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The largest number of new BTR homes last year were constructed in the Phoenix metro area, where more than 4,000 units were completed. In sizing up the numbers, RentCafe observed that the Covid-19 pandemic’s impact should not be underestimated. In the years before Covid turned our worlds upside down, an average 6,600 BTR houses were constructed annually nationwide. “We are a coalition of longtime residents (trying) to prevent corporate owners from turning family areas into commercial areas,” said Clifton Williams, representing the blue-shirt group Neighborhoods are for Neighbors.
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Generally, long-term Oceanside residents, many wearing blue T-shirts, were in support, while owners of multiple properties and property managers, in green T-shirts, were opposed. Many of the new regulations are aimed at limiting “non-hosted” short-term rentals, or STRs. Non-hosted rentals are often owned by out-of-town corporations that may operate dozens of properties, some with as many as 10 bedrooms, without on-site supervision.
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Also outside the burn zone are dozens of short-term rental condominium buildings erected decades ago on land zoned for apartments. The ordinance caps the rentals at a maximum of 480 non-hosted STR permits in other zones, such as R-T or residential-tourism, west of Coast Highway. The limit allows for a growth of about 25 permits from the number existing now, the city report states. Short-term rental owners said a phase-out would violate their property rights and take their property without compensation, potentially pushing them into foreclosure. Vacation rentals are a popular alternative to hotels for those seeking kitchens, lower costs and opportunities to sample everyday island life.
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The testimony marks the first time a large property insurer has publicly promised a return to the market in the disaster-prone state if the new regulations are implemented. The North Port and Lakeland markets were the new markets with the greatest activity within the Sunshine State. In North Carolina, Raleigh is a fresh new BTR market, while in Georgia it is Savannah and in Michigan, Ann Arbor. Also, when any property with an STR permit in the R-1 zone is sold, the STR permit expires and can’t be renewed.
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Courtney Lazo, a real estate agent who is part of Lahaina Strong, the group occupying Kaanapali Beach, said tourists can stay in her hometown now but many locals can’t. “This area in West Maui that is sort of like this resort apartment zone — that’s all north of Lahaina — it was never built to be local living,” Humiston said. Napili is where Chadwick thought she found a place to buy when she first went house hunting in 2016.
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There are 140 active homes for rent in Irvine, which spend an average of 29 days on the market. Some of the nearby neighborhoods near Irvine are Northwood, Woodbridge, Portola Springs, and Westpark. You may also be interested in homes that are for rent in the nearby ZIP codes of 92620, 92618, or in neighboring cities, such as Newport Beach, Tustin, Long Beach, or Riverside. Lawmakers also considered trying to boost Hawaii’s housing supply by forcing counties to allow more houses to be built on individual lots. But they watered down the measure after local officials said they were already exploring the idea.
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Critics revile them for inflating housing costs, upending neighborhoods and contributing to the forces pushing locals and Native Hawaiians to leave Hawaii for less expensive states. HONOLULU (AP) — Amy Chadwick spent years scrimping and saving as a single mother of two to buy a house in the town of Lahaina on the Hawaiian island of Maui. But after a devastating fire leveled Lahaina in August and reduced Chadwick’s home to white dust, the cheapest rental she and her now-husband could find for their family and dogs cost $10,000 a month. Even more striking, 41% of all BTR homes, or about 68,000 homes, were constructed in just the last half decade.
The explosive growth of the market, especially in the last three years, is evident in the following figures. Anyone prepared to argue there’s really nothing new under the sun in the U.S. housing market hasn’t glimpsed RentCafe’s annual Build-to-Rent Construction Report, out just last week. The niche comprised of single-family houses built expressly to be rented has established its fifth straight yearly record, with more residences than ever being constructed.
The Council for Native Hawaiian Advancement, a nonprofit, estimates at least 1,500 households — or a quarter of those who lost their homes — have left since the August wildfire. Most people in Lahaina work for hotels, restaurants and tour companies and can’t afford $5,000 to $10,000 a month in rent, she said. Insurance Commissioner Ricardo Lara says the proposed reforms, which would not need legislative approval or to be signed by the governor, represent the biggest changes to the state’s insurance market since 1988.
Specifics have been scant and the overhaul is still in draft form, but Lara expects the process to be complete by the end of the year. BTR as a sector is facing many of the same headwinds the rest of the home building industry confronts, with persistently elevated interest rates and inflated construction expenses near the top. Still, most envision a bright future for BTR, especially given Millennials’ desire for home ownership, even if it comes with a monthly rent payment rather than a mortgage expense. In Alabama, the dramatic growth of jobs and residents in Huntsville has supercharged the production of BTR houses. While BTR is concentrated in the Sunbelt, the phenomenon is by no means limited to that region. Detroit came in sixth on last year’s list, with 651 completed, followed by fellow Midwestern markets Kansas City, Mo. with 636 BTR homes finished in 2023, and Columbus with 625 homes completed.
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