National homebuilder Taylor Morrison unveiled a new build-to-rent brand, Yardly, which will specialize in developing cottage-style homes with private backyards.
Most Yardly communities will comprise single-story one- and two-bedroom homes ranging from 700 to 1,100 square feet. The “true differentiator” between Yardly and other for-rent developments, Taylor Morrison said, will be the private backyards, which will include doggy doors and are the inspiration for the brand’s name.
“Compared to multi-story apartment complexes, our Yardly communities ensure you no longer need to walk your dog on a leash in pajamas each morning,” Build-to-Rent President Darin Rowe said in a news release. “No more carrying groceries up staircases, and no more noisy neighbors above or below you.”
Taylor Morrison was one of the first national homebuilders to enter the build-to-rent space three years ago. It will continue that business under the Yardly name after its licensing agreement with Christopher Todd Communities concludes.
Taylor Morrison is currently seeking build-to-rent land in almost half of its operating markets, including Phoenix, Dallas, Austin, Houston, Orlando, Tampa, Sarasota, Jacksonville, Charlotte and Raleigh. Altogether, the company is actively developing about 15 projects in its collective markets and has more communities in review.
“As the inflationary environment and rising mortgage rates create a strain on some consumers’ ability to buy, particularly first-time buyers without equity in an existing home, the opportunity to serve both the renter-by-choice demographic and those impacted by affordability challenges has only grown stronger,” Chairman and CEO Cheryl Palmer said.