California Apartment Association

U.S. home-building giant Lennar Corp. is extending its reach into rental housing, the Wall Street Journal reported this week.

Lennar Multifamily Investors has projects worth in excess of $1 billion slated for the next three years, including 6,500 apartments, the Journal says.

“There will consistently be a large group of people who simply can’t buy a home, and won’t buy a home, and are looking for rentals,” Chief Executive Stuart Miller said, according to the newspaper.

In terms of sales, Lennar is the No. 3 home builder in the United States.