Build to Rent- BTR

[Chase Calhoun]

Just wrapped up a build-to-rent project on Wilson Road, and I’m excited to share how it turned out! We built two homes side by side on infill lots with a lot value of $20k each and hard construction costs of $196k (builder’s fee not included). Both homes are now rented on two-year leases at $2,175/month. We sold one for $257k in cash and are holding the other one as a rental.

I’m curious about others’ thoughts on build-to-rent (BTR) projects, especially on infill lots. Personally, I find BTRs to be more predictable with fewer ongoing maintenance issues, and they tend to attract high-quality tenants. On the flip side, the margins aren’t quite as high as with rehab projects. Has anyone else had similar experiences with BTRs? Would love to hear any insights!