus and $5,000 resident down payment assistance for eligible individuals.
Carmody shares more on what he’s seeing in BTR below.
Are there any trends you’re seeing in the BTR industry?
We are seeing increased demand for BTR communities, especially in places with housing shortages like California, as families seek more affordable alternatives to the high cost of homeownership. At Tricon, we are proud to provide single-family rental homes that are professionally managed, sustainable, and allow families to live in the high-quality communities where we are building new rental homes.
What about any concerns for the BTR industry?
With the U.S. currently facing a housing shortage of 4 million to 5 million homes, the BTR industry is an important and growing part of the solution to the housing shortage. BTR is a relatively new housing type, and Tricon is actively collaborating with cities and municipalities to showcase how BTR communities can effectively address their housing needs and priorities. Once most officials see the quality of the homes we are delivering, the affordability relative to homeownership, and the professional management and services that Tricon offers our residents, they better understand the value our BTR communities can add.
Courtesy Tricon Residential
Tricon Sunridge features fully electric appliances, solar panels, EV charging-compatible outlets.
How can BTR better serve the current housing market in comparison to traditional for-sale new homes?
BTR communities offer residents a path to single-family living without the financial barriers of ownership. With rents often lower than monthly mortgage payments–as is the case at Tricon Sunridge–BTR provides an affordable option to families priced out of homeownership.
Through these communities, Tricon helps families thrive by expanding access to high-quality, affordably priced rental options in great neighborhoods, with access to good schools, job centers, and essential community resources at a monthly cost well below that of homeownership.
What makes Tricon Sunridge different from other BTR communities?
Tricon Sunridge stands out for its modern amenities and eco-friendly home features with solar panels and EV charging-compatible outlets, smart-home technology, high-speed internet, chef-inspired kitchens, a dog park, a tot lot, and home maintenance included with rent.
Tricon also provides unique, one-of-a-kind programs that benefit residents, including Tricon Vantage and our Resident Bill of Rights. Tricon Vantage is Tricon’s suite of financial resources designed to help families achieve their long-term financial goals and enhance their financial well-being.
