One developer in Nashville is building build-to-rent townhomes in the West Meade community.
NASHVILLE, Tenn. (WKRN) — One developer in Nashville is building build-to-rent townhomes in the West Meade community.
Build-to-rent is a popular alternative for those looking to get a single-family home. They operate similarly to apartment buildings as they are under property management companies, but they still offer a single-family living experience.
“We’re going to be offering a mix of three and four bedrooms, all with attached two-car garages, clubhouse with in-door outdoor lounge space, a pool,” senior managing director of Crescent Communities, Tony Chen, said.
Harmon West Meade, by Crescent Communities, is a 173-unit build-to-rent townhome community that is set to open next year. Leaders said that they chose the location, off of I-40 West and Old Hickory Boulevard, because of the demand.
“Not everyone is able to, or maybe even want to, from a lifestyle perspective, want home ownership,” Chen said. “There’s a large down payment, ongoing maintenance and home repair that you need to reserve and pay for. That isn’t in the wheelhouse or budget for a lot of things for families, so this is providing access to a single-family lifestyle.”
There are varying opinions when it comes to build-to-rent models. Some believe it’s not an ideal solution to what many consider an affordable housing crisis. One man told News 2 that he’d like to see the market change so much so that he can own his own home and leave renting behind.
“It’s difficult. You got to have 7 roommates these days. It’s really hard when the rent is $1,800 for a 1-bedroom as far as the cost of living going up,” Nashville resident James McGee said. “That’s our dream to own a home, but I don’t want to be in debt the rest of my life either.”
According to data from Realtor.com, over 75,000 build-to-rent homes were built nationwide in 2023. Their data shows that it’s an increase from the 68,000 built the previous year.
Joel Sanders with Apartment Insiders in Nashville told News 2 that it’s a trend that has both pros and cons.
“Some of the upsides are that your neighbors undergo background checks, just like they would in an apartment community,” said Sanders. “Some of the cons are that those communities take away from the inventory that people may want to purchase.”
Sanders said that certain factors, like if you’re unsure of where you want to purchase a home, but you want the fluidity to move if you end up not liking the area, can help you decide if build-to-rent the right move for you.
“Build-to-rent options can be great for someone who’s looking to stay in that home for less than three years,” Sanders said.