Lennar introduces new rental community
March 16, 2015
A veteran homebuilder is rolling out a new concept in the northern Nevada housing market.
Lennar Corporation's Northern Nevada Division, which already has a strong presence in the region, has introduced Frontera at Pioneer Meadows, a new, single-family home community in Sparks. The one big difference at this community is every one of the 80 individual homes will be leased instead of being sold.
Homes will be available to rent between $1,399 and $1,999 a month depending on size and a choice of six floor plans that range anywhere from 1,210 to 2,182 square feet. All homes will feature front and backyard landscaping, stainless steel appliances including washer/dryers and two-car garages.
Dustin Barker, division president for Lennar, said the homebuilder decided to experiment with the concept last summer in response to strong desire among people wanting to rent new homes instead of buying them.
"A lot of people, whether it be young families with small children or retirees, are not in a position to own a home right now," Barker said. "They may be in temporary work situations or simply do not want the commitment of home ownership."
And Barker indicated the demand is not likely to slow down anytime soon, especially with the new workforce from the Tesla gigafactory and other companies expected to move into the area in the future.
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"There is a high demand for new homes and I expect that will continue to develop," Barker said.
Currently Lennar has no plans to sell the homes individually or to develop a rent-to-own concept — at least not in the foreseeable future.
"We like the idea to lease all 80 homes. That way we can professionally manage the whole community and allow us to keep a clean, crisp feel to it," Barker said.
The Frontera community is a part of approximately 300-plus acres of remaining land that Lennar owns in the Pioneer Meadows Master Plan in Sparks. That includes a business park and another planned single-family home community where homes will be up for sale.
Neighborhood residences will also be in close proximity to Golden Eagle Sports Complex, bike and walking trails. It will also be close to shopping amenities and the area's schools.
Barker is confident the experiment will be a hit and Lennar may look into trying the same concept in other areas in the region or out-of-state markets.
"I am optimistic this new product offering will have great success," he said.
Lennar started in 1954 and operates in 14 states. The company currently has 12 communities in the Reno-Sparks and Dayton markets.
Lennar held a grand opening of the community this past Saturday, where people got their first glimpse of the community and have a chance at leasing a home. Pre-leasing on homes will continue although Barker noted they will not be ready for move in until late-April or early May.