The luxury built-to-rent market is on the rise, and this new trend is showing no signs of slowing down any time soon. Build-to-rent homes are created as professionally managed communities. They’re designed to provide an exclusive residential experience with up-scale amenities on-site. According to Property Shark and Hunter Housing Economics, the number of build-to-rent developments is expected to double by 2024 in the U.S. alone. Investors are preparing to put down more than $40 billion in the next 18 months.
Considering this rapid rise and the recent dip in interest rates, financial experts such as Nationwide Finance think now is a good time to refinance a home loan. Doing so allows borrowers to secure lower fixed interest rates and monthly payments. Plus, it assists in paying off home loans earlier and removes the cost of private mortgage insurance. A cash-out refinance may also give borrowers access to equity they’ve built up. This allows them to invest in built-for-rent properties that increase in value as demand grows.
One of the latest examples of how the built-to-rent market is thriving is The Sophia. This luxury community development is planned for the south of Tampa, FL. Thompson Thrift Residential, an affiliate of Indianapolis-based Thompson Thrift and a leading luxury property developer in the US, has recently announced the development. The Sophia is a 244-unit, luxury build-for-rent community development based in the city of Venice, just south of Sarasota. Thompson Thrift Residential says that construction will begin late in December 2021, and is scheduled for completion in 2024.
According to Eric Wojak, the Vice President of Development and Luxury Leased Homes at Thompson Thrift, Venice is a popular choice for prospective homeowners relocating from across the US. He believes that the area will continue to grow and expand at a rate far surpassing the national average. Wojak notes that The Sophia gives residents the opportunity to live in an exclusive community based around luxury, style, and convenience. The development will reportedly boast access to employment opportunities, retail outlets, and a high-quality public school system.
The Sophia will be built on 29 acres of prime Venice land. It will consist of 122 paired villa structures, offering a total of 244 homes with 84 detached garages. Each home will offer one, two, or three bedrooms, up to 1,525 square feet of floor space, and exclusive features. Gourmet bar kitchens, stainless steel appliances, high ceilings with designer light fittings, walk-in closets, dryers, and washers are just some of the options. These in-demand features are becoming increasing mainstays among the wave of built-to-rent developments taking Tampa by storm.
Residents at build-for-rent communities like The Sophia have the advantage of a wide range of community amenities on site. These amenities include 24-hour fitness centers, an expertly decorated resident clubhouse, and expansive swimming pools and cabanas. Fitness and hiking trails, community gardens, a dog park, and even a canine spa are included too.
The Sophia will provide instant access to the I-75, putting Florida’s picturesque western coast, Venice Beach, Sarasota, and Brandenton in easy reach. Amazon has also recently opened a pioneering 110,000 square foot distribution center in the region for accessible eCommerce opportunities. However you look at it, it’s clear. Luxury living is no longer just for sale. It’s for rent too.