Is anyone on here doing any BTR projects? I'm curious what single family for-rent guys are able to pay for dirt on a per unit basis. We're starting to look at doing some build to rent but compared to garden style it seems tough to win deals when the density isn't there but then again the average unit size is larger than an apartment.
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It's all going to depend on the market and how you plan on doing unit layouts. Land costs in Tampa, FL are going to be much higher per acre than say Ocala, FL or Greenville, SC. In those markets you can get land for about $150k an acre and by doing duplexes,4-plexes, or 6-plexes of ranch-styled BFR you can get overall costs down to about $25k-ish per unit. BFR's viability comes down to the individual submarkets and how land is trading there. We've done a pipeline of about 4k units all over the SE in markets recently and the most we've paid for land on a per unit basis was $45k and that was in a higher COL market where the rents more than justify it.
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