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<\/a>Photo: James Bombales<\/em><\/p>\nLennar<\/a>, the nation\u2019s second-largest homebuilder, announced yesterday that it plans to launch a single-family rentals venture called Upward America Venture. The business will be injected with $1.25 billion in equity, backed by private investment management firms Centerbridge and Allianz Real Estate among others.\u00a0<\/span><\/p>\n Upward America Venture is positioned to purchase and manage $4 billion worth of new single-family homes and townhomes from Lennar, and potentially other homebuilders, in high growth markets across the United States.<\/p>\n These new rentals are intended to be \u201caffordable to households earning approximately the median income in each market,\u201d according to a <\/span>press release<\/span><\/a>. Rick Beckwitt, co-chief executive officer and co-president of Lennar, also noted that a portion of the homes will offer rent-to-own agreements.<\/span><\/p>\n \u201cThe vehicle’s social focus provides a unique opportunity for families and individuals across the country to live in brand-new homes at an attainable price point, all without putting up a down payment. We have a distinct opportunity to create upward mobility in the housing market through this initiative,\u201d said Beckwitt.<\/p>\n To date, Lennar has developed 300,000 owned and controlled homesites, providing a substantial pool of prospective rental properties. The single-family rental market is booming as a result of the COVID-19 pandemic. Thanks to the proliferation of remote work, renters seeking additional living space and private backyards have flocked to suburban and rural areas.<\/p>\n