The Rent Roll with Jay Parsons EP#18 Steve Kimmelman | Build-To-Rent Update With The BTR King
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Jan 23, 2025 Steve Kimmelman, founder of Redwood Living, dives into the booming Build-to-Rent (BTR) sector, claiming a leading position with over three times the units of the next largest competitor. He shares insights on branding BTR as 'apartment neighborhoods' to enhance community appeal. Discover the staggering 94.4% national occupancy rate and the predicted rent growth. Kimmelman discusses the shift of institutional investors toward BTR, the obstacles of rising costs, and the evolving housing market dynamics shaping the future of rental communities.
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BTR Supply Peak and Decline
- BTR supply peaked in 2024 and will remain high in 2025 before declining.
- Over 70,000 BTR units were completed in 2024, seven times the pre-COVID norm.
BTR Occupancy Resilience
- BTR occupancy rates are holding steady in the mid-94% range despite lease-up pressure.
- Portland, Cincinnati, Columbus, Nashville, and Orlando have the highest occupancy rates, exceeding 96%.
Value of On-Site Management in BTR
- 84% of BTR renters value on-site maintenance, a key differentiator from scattered SFR.
- 70% find on-site management important, highlighting a potential competitive advantage for BTR communities.