Three months since the build-to-rent concessions went live, and a small number of larger developers and institutional players are already publicly committing to projects structured around them. Nothing built yet, obviously, these things take years, but the sites are being assembled and the finance is being lined up.
Interesting to watch who's moving early versus who's waiting to see if the incentive sticks around long enough to be worth the multi-year commitment. My instinct is the early movers are the ones with the balance sheet to absorb a policy reversal if one comes. Everyone else is watching from the sidelines the way I am.
I don't have a strong prediction here. Just tracking it, because if this model actually scales it changes the supply conversation in a way individual investors buying single properties never will.