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The Economic Perspective: “Build to Rent Homes”

Mary: I’m Mary Walden with economist MW welcoming you to the economic
perspective. Today’s program looks at build to rent homes. Mike, the construction
industry has been one of the bright spots of the pandemic-caused recession. In fact, there
are more single-family homes being built today than in any year since 2007. But I
understand these all aren’t homes that are typically offered for sale. What’s different?
Mike: Summary Answer
a. Many of these homes are being built to rent, not to sell
b. In fact, the number of single-family rental homes has risen over 40 percent
since 2007
c. Reason – over half of households earning the average income can’t afford
to buy a home – even with low interest rates – and that share has risen in
the last decade
d. Rental homes are an alternative
e. The recent increase of newly built rental homes is taking advantage of
more households wanting a single-family dwelling rather than an apartment
during the pandemic
f. Interesting to see if continues after the pandemic
g. I’m MW
Mary: And I’m Mary Walden for the Economic Perspective, an NC State Extension
program from the Department of Agricultural and Resource Economics.