national Build to Rent trends and entitlement market trends

[Robert Ellis]

We’re seeing a lot of momentum in the Build-to-Rent space, especially around detached homes with garages and individual platting. Curious how others are approaching product design, entitlement strategy, and capital structure in this evolving space.

A few discussion points I’d love to get input on:

1. Yield vs. Lease-Up
For those active in BTR, what product type is striking the best balance between lease-up speed and overall yield? Are townhomes or higher-density formats catching up to detached SFR in performance?

2. Entitlement Strategy
Are larger institutional groups starting to take entitlement in-house, or is it still more common to source finished lots from regional developers?

3. Public Positioning
Has anyone tried entitling individually platted homes without stating for-rent vs. for-sale intent to reduce public friction or political resistance? Wondering if that approach helps streamline zoning in certain municipalities.

4. Affordable Housing Incentives
Are affordable set-asides helping move approvals faster in your markets? Any success stories or challenges worth sharing?

5. Capital Stack Timing
Is anyone seeing lenders or equity partners step in pre-entitlement, or does that capital still largely wait until zoning is complete?

6. Land Basis
How sensitive are your deals to land basis right now? We’re hearing a lot of groups are drawing the line around $35–40K/acre to make yield targets work. Curious what ranges others are seeing or underwriting to.

Would love to hear what others are seeing across markets — especially anything that’s working (or not working) on the ground.