The Evolution of Build-to-Rent

Jay Bisonco: There's really two different buckets, I would say, build-to-rent. We call it horizontal multifamily, which will more replicate unit mixes and so forth of an conventional multifamily deal. And then there's kind of what I would say is traditional build- to-rent, which is kind of where J is focused. What we see candidly a lot more in the southeast being, excuse me, two, three, four, sometimes five bedrooms, usually individually platted,. most have garages, and all have ground-level directory.