As one of the first national homebuilders to venture into the build-to-rent market three years ago, Taylor Morrison is continuing its commitment to the space with an unveiling of its new brand, Yardly, which specializes in cottage-style, for-rent homes with private backyard space.
"There is so much to be excited about in the emerging build-to-rent space, but above it all is the opportunity to serve more consumers — at each stage of life — by building a home that's just right for their lifestyle," said Sheryl Palmer, chairman and CEO. "With Yardly, we add renters to our lineup of consumers and offer them a unique alternative to traditional, vertically constructed apartments."
Yardly blends the perks of single-family home and traditional apartment concepts by drawing upon Taylor Morrison's production-builder strengths and consumer-preference knowledge to create a diverse, niche housing product for the largely under-served consumer segment of renters.
These communities typically consist of single-story, one- and two-bedroom homes ranging from approximately 700 to 1,100 square feet and offer low-maintenance living and smart-home technology. But the true differentiator lies in the private backyards complete with doggy doors perfect for pets and outdoor living — serving as the inspiration for the brand 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," said Darin Rowe, Taylor Morrison's build-to-rent president. "No more carrying groceries up staircases, and no more noisy neighbors above or below you."
Taylor Morrison is currently sourcing build-to-rent land in nearly half of its operating markets, including Phoenix, Dallas, Austin, Houston, Orlando, Tampa, Sarasota, Jacksonville, Charlotte and Raleigh. In total, the homebuilder is actively involved in developing approximately 15 projects in its collective markets with many other 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," Palmer said.
Meeting the demand for this emerging housing model creates a unique pathway to introduce more customers to the quality and integrity of a Taylor Morrison community.
"Increased brand awareness can translate to brand affinity as customers convert from Yardly renters to Taylor Morrison homeowners, and even back to Yardly again as their lifestyle or preferences evolve,” Rowe added.
Taylor Morrison is fully committed to the continuation of its build-to-rent business under its new brand name, Yardly, following the conclusion of its licensing agreement with Christopher Todd Communities. All future Taylor Morrison build-to-rent community openings will be branded under the Yardly name.
Headquartered in Scottsdale, Taylor Morrison is one of the nation's leading homebuilders and developers. The business serves a wide array of consumers from coast to coast, including first-time, move-up, luxury and resort lifestyle home buyers and renters under its family of brands — including Taylor Morrison, Esplanade, Darling Homes Collection by Taylor Morrison and Yardly.
From 2016 to 2022, Taylor Morrison has been recognized as "America's Most Trusted Builder" by Lifestory Research.
For more information about Taylor Morrison, visit taylormorrison.com.
