住宅政策の核心は、家賃がアパートの供給と需要のバランスで決まるというシンプルな事実にあり、政府の予算では新規供給を大幅に増やすことは困難である。一方、民間投資家は適正なリターンが保証されれば十分な資本を提供できるため、実現には開発許可の迅速化・簡素化と、賃貸経営に関する規制の確実性が不可欠だと論じている。家賃規制や入居者保護も政治的には人気だが、投資意欲を削ぎ、結果的に住宅不足を悪化させると警鐘を鳴らす。
Build-to-rent housing—single-family homes constructed specifically for rental purposes—has seen a rapid increase in popularity, marking a major shift in the housing market in recent years.
Build-to-rent (BTR) housing, where developers construct single-family rental communities instead of selling homes, has grown rapidly in the U.S. over the past decade. These professionally managed, amenity-rich neighborhoods appeal to families and professionals unable to buy homes. Critics, however, warn BTR may worsen affordability by reducing for-sale housing supply.
Build-to-rent housing—single-family homes built for rental rather than sale—is rising as institutional investors enter the market. Economic and demographic factors are driving this shift away from traditional homeownership.
The article argues that commonly cited stock market return figures (6–16%) are misleading, recommending 4% as a more realistic assumption. This accounts for compounding (CAGR of 8–11%), inflation of 3–4%, and 1–3% in costs/taxes, resulting in a net real return of 2–6%.