BTR Trends Hot Topic at Connect CRE’s Phoenix Multifamily & BTR Conference

A panel made up of Greystar’s Nicole Churchill, CCBG Architecture’s Virgina Senior and Brent Long from Christopher Todd Communities discussed the build-to-rent (BTR) sector and what we might see in the future while at the ConnectCRE’s Phoenix Multifamily & BTR Conference at the Westin Kierland Resort & Spa. First off, it was clear that the BTR craze in Phoenix and the Sunbelt shows no signs of abating. As long as interest rates remain where they are, and Phoenix continues to grow thanks to nation-leading job growth, the BTR sector will continue to flourish. Phoenix has as many as 10,000 BTR units under development.

In terms of the types of products, Long said the trend is offering a mix of products within the same development. From stand-alone single-family units, to cottages, to townhomes to fourplexes; that will be the new norm.

Churchill discussed the sector has surged to such an extent that homebuilders and multifamily developers are entering the space. They don’t want to be left behind.

Senior suggested that BTR developers can no longer rely on cookie cutter, one size fits all units. The prospective tenants are mostly upwardly mobile, younger people who want something new and different. She thinks architects have to get more creative in designing the units.

And finally, all agreed that amenities are not as crucial in BTR units as they are in garden-style or highrise multifamily communities. Long suggested the key draw of the BTR product is “no one above you, and your own backyard.” He added that a batch of amenities are expensive and don’t always pencil out.

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with G. Joseph Cosenza, Vice Chairman of The Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register Today to network with your peers!