Wave of Single-Family, Build-to-Rent Properties Crashes Against Northeast’s High Costs

Construction of single-family rental homes is a booming business in fast-growing southern and southwestern states, where undeveloped land is cheaper and far more plentiful than in the Northeast, said Steven Katz, Executive Vice President and Chief Investment Officer at multifamily lender and investor Arbor Realty Trust. Connecticut Realty Trust recently completed its roughly $25 million “Grand Luxury Homes” project in Granby, which features 23 duplex-style houses and 19 single-family homes available for rent. The development was completed in June and fully leased by August, Kligerman, said.