The build to rent model is different than the buy and hold model and the multifamily developmennt model. While there are similarities to multifamily, the product is dramatically different than multifamily buildings.
Predictable Maintainance and Capex Costs
With a new build, the depreciation on everything is in sync and just starting. So you do not have to start with as large capital reserves and by retaining monthly amounts towards this account
The lack of new housing in the American market compared to what the demand was for the last decade has created a demand for new housing that will take quite some time to fully fill. This drives appreciation opportunities in the new housing market.
There are opportunities for investors to buy infill land in a community to build one or two homes to rent out. Where the strategy really has a differentiation, though, and provides investors with great returns is in the larger communities.