JP Morgan, American Homes 4 Rent team up to build suburban rentals as millennials flee cities
, a California-based, single-family rental REIT, recently closed on a deal to build 34 homes in Sovana and Spring Valley, the former on the outskirts of Las Vegas and the latter a close-in suburb. They will be larger homes, 12 three-bedroom units and 22 four-bedrooms.
"We see this shift as particularly prevalent among the millennial generation, the largest U.S. age cohort, who are looking to transition away from apartment living," said Mike Kelly, Head of Real Estate Americas at J.P. Morgan Asset Management. "The move towards more spread-out living is also expected to accelerate in the wake of the COVID-19 pandemic, and we anticipate strong occupancy and rental growth rates across properties.
As of March 31, 2020, American Homes 4 Rent owned 52,776 single-family properties in 22 states. J.P. Morgan owns a similar number of multifamily units on behalf of institutional investors throughout the United States, according to the release.
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