JP Morgan Asset Management, in partnership with Georgia Capital and Paran Homes, has launched a new build-to-rent development company called Laseter. The company will focus on building single-family rentals in high-demand areas across the Southeast. JP Morgan Asset Management's institutional investors and Georgia Capital and Paran Homes each own a 50% stake in Laseter.

Laseter will leverage its in-house land development and home building expertise to build. the homes, as well as provide third-party general contracting services to other BTR developers. The company’s first two developments will be in the suburbs of Atlanta, GA, and Nashville, TN, with a total of 291 homes.

JP Morgan Asset Management's Chad Tredway said the new company is part of the firm’s strategic focus on the BTR asset class. He also noted that the demand for single-family rentals is being driven by demographic shifts and job growth in the Sunbelt. Tredway said the company is seeing increased demand from Millennials who are seeking more space but are priced out of the for-sale market. “With Millennials seeking more space and housing prices at record highs, many are turning to rentals, fueling the growth of this sector,” said Tredway.