Lennar Homes has been well-known for building new houses for sale, but now they are also in the rental business. Frontera at Pioneer Meadows began as the company's first rental-only community in the United States. Back in March, they started the Sparks community with 80 houses. Now, it will expand to 236 brand new homes. Dustin Barker is the Northern Nevada Division President of Lennar Homes. He says higher home prices and lack of inventory has increased demand in the rental market. He says Frontera offers a unique option.

"There's apartments that you can rent and then there's older homes that you can rent, but the concept of having a brand new home that you can rent on a monthly basis is something new and people are really excited about," Barker said.

Lennar Homes has 13 active developments in the region, and these homes are the same models that people can buy in those communities.

"We've got an upgraded floor, we have stainless steel appliances, granite countertops, the two-car garage," Barker said. "It has all the bells and whistles of our new homes that we're currently building."

The homes also include a front and backyard. Lawn maintenance is included in the rent.

"The community is going to look very consistent," Barker said. "Every home is going to have the same type of landscaping and it's going to be maintained."

The development offers six different floor plans, ranging from 1,200 square feet to nearly 2,200 square feet. Rent ranges between $1,500 to $2,050 depending on the model.

30-year mortgage rates are still below 4%. So, some people may wonder why somebody would pay a higher monthly payment to rent a house that they could buy. Barker says many of their residents are young families that are saving up for a down payment to buy a house, but the majority are retirees that have recently sold their homes.

"They're going to kind of live off the equity that they've built up over their lifetime and now they're able to use that equity and secure themselves in a house," Barker said.

Barker says rental demand is growing, and some people are proceeding with caution before they lock themselves into a 30-year loan.

"I think the demand for rentals is going up, just based on the jobs we have in our area, here in town," Barker said. "And then, also, just based on the fact that coming out of the downturn, some people are hesitant to own homes."

The addition of Tesla, SWITCH, and Apple have increased economic activity, and estimates show as many as 64,000 people could move to the region by 2020. Barker says that growth will only increase housing demand.

"I hope that the job numbers are accurate and we have 60,000 people that we've got to figure out how to build houses for them," Barker said. "That's what we do. So, I'm excited to be able to give people opportunities to choose if they want to buy a new home or if they want to rent a new home."

Frontera at Pioneer Meadows will host a Grand Re-Opening, October 17. Barker says residents and the public are invited to find out more about the community.