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CALABASAS, Calif., April 13, 2021 /PRNewswire/ American Homes 4 Rent (NYSE: AMH), a leading provider of high-quality single-family homes for rent, announced today that it recently closed on 94 acres in northeast St. Cloud, Fla., and plans to develop a new community named Pine Grove that will feature 279 single-family homes for lease with extensive community amenities.
This marks the fourth significant land transaction by AH4R in the Orlando market in recent months. When combined with other recent purchases in Apopka, Mascotte and St. Cloud, AH4R has added more than 600 lots to its new development pipeline in the Orlando market.
There haven t been so many single-family homes under construction in the U.S. since 2007, yet many of these new houses won t be for sale.
Investors are building tens of thousands of houses expressly to rent in a bet that Americans will keep flocking to spacious suburban living even if they can t afford to buy homes.
The Covid-19 pandemic sparked a race for space among Americans, and home prices have surged to records. The gains have outpaced wage growth, straining affordability despite historically low borrowing costs.
Homeownership is unaffordable for average wage earners in 55% of U.S. counties, up from 43% a year earlier, according to Attom Data Solutions, a real-estate analytics firm. Meanwhile, single-family landlords have reported record occupancy and fast-rising rents since the pandemic began.