The COVID-19 pandemic of 2020 has caused unique opportunities in the housing market with an energetic growth continuing. As the country begins to realize that they will continue to spend a considerable amount of time in their home, the idea of having a place to “just crash” is no longer appealing. The newest housing trend – build-for-rent housing – is considered the fastest growing segment in the industry. This type of housing is not only safe and secure but has become upscale and community focused. While the appeal has been to empty nesters and single mothers, the millennials are finding it attractive and getting into the game.
The average occupancy rate of these beautiful “home type” rentals is over 90% – leading to wait lists before the ground is even broken on the project. Renters can get that sense of homeownership with perks such as amenities and private fenced in backyards. With a resume of more than 8,000 units, Bowman Consulting has become a go-to for developers and builders as they lend their expertise to efficiently plan the overall design to maximize yield and reduce infrastructure costs.
“With a strong demand on building more of these communities we rely heavily on a strong engineering team to layout the foundation – without Bowman we would never be able to meet the current demand”, said Jeff LaFrance, VP of Acquisitions at West Stone Group of Companies. “It took us multiple civil engineering firms prior to finding Bowman, but now we have the right partner that we can trust to deliver,” he continued. Bowman has years of experience in this area that has allowed the company to continually evolve – the delivery of their work exceeds client expectations.
“Having this opportunity to be involved in engineering and planning this product type for over five years, we have helped pioneer a whole new segment that we now service and are rapidly becoming a leader in this industry,” stated Bruce Larson, Executive Vice President of Bowman Consulting. “We are now looking at several projects in Florida, Texas, Colorado and the Carolinas,” he added.
The build-for-rent housing concept is quickly spreading across the country – from Arizona to Florida and beyond – and Bowman continues to expand to meet the demands of this emerging market. One of Bowman’s recent projects that showcases this unique community lifestyle is located in Surprise, AZ called Marley Park.
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