Gentry Hoit on Build-to-Rent: Market Recovery, Capital Markets, and the Future of BTR

From industry outlook to personal leadership, Gentry Ashmore Hoit, Chief Strategy Officer and Head of Capital Markets at ARK Homes for Rent, delivers essential insights in preparation for IMN's Build-to-Rent Fall conference, Sept 28-29. Taking place at the Renaissance Dallas Hotel - register here to join Gentry, plus 700+ industry decision makers onsite.

1. Given your extensive capital markets background, how do you see the projected BTR investment landscape evolving over the next 18 months, and what strategies would you recommend for investors looking to enter or expand in this space?

Over the next year and a half, I think BTR will continue to establish itself as an institutional product providing a much-needed form of housing. Many residents want to live in a home but either cannot afford to buy one or simply do not want or need to. I believe we will look back on this period as the turning point in our industry, when single-family rentals became the new darling of the residential investment market much the way multifamily did three decades ago.

At ARK we focus on the Sun Belt and Southeast where fundamentals are strong: population growth, job growth, and residents seeking more space. What is unique about BTR is that residents tend to stay about twice as long as in apartments, creating steadier cash flow and a stickier resident base. For investors, my advice is to focus on markets where those fundamentals are in place, such as good schools, strong job access, and family-friendly neighborhoods, and to carefully evaluate the operations side as well. Technology, resident experience, and retention strategies are drivers of long-term value.

Get into gear with Gentry Ashmore Hoit, Chief Strategy Office and Head of Capital Markets for Ark Homes for Rent, ahead of IMN's Build-to-Rent Fall conference, Sept 28-29, at the Renaissance Dallas Hotel. Register to join 700+ BTR decision makers.

2. With regional BTR performance varying significantly in 2025 (Midwest showing YOY growth while Southwest markets face a slowdown), how should operators adjust their acquisition and portfolio management strategies to navigate these regional differences?

Operators should lean into Midwest growth while staying disciplined in the Southwest or just watch from the sidelines. We believe the best strategy is to scale in markets with strong absorption and limited supply, and sharpen operations where demand is softer. Above all, discipline on location and product type is critical. Basis matters. Negotiate favorable terms with builders and avoid stretching too far above replacement cost.

Early on, single-family rentals were scattered and fragmented. What has changed is the move to purpose-built communities. It is no longer just about filling immediate demand; it is about creating neighborhoods with thoughtful design, amenities, and technology. ARK has leaned into that by buying communities that feel like true alternatives to ownership, with space, garages, yards, and access to retail and recreation, and then layering in features such as our app and wellness programming that add everyday value to the resident experience.

We are focused on new homes only and on keeping rents attainable. Our residents get a new kitchen with stone countertops and stainless-steel appliances, three or four bedrooms, a garage, and a yard for about $2,000 per month.

In volatile times, clarity on investment strategy and a conservative capital stack are everything. We challenge our team to stay grounded in fundamentals and realistic about assumptions. At the same time, we cannot let discipline suppress innovation. Some of our best ideas, such as our ARK app or our partnerships around wellness and financial health, came from empowering the team to think differently. The trick is holding both: giving people room to innovate while maintaining the guardrails of sound underwriting and operational rigor.

On the capital side, we have built a strong roster of investors and lenders that allows us to be nimble and take advantage of market dislocation and opportunities. Currently, we are investing a discretionary closed-end fund and buying communities directly from builders. We are not afraid to step into an acquisition early to help shorten our builder’s capital cycle and benefit from a discount to retail housing prices.

3. Throughout your career, what have been the most significant shifts you've observed in institutional approaches to single-family and BTR investments, and how are you positioning your company to capitalize on these changes?

Early on, single-family rentals were scattered and fragmented. What has changed is the move to purpose-built communities. It is no longer just about filling immediate demand; it is about creating neighborhoods with thoughtful design, amenities, and technology. ARK has leaned into that by buying communities that feel like true alternatives to ownership, with space, garages, yards, and access to retail and recreation, and then layering in features such as our app and wellness programming that add everyday value to the resident experience.

We are focused on new homes only and on keeping rents attainable. Our residents get a new kitchen with stone countertops and stainless-steel appliances, three or four bedrooms, a garage, and a yard for about $2,000 per month.

4. What leadership principles have proven most effective in your approach to building high-performing teams during periods of capital market volatility, and how do you foster innovation while maintaining operational discipline in the BTR space?

In volatile times, clarity on investment strategy and a conservative capital stack are everything. We challenge our team to stay grounded in fundamentals and realistic about assumptions. At the same time, we cannot let discipline suppress innovation. Some of our best ideas, such as our ARK app or our partnerships around wellness and financial health, came from empowering the team to think differently. The trick is holding both: giving people room to innovate while maintaining the guardrails of sound underwriting and operational rigor.

On the capital side, we have built a strong roster of investors and lenders that allows us to be nimble and take advantage of market dislocation and opportunities. Currently, we are investing a discretionary closed-end fund and buying communities directly from builders. We are not afraid to step into an acquisition early to help shorten our builder’s capital cycle and benefit from a discount to retail housing prices.

5. As a leader in the industry with experience across capital raising and complex deal structuring, what unique perspectives do you bring to the "Women in BTR" discussions, and what advice would you offer to women looking to advance in this sector?

I think what I bring is the perspective of living in both worlds: capital markets, including acquisitions and deal structuring, and operations. Raising capital and structuring deals is one side, but creating communities that people actually want to live in is the other. My advice to women is to develop both skill sets. Build your financial expertise, but also lean into innovation and resident experience. That combination is very powerful.

The majority of the signatories on our leases are women, so women residents are the ones making the leasing decisions to live in our communities. When I look at a potential acquisition, I assess it from my own perspective and share that with my colleagues. Would I want to live here? Does it feel safe? Is it bright and spacious enough? Is there a new washer and dryer? How far is the drive to work, schools, and groceries? Is there room for a home office and storage? Could I see myself befriending the neighbors? Do other residents have pets?

6. You’re returning as an SFR Awards judge this year, what makes a nomination exceptional? How has the bar for excellence evolved since you began judging these awards?

The best nominations go beyond just numbers. Financial performance is a must, but what stands out is when companies show they are thinking about the long game: community impact, resident satisfaction, and design that holds up over time. The bar has definitely risen. It is no longer enough to simply deliver homes; you have to demonstrate how you are creating places people are proud to live in.

7. What are you looking forward to about IMN’s BTR Fall conference?

I am excited to attend another IMN conference. It is always a great opportunity to be in a room with people who are shaping the future of the sector. I look forward to hearing how others are innovating, whether through design, technology, financing or resident programming, and to sharing what we have learned as well. These conferences are where many of the best ideas are exchanged, and business relationships are solidified. I have met lenders and builders at IMN that are now ARK partners. And the icing on the cake? Each year I have more friends at IMN which make participating pure fun.

Join Gentry and the USA's BTR professional community onsite at BTR Fall, Sept 28-19. Register your place today!