The Edge Magazine Vol. 8

O n any given day, you’ll find Claudia The Havenly Fountain Hills, a single-family, detached-home neighborhood about 20 minutes northeast of Phoenix, where she and her husband Kelly rent one of the 147 houses in the gated community. “It’s perfect for us,” she said, of the newly built, 1,421-square-foot, two-bedroom, two bathroom lofted house with stunning vistas of the McDowell Mountain range and views of the famous 330-foot fountain at the center of Fountain Hills, one of the largest fountains in the world. “It’s beautiful, it’s the perfect location and it feels like we own it, even though we don’t.” early 60s, they represent a growing number of people—from Millennials to mid-career professionals to retirees—who find themselves drawn to housing that offers a single-family lifestyle without the long-term commitment, maintenance and financial burden that often accompany homeownership. The pandemic accelerated this trend across the U.S. As more people left congested urban areas seeking suburban space to accommodate working from home and remote school, the housing inventory tightened. Home prices soared, bidding wars became the norm and soon thereafter a surge in demand for single family rentals. According to our research, more than 60,000 built-to-rent single-family rental units were built in 2021 in the U.S., in cities like Memphis, Oklahoma City and Forth Worth. Single-family rentals were especially desirable in cities like Austin, where, according to the Burns Single-Family Rent Index, home values rose 38% in 2021, but where average single family rental rates increased just 6%. Finney sporting sunglasses and walking her two dogs, Cooper and Lula, through The Finneys aren’t alone in eschewing homeownership right now. Both in their

I’ve seen people come here after taking advantage of the hot market and selling their homes with the intention to build or buy a new house, but they end up staying because they love it so much.” Colleen Sweet Property Manager The Havenly Fountain Hills

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