The market for more private, larger rental units has not abated. Parkland Communities is planning to build 124 units in downtown Fayetteville, 25 miles from downtown Atlanta.
The rental units are considerably larger than standard multifamily apartment units, ranging between 1,600 and 2,000 square feet for two and three-bedroom units. Another added extra over standard high and midrise apartments; each unit gets its own garage.
The BTR phenomenon has spread to areas other than the southwestern US. A Berkadia survey reports that high home prices and steep mortgage rates have priced out would-be buyers, so much so that the U.S. is now experiencing its least affordable buying market in recent history.
Parkland’s units will start at $2,200 per month, as much as $1,000 lower than monthly mortgage payments for a comparable townhome.
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Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.