Hancock Builders, based in Phoenix, may be on to just what the rent-centric housing market needs – some new twists on rental single-unit family dwellings. The builder is offering communities of single family rentals that come standard with a house full of high-tech upgrades. Hancock has already built 1,300 of the mini-Craftsmen and Farmhouse style homes with 4,000 more in the development pipeline spread across 10 communities.
Building single-family homes as rentals is not a new idea (click here for an article about companies that offer single-family rentals). According to John Burns Real Estate Consulting, at least 10,000 build-for-rent houses have been constructed over any given 12-month period since the early 1980’s. By the mid-2000s built-for-rent production peaked at 45,000 units over a 12-month period. Since the housing bust, built-for-rent production has steadily risen. One of the new wrinkles on the idea is combining the units into entire communities.
Hancock’s homes come in one- or two-bedroom layouts, ranging from 635 to 1,250 square feet. They’re designed with the same high level of architectural details found in for-sale homes and come with private backyards. In selected locations they offer smart home technology including, high-speed fiber optic internet, keyless entry, doorbell cameras, lighting controls, programmable thermostats, motion detectors and security systems that are all controlled via a mobile app.
The communities feature amenities that include swimming pools and parks. For consumers who want the whole house to themselves lifestyle without the mortgage, these little charmers are fitting the bill.
