This week a small Tampa, Florida-based builder, ERC Homebuilders, is launching a "soft" IPO, hoping to raise $100 million to build more than 1,000 rental homes across the state. It is offering investors private shares using Regulation A+, a form of investment crowdfunding that allows small companies to raise limited funds from the general public. Accredited and nonaccredited investors can participate.
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.
The mission of the Office of Housing (OH) is to create strong, healthy communities, prevent displacement and increase opportunities for people of all income levels to live in Seattle. OH supports development and preservation of affordable multifamily homes, homeownership opportunities, policy and program development, free weatherization services and home repair loans and stewardship of city-funded affordable homes.