Developers bet big on build-for-rent due to COVID

Firms are pouring billions of dollars into new single-family rental communities in the thick of the pandemic.

Miami-based Global City Development, backed by the Brazilian investment management firm Leste, recently broke ground on more than 320 acres in Raleigh, North Carolina, and is aiming to build even larger homes than its competitors.

The companies are planning to develop 700 single-family homes and townhouses, ranging from 1,800 to 2,200 square feet with up to four bedrooms, before the end of 2021 as part of a $2.5 billion plan plan to build tens of thousands of houses in 30 communities over the next five to seven years.