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NexMetro Communities started building single-family homes for rent in 2010 ostensibly for families that lost their homes to foreclosure and wanted a product other than apartments to live in until they could rebound financially. But there was an additional kind of renter walking into the sales office.
"What we were shocked to find out was it was people that had great credit, they had money for down payments, they had great incomes, but they just didn't want to own a home," says Josh Hartmann, CEO. "They were a lifestyle renter, renter by choice."
And there were a lot of them. So NexMetro kept building homes. It's built 2,800 so far in Colorado, Arizona and Texas, and they fill up quickly. Other builders are doing this around the country, too.
NPR profiles NexMetro renters from a recently divorced woman and a newly wed couple to learn why they don’t want the commitment of a 30-year mortgage and the amenities that attracted them to this kind of rental product.
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