A company specializing in the development of single family homes for the rental market has announced plans to build 267 such structures in the growing city of El Mirage, some 20 miles to the northwest of Phoenix.
The project will belong to NexMetro Communities, which recently purchased a 32-acre site in El Mirage for the new single-story homes.
With well over two dozen similar projects either completed or in the building process in the Dallas, Denver, Phoenix, and Tampa markets, NexMetro emphasizes single family rental houses with surrounding community amenities including swimming pools, dog parks, and club houses.
The emphasis on rental housing over traditional rental apartment units is seen by analysts as an increasing segment of the industry.
According to a study conducted by the Harvard Joint Center for Housing Studies, such projects in recent years have comprised nearly 40% of the overall rental market.
According to reports, NexMetro purchased the El Mirage site for just under $6 million.
El Mirage is proving a particularly hot rental market, in part because the city’s population has more than tripled in the last two decades, and now stands at nearly 36,000.
By Garry Boulard
