'Built To Rent' homes coming to new subdivision on Florida's Space Coast
VIERA, Fla. - Hundreds of new homes are being built in Viera right now, but some will never go up for sale.
Homes in one new subdivision are all being "Built To Rent." It’s a new housing model sweeping Florida because homes are too expensive for people to buy.
"The Landings at Viera" will end up looking like a traditional subdivision scattered all over Viera. There will be townhomes and single-family homes with 2 to 4 bedrooms built on 49 acres at Pineda Boulevard and Stadium Parkway.
The land is already being cleared for development, and the homes should be ready for families to move into by early next year.
The movement is growing because more people can’t afford to buy their own homes, so they're forced to rent.
"The homes are specifically designed from day one to be rented," said Chip Bryan, the managing director at Condev Communities LLC. "It’s a direct function of housing affordability issues and the fact that there are a lot of people who are not able to buy a home at the moment."
In Florida, a new study by Bankrate says you need to make $114,771 to own a median-priced home.
You only had to make $72,963 just four years ago to buy a home.
"Our parents talk about real estate as an investment. It’s like, okay, how are we supposed to do that if houses are 10x what they used to be?" asked Nick Amelio, who doesn’t own his own home.
He’s 20 years old and isn’t sure if he’ll ever be able to buy his own home.
"They’ve just watched that bar keep rising and rising and rising to the point where they may never be able to have that dream of owning their home for their families," said Jeremy Prouty, a small business owner who has owned several properties.
Condev Communities says homeownership may not be the "American Dream" for everyone anymore.
"We’re becoming a little bit more like other modern countries," said Bryan.
In Europe, Bryan says homeownership isn’t as popular as low-maintenance lifestyles.
"If your air conditioner gives you an issue or your microwave stops working, that is something that will be professionally maintained by us," said the developer.
Bryan’s management company will install and maintain all the home appliances and do all the landscaping. Trash pick-up will also be included in the monthly rent.
The homes will range in size from 1,300 to 1,800 square feet, with 2 to 4 bedrooms and rent coming in at $2600-$3500 a month.
"You’re kind of throwing away money in a sense," said Amelio.
The new model isn’t for everyone, but for people who can’t afford to buy in Viera, renting single-family homes will soon be an option in this neighborhood.
"Now, you have a home that has all of the benefits and functionality of a home you would otherwise buy down the street in Viera," concluded Bryan.
Another downside for many people regarding apartments is the lack of private parking, which isn’t an issue at The Landings. Every home will have a garage and private driveway. There will also be fenced backyards at every home, with a gym and community pool on site.
These units will start pre-leasing in the fall.