PodcastBuild-to-Rent

In It for the Long Run: Mark Wolf on Build-to-Rent Communities

Shelly Chen
Dean Wehrli

Shelly Chen

Dean Wehrli

February 3, 2022

Successful restaurants have great service, the right menu, and a long-term outlook. A good location also doesn’t hurt. Mark Wolf, CEO and founder of AHV Communities, has a similar mindset when executing successful build-to-rent (BTR) communities. BTR communities are purpose-built rental communities that merge the product benefits of single-family rentals with service and amenities typically seen in apartment complexes. In this first of three BTR-related episodes, Mark describes AHV Communities as an “apartment company masquerading as a home builder.” Keep reading below to learn what Mark prioritizes when developing and operating BTR communities.

Featured guest

Mark Wolf, CEO and Founder, AHV Communities

The game changers

  • Excellent service differentiates AHV Communities from single-family rentals and even many other BTR communities. Top-notch onsite management and maintenance are key.
 
  • Full amenity packages whenever possible.
 
  • Designing the right product with an extensive hold period in mind ensures today’s Class A community is not tomorrow’s Class C community.

BTR vs. SFR

  • Professional management is a key motivator for renting in a BTR community as opposed to a single-family rental (SFR).
 
  • Community social events can help instill a sense of community, another critical appeal.
 
  • Amenitized BTR communities can command a premium of up to 10%–15% over “mom and pop” SFRs.

Mark's outlook on the future

  • Mark expects that as the BTR space matures, communities will be more clearly segmented by Class type (Class A, B, C) and by product type.
 
  • The number of BTR players will thin out, mainly due to consolidation.
 
  • The share of housing stock owned by institutional investors will expand. It is much more efficient to buy or build homes in bulk versus accumulating stock in one-off deals.

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About The Author

Shelly Chen
Shelly Chen
Research Analyst II, For-Sale
Shelly is responsible for working on various research projects as it relates to residential for-sale, including supporting our Burns Home Builder Analysis and Forecast report.
Dean Wehrli
Dean Wehrli
Principal
Dean helps housing sector clients figure out not just what might work and what might not, but why.

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