NexMetro Communities is continuing to expand its single-family rental homes by adding a new community in Peoria.
Avilla Lago in Peoria will be located at 10310 W. Beardsley Road, nearby Glendale and Phoenix. It will feature single-level homes with options for one to three bedrooms. Rent starts at $1,380 per month.
They aim to remain modern with high ceilings, granite countertops, stainless steel appliances, washer and dryer, and hard-surface flooring.
NexMetro and Avilla Homes offer a unique experience to people who are interested in renting a home rather than buying a house or leasing an apartment. The Phoenix-based developer has 11 luxury leased-home neighborhoods across the state, with additional developments on the horizon.
Jacque Petroulakis, the EVP of marketing for NexMetro Communities, calls this style of renting “the best of both worlds.”
People prefer to rent for many different reasons, Petroulakis said.
“Definitely our residents are renters by choice, and what I mean by that is that they have the wherewithal to buy but are choosing to rent,” Petroulakis said.
The communities’ residents are very diverse, ranging from millennials to baby boomers, Petroulakis said.
“Consumers are finding it even more appealing with no shared walls, no shared elevators or hallways, and having private backyards and entries,” Petroulakis said.
According to the company, single-family rental homes are on the rise lately.
“As solid job and income growth, household growth and supply demand and high occupancy rates continue to remain strong, we anticipate this housing trend will remain especially robust, especially as house prices skyrocket in one of the hottest real estate markets in the nation,” said Brian Rosenbaum, executive managing director of NexMetro Communities’ Phoenix division.
It is no secret Phoenix is experiencing a competitive housing market with houses going for amounts far exceeding the listing prices, he added.
Phoenix saw its highest annual growth rate in home values up 17.1% and typical rent up 8.4%, according to Zillow’s latest market report.
Phoenix experienced the highest rate of growth of all 50 largest U.S. metros, according to Zillow’s report.
Avilla Homes’ amenities, like a resort-style pool and spa, outdoor grills and lounge areas, allow renters to interact with neighbors within the community. For pet owners or lovers, the community also provides a dog park and other walking areas for renters looking to enjoy the outdoors.
Petroulakis estimates that about 60% of their residents own pets, typically being a dog.
“There’s also just a sense of community in going to the dog park, and a lot of people derive a sense of community from their pets even,” Petroulakis said.
Avilla Lago also offers virtual tours for those who are busy or feel uncomfortable in small, enclosed spaces. While leasing associates are still available, the online options provide more flexibility for interested renters.
“Basically, you go to the website, click on a secure link, provide some information, get a code, and you get to tour the models on your own time,” Petroulakis said.
Petroulakis is looking forward to NexMetro Communities continuing expansion throughout the Valley.
“It’s really an exciting time for us just because there’s so much demand for this type of lifestyle,” Petroulakis said.