Dive Brief:
- The country’s second-largest builder of for-sale homes will begin renting out new, single-family houses this weekend.
- Lennar’s community in Sparks, NV, will feature 80, two- to four-bedroom new homes, ranging in size from 1,210 to 2,182 square feet, that will be leased, not sold, to the occupants.
- In a press release, northern Nevada Division President Dustin Barker said he is “thrilled to now enter the rental market.”
Dive Insight:
Lennar CEO Stuart Miller told investors last year that “single family development for rent might become a part of our portfolio going forward” if first-time buyers continued their sluggish entry into homeownership.
A year earlier, the company announced it would develop $1 billion worth of multifamily properties to capitalize on the growing demand for rental apartments.
