ELKHORN, Neb. (KMTV) — Developers say build-to-rent homes coming to the Omaha metro give renters a more affordable path to single-family living without ownership
- Right now, the Omaha metro faces a shortage of nearly 78,000 affordable housing units according to the Nebraska chapter of the Urban Land Institute.
- Arizona-based Cavan Companies is preparing to lease homes in two new build-to-rent neighborhoods in Elkhorn, with a third community set to break ground this spring in Papillion
- According to the U.S. Census Bureau's Survey of Construction, the number of build-to-rent homes has grown by about 20% since 2022.
BROADCAST TRANSCRIPT:
Single-story homes designed for renters are coming to Elkhorn and Papillion as the Omaha metro faces a shortage of nearly 78,000 affordable housing units.
Arizona-based Cavan Companies is preparing to lease homes in two new build-to-rent neighborhoods called The Bungalows in Elkhorn, with a third community set to break ground this spring in Papillion. The homes range from 700 to 1,400 square feet and function similarly to apartments, but without shared walls.
Cavan Companies CEO Norm Miller said the developments are aimed at a variety of renters including a specific group of prospective residents.
"First and foremost, young professionals that may be in a position where they want a home, but they frankly don't have the finances yet to be able to be in a position from a down payment, to be able to afford to purchase a home," Miller said.
According to the U.S. Census Bureau's Survey of Construction, the number of build-to-rent homes has grown by about 20% since 2022.
Omaha Planning Board Member John Sullivan said the build-to-rent model also tends to create longer-term stability for residents.
"An apartment dweller will, you know, typically stay in that apartment for 2 to 3 years. A build to rent, renter will, you know, stay in that type of housing for maybe 7 to 8 years," Sullivan said.
Sullivan said the option can also be more affordable when all costs are considered.
"Generally, it's a little bit less expensive to rent that home at the moment. It's about 40% less when you take into account things like insurance and maintenance and improvements over time," Sullivan said.
City leaders are working to address Omaha's affordable housing shortage, with efforts focused specifically on the urban core. Supporters of build-to-rent communities say the model could help fill part of that gap, giving renters more space, flexibility and stability without the costs of homeownership.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
