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The only operating expense for landlords is the landscaping. In addition, the rents for single family are growing fast at 4.5% annually now compared with 3% rent growth for multifamily apartments, according to John Burns Real Estate Consulting. There is also much less turnover in single-family rentals, and the rental market is much less volatile than the home sales market.
"We recently entered an agreement with one of our long-standing third-party relationships to build homes that will be purchased by that third-party in a stand-alone rental community," Lennar President Rick Beckwitt said on the company's earnings call. "This community is in Florida and is the first in what we believe will be an ongoing business strategy and relationship where we build and sell homes in bulk on land owned by third parties with no lease-up risk."
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"I think that these funds, these investor groups are looking at a cultural move away from your garden apartment with elevators, swimming pools, tennis courts and common areas," Ellenburg said. "Homeownership is looking less desirable to some, particularly in the affordable arena, and they have a chance, for very close to the same price, to rent a three-bedroom, two-bath or a four-bedroom, three-bath home and are able to call it their own."
Due to the high price of real estate in Sri Lanka, rental properties are a more convenient alternative for many. Expats find a house for rent in Sri Lanka a cheaper option compared to houses for sale in Sri Lanka due to tax reasons. Vacation rentals are on a short term basis and ideal for tourists. But those who move to the country for the long term can find fully furnished houses with a range of facilities in highly residential areas. Air conditioned bed rooms are important, especially due to the tropical weather and hot summer days. Rent in Sri Lanka varies based on the location. In the city centre the average price of a single story, 1 bedroom house for rent is likely to be Rs. 40-60,000 while outside the city centre the rent is much lower between Rs. 15-25,000. A 2 to 3 bedrooms’ house is ideal for an average family with dining and living rooms, house located close to local amenities. The surrounding facilities also affect the house rent.