How Developers Are Catering to Would-Be Homeowners With Rental Amenities

In the traditional trajectory of living patterns, city dwellers tend to rent until they have children and continue to lease through their preschool years. Eventually, in pursuit of the classic American dream of owning a home, they buy within their city or decamp to the suburbs.

Now, that’s not as much of a norm.

Around the United States, from New York and Philadelphia to Miami, Dallas and beyond, families are choosing to rent for the foreseeable future — some out of necessity, others for amenities. A housing shortage and high interest rates have frozen would-be buyers in place, but they can also enjoy the relief from the headaches of homeownership, like maintenance.

“Renting can also be a lifestyle choice. Renting offers a lower commitment with more financial freedom, and renters often don’t have to worry about maintenance or yard work, which can eat into precious family time,” said Orphe Divounguy, a senior economist with Zillow, the real estate research and marketplace company.

The typical mortgage payment is currently 104 percent higher than it was before the pandemic, according to Zillow. And though that payment dropped 2.9 percent this August, compared with August 2023, and rents rose 3.5 percent for the same period, renting may be a more viable option, because the hurdle of saving up for a down payment for some families is “simply too high,” Mr. Divounguy said.

Toni Gary, 52, a vendor manager, pays $2,150 a month for her three-bedroom townhouse in Oxenfree Princeton, a rental community of 408 single-family homes and townhouses in Princeton, Texas. She and her young adult son have been there since June after living in rentals nearby.