住宅市場の変革:賃貸専用建設(Build-to-Rent)住宅の台頭
近年の住宅市場における大きな変化のひとつが、「ビルド・トゥ・レント(賃貸専用建設)」住宅の急増である。これは、賃貸することを目的に建設された一戸建て住宅であり、従来の持ち家中心の住宅供給モデルから賃貸重視へのシフトを象徴している。
近年の住宅市場における大きな変化のひとつが、「ビルド・トゥ・レント(賃貸専用建設)」住宅の急増である。これは、賃貸することを目的に建設された一戸建て住宅であり、従来の持ち家中心の住宅供給モデルから賃貸重視へのシフトを象徴している。
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%.
Moses Kagan argues that lower rents require increasing housing supply, not government subsidies, and that private investors can fund development if regulations on permitting, tenant screening, evictions, and rent control are reduced to allow reasonable profits.