Phoenix-based apartment developer P.B. Bell is entering the single-family rental market. Demand for single-family rentals has been growing, particularly in high-growth markets like Phoenix. Population and job growth have been biggest accelerants of demand, but the pandemic has also played a role in growth of this market.

"We are developers, and we manage and own apartments. We don't currently have any ownership in single-family product, but we are in the process of doing so for a lot of different reasons," Chapin Bell, CEO of P.B. Bell, tells GlobeSt.com. "We have seen very positive demand for single-family. If you are in the market looking for a single-family rental, it is relatively difficult to find because occupancy levels are so high. Millennials want the single-family experience with the benefit of a professionally managed and amenitized community."

Today, people are also looking for larger homes that can accommodate remote working models, distance learning and social distancing. "There are COVID-related reasons. When you have a single-family product, it is easier to social distance than in an apartment property because you aren't in elevators or hallways," says Bell. "So, there is a benefit there."