NexMetro Communities, a Valley developer of luxury leased-home neighborhoods, is bringing its innovative approach to single-family rental homes with a new community in Mesa.
Avilla Enclave, a 96-home neighborhood in Mesa, is one of six new communities it plans this year in the Phoenix Metro area.
The company boasts its housing provides “renters with the lifestyle of a new home with the carefree maintenance of a lease.”
“The single-family rental home category has experienced exponential demand from individuals and families preferring the ease that a rental lifestyle brings, especially in the Valley,” said Brian Rosenbaum, executive managing director of NexMetro Communities’ Phoenix Division.
“As solid job and income growth, household growth and supply demand and high occupancy rates continue to remain strong; we anticipate this housing trend will remain especially robust, especially as house prices skyrocket in one of the hottest real estate market in the nation.”
NexMetro has built 11 Avilla Homes neighborhoods in the Valley, including Chandler, Queen Creek and the Lehi section of Mesa.
Rosenbaum said NexMetro’s plans are responding to the strong demand for single-family rental neighborhoods.
The build-to-rent concept has been growing nationwide faster than any other type of real estate.
Avilla neighborhoods feature detached, single-level homes with private backyards and front entries available in one-, two- and three-bedroom spacious floorplans.
NexMetro boasts of “stylish and design accents” such as high ceilings, granite countertops, stainless steel appliances, a full-size washer and dryer, and hard-surface floors.
Its communities are gated and have garages, covered parking areas, and amenities such as a resort-style pool and spa, outdoor grills, lounge areas, dog park, walking areas and open space.
With more than $1 billion invested in the Phoenix, Dallas, Denver, and Central Florida markets, NexMetro said its expansion plans “speak directly to lifestyle-conscious consumers from all walks of life who would rather lease than own a home.”
The company said its target market are people who prefer to rent rather than own.
“They enjoy the comforts of having a private entry, no shared walls and private back yard, but without maintenance and commitment often associated with home ownership,” it says.
NexMetro’s move comes at a time when the Valley, and most of the country, are confronting an almost unprecedented low inventory of both re-sale and new homes even as municipalities are issuing near-record numbers of building permits.
Driven by low interest rates and the continuing influx of out-of-state residents relocating to Arizona and particularly Maricopa County, the low inventory also has fueled rising prices for homes.
But broken supply chains also have added to homebuyers’ anxiety as builders are having trouble getting roofing, window and other supplies, forcing them to extend completion dates.