Homes for Rent
Reinventing Home
BlackStone draws upon decades of residential community development experience throughout the country for the Homes For Rent (HFR) sector of residential development. The principals of BlackStone Communities have developed a portfolio of multifamily and single family communities for over 25,000 households.
25,000+
households developed for
$6B+
in developed real estate assets
40+ yrs
developing through every market cycle
BlackStone master plans, entitles and land develops large scale master planned communities for HFR developers. BlackStone also develops individual Homes For Rent communities.
Our processes and unique approach to design and execution generate above market returns on capital and a very differentiated living experience for residents. Our development philosophy, honed over several decades, has always focused on enduring capital growth and long-term happy residents. Our philosophy in the Homes For Rent sector is the same as it has been for several decades of development in the residential industry. We painstakingly focus on our residents' needs and the value proposition with our residents.
Expertise in Every Facet of Development and Delivery
BlackStone Communities' unique systems and experiences ensure consistency across communities, resulting in better execution and higher returns. Our viewpoint and execution sets us apart, delivering top-notch experiences for residents, not just places to live for a while.
The Homes For Rent Market
A perfect storm of macro factors
Homes For Rent demand is driven largely by a perfect storm of macro factors: a rapidly growing demand for more privacy in multifamily rental housing and a lack of affordable homeownership options. In addition to these consumer drivers, the following factors are also enabling the expansion of rental housing:
Municipal Preference
Homes For Rent communities develop a lower density, quality development that appeals to municipalities.
Capital Availability
Institutional capital is increasingly interested in the Homes For Rent sector.
Exit
Access to Agency Financing for stabilized properties is rapidly enhancing liquidity and exit valuations.
By the Numbers
A structural shift in how people live
60%
Increase in average cost of mortgage debt. This increase leads directly to decreased qualification ability for first-time buyers.
60%
Increase in average home price in Texas in the past 5 years.
34.7%
The share of renters in Texas in 2023. The highest share of renters in Texas since 1965.
66.8%
The homeownership rate in Texas in 2023. The lowest homeownership rate in Texas since 2007.
"We're in the first inning of Homes For Rent. There are almost 12 million households who rent and we think Homes For Rent has a long runway ahead of us."
John Burns, John Burns Research and Consulting
Demographics
The growing popularity of Homes For Rent housing is fueled by a trend towards renting over homeownership, a scarcity of affordable housing options, and demographic changes affecting the housing market. Our Homes For Rent model addresses these shifts with a unique housing option that combines the benefits of single-family homes with the convenience and amenities of apartment living.
1
Millennials and Young Professionals
A dynamic and ambitious group, millennials and young professionals seek residences that match their pace of life. BlackStone Communities offers Homes For Rent options that cater to their need for flexibility, convenience, and connectivity, providing modern amenities and proximity to urban centers.
2
Lifestyle Seekers and Active Renters
For those who prioritize experiences and active living, our communities offer more than just a place to live. With a focus on lifestyle amenities such as fitness centers, communal spaces, and easy access to outdoor activities, BlackStone Communities caters to those who seek a vibrant, active lifestyle within their living spaces.
3
Downsizers and Empty Nesters
As life stages shift, so do housing needs. For those looking to downsize or empty nesters seeking a simpler, maintenance-free lifestyle, BlackStone Communities offers comfortable, high-quality residences. Our communities provide the perfect blend of privacy, community, and hassle-free living, allowing residents to focus on enjoying their next chapter.