The goal is for each of those factories to produce between 500 and 750 rental homes a year, Joe Butler, the head of Studio Built, told Insider. Modular homes meet the same standards of those built using traditional methods but are typically cheaper and faster to produce. Meanwhile, soaring mortgage rates have made homeownership more expensive, pushing more people into rental homes. Many of those people still want to live in single-family homes in good school districts, Nguyen said. "We believe that Studio Built is going to be a very long-term initiative that's going to be quite successful," Butler said.

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