Growing with its renters and their needs, Greystar, a leading multifamily owner, developer, and manager, continues its expansion in the single-family build-to-rent sector.
While Greystar looked at scattered-site strategies for single-family rentals coming out of the Great Recession, the company decided that was not in its core business and remained focused on multifamily housing where it could leverage its operational expertise. However, that began to change several years ago when it saw the demand for purpose-built, single-family rental communities that both add supply and are contiguous, which fit squarely within Greystar’s core business and leveraged the company’s expertise.
Greystar aims to serve its renters across all stages of life—from student housing, conventional multifamily, and essential housing to single-family rentals and active adult. The company’s purpose-built, single-family rentals are meeting the demand of households who are ready to move on to their next chapters and prefer to rent a single-family home or can’t afford to buy in today’s environment of elevated home prices and interest rates.
“This is a natural extension,” says Jordan Kabbani, senior director of investment strategy at Greystar. “We see that in our own data. When [residents] leave a conventional building, they go into single-family. And when the nation is chronically undersupplied in housing, we are adding new supply that is desperately needed. This is a desperate need in our own resident base that we are seeking to address.”Read More