By Angela Gonzales | Phoenix Business Journal
It’s no secret builders can’t construct homes and apartment units fast enough to keep pace with demand in metro Phoenix.
Now more homebuilders are flocking to a hybrid model — single-family rental products — in an attempt to quench the demand for new residences.
The Valley currently has about 17,000 single-family homes listed for sale, which equates to about a 2.1 month supply of inventory.
Providing the hybrid rentals gives homebuilders a chance to cover their bases when it comes to attracting homebuyers and tenants, providing rental units for recent college graduates until they’ve saved enough for the down payment on their first home.
Scottsdale-based Keystone Homes received zoning approval to build a rental community on 12 acres in Fountain Hills.
Plans call for Keystone to invest about $30 million for the gated community, which is expected to begin construction this month within walking distance of the 560-foot fountain in the center of Fountain Hills.
The one- to three-bedroom homes will range between 720 and 1,600 square feet, with monthly rents from about $1,400 to $2,400. Of the 147 homes, most are detached, single-story designs except for 10 in a two-story configuration.
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