In the Phoenix area, demand for single-family rentals is booming. Read more about the single-family for rent model here.
Phoenix–based Christopher Todd Communities broke ground on five rental communities in 2017, the first of which opened in December in Surprise, Ariz., with the rest slated to open later this year. The company’s gated communities feature anywhere from 136 to 313 single-story detached, one- or two-bedroom homes ranging in size from 688 to 1,022 square feet ($1,050–$1,350).
The homes offer a private backyard, dog door, and a smart home automation system that lets residents control their locks, thermostat, doorbell camera, lighting, and security cameras with a smartphone. Like other rental communities, the projects by Christopher Todd Communities are amenitized with pools, spas, barbecue areas, fitness centers, and event lawns for both residents’ use and events put on by the management.
Within the first six weeks of announcement, CEO Todd Wood says the Surprise community that opened in December had 1,000 people on the pre-leasing interest list. The leasing office opened on January 2 of this year.
“We’ve come up with [a housing product] that’s in between traditional homes and vertical apartments, and we call it detached horizontal living,” says Wood of the communities, which are leased and managed by a third-party company. “It’s easy for renters to look at the homes and say, ‘I can pay the same price as an apartment, but I don’t have to walk up three flights of stairs and I have my own backyard.’ We have a lot of interest and demand for the product from people that still want to rent, though in a different environment than a multifamily building.”
