I know this is simply a one off example, but my street had a developer build about 20 houses off of a side street a year or so ago. I have seen many “Open House “ signs at the entrance, and I’ve driven down the new street and did not see even one of these homes appear to be lived in. Just this week, for the first time, I noticed the For Sale sign has been switched out for a For Rent sign.
In addition, I found out this same developer purchased land adjacent to my home further down the street. This spring he began the ground work to start this new development. Since the initial flurry of work months ago I have not witnessed another finger being lifted to proceed.
I’m obviously no real estate mogul, but I would imagine the last thing a developer wants to do is rent out a ton of brand new homes he can’t sell while preparing to build even more.