Parkland Residential fully leased its first rental construction community, Sweetwater Springs in Lawrenceville, GA within 90 days. The Atlanta-area community consists of 58 stacked townhouses surrounded by green space, designed to meet a demand for “missing” housing in the area.
“This community is perfectly positioned to meet the average missing demand, and leasing 58 units in just 90 days proves that we are in step with market needs,” said Jim Jacobi, president of Parkland Residential. “Our tenants have an average income of $ 113,000, an average credit score of 652, and the average age is 40.”
Given the financial literacy of tenants, Parkland Residential has concluded that its clients have chosen to rent instead of buying, even though they have the financial means to buy a home. According to a recent study by LendingTree, median housing costs are lower for renters than for homeowners with mortgages in all of the top 50 markets; in Atlanta, that difference is $ 388 per month.
Rear-entry townhouses have one-car garages, two to three bedrooms with large private owner suites, and open floor plans with large kitchens and family rooms. Unit sizes range from 1,630 square feet for a two-bedroom unit to 1,950 square feet for a three-bedroom unit. Rents range from $ 1,950 to $ 2,350 per month.
“There is a huge shortage of housing supply for the missing link, creating excess rental demand for product in this niche,” says Jacobi. “We already had a waiting list of 50 people before the community opened for rental. ”