PHOENIX (3TV/CBS 5) -- Dreaming of moving into a home, but can't afford to buy one or don't want to deal with maintenance costs? Rent-only communities are popping up across the Valley for people who want space and privacy, but don’t want the burden of a mortgage.
“You rent, but you have the house feel but anything that happens to the home I mean basically is covered,” renter Nekedra Fulce said. Fulce loves her 3-bedroom home at Avilla Gateway where she enjoys the high ceilings, countertops and maintenance-free living.
“You rent, but you have the house feel but anything that happens to the home I mean basically is covered,” Fulce said.
NexMetro Communities developed Avilla Gateway and other rent-only communities like it.
“In the Valley, we have built 25 neighborhoods,” Jacque Petroulakis, Executive Vice President of NexMetro Communities, said. The neighborhoods have one, two or three-bedroom homes and amenities such as a community pool, dog park, and hangout areas.
“You have all the fit and finish that you'd want in a home, a private backyard, you know your front entry, no shared elevators, no hallways, no shared walls, but you also have the ability to lease,” Petroulakis said. Petroulakis says the people who live at these communities all have different reasons for wanting to lease.
“Whether they want flexibility for job movement, whether they're baby boomers and want just hassle-free living or some other reason maybe a life transition like divorce,” Petroulakis said. Petroulakis thinks the "rent-only neighborhood" will continue to grow.
“The concept has been so popular that I think many people are going to try to replicate it because they've seen that we're onto something here,” Petroulakis said. Fulce already re-signed for another year.
“I think this is an opportunity for people or families who are like kind of in the in-between, you know, they're trying to become homeowners, but not quite there, they're tired of the apartment living and lifestyle so they want to have something they can call their own,” she said.
Petroulakis says rent ranges from $1,100 to $2,800, depending on the size and location. About half of renters end up going on to buy a home of their own, according to Petroulakis.