Rental-Only Home Development Goes Up In Commerce City
COMMERCE CITY, Colo. (CBS4) - A new development in Commerce City is aimed at a growing demographic, people who are renters by choice. The neighborhood is called Avilla Homes and it was built by NexMetro communities.
"We have a pretty diverse demographic for tenants. Everything from young working professionals to retirees," said Reed Ruck with NexMetro Communities.
The development has units from 1-3 bedrooms, and they rent from $1,100 to $2,500 per month. The rental-only model started to gain popularity after the recession and has become big in cities like Phoenix.
"It allows those who may or may not be able to make a down payment or who are renting by choice to find that private space, but yet within a multi-family, maintenance free community," Ruck told CBS4's Dominic Garcia.
Louann Erwin has lived in Colorado for four years and wanted a home, but not a 30 year mortgage.
"That money I can use to go on vacations or whatever I want to spend it on, and not have to pay high property taxes. Plus the upkeep on a home, I don't wanna do that," Erwin told CBS4.
There are 16 open and leasing Avilla Homes projects across the country. The company has 4,300 rental homes completed, under construction or in development with another 1,700 rental home units currently in pre-development.
NexMetro Communities has another development in Brighton, and another is planned for Thornton.