We’ve all seen the shock-value headlines about the climbing real estate prices in Austin, and a recent report from the Dallas Morning News says that home prices in Dallas are soaring even higher these days. The story is the same across the board — demand for homes in Texas is at an all-time high and inventory is at an all-time low, making the step from renting to buying tough for many.
These barriers to entry for homeownership have opened up a door for apartment management companies to innovate something new for renters who don’t want to go to bat in the competitive homebuying market but are ready for a change in pace from apartment complex living.
Enter ⮕ the rental home community!
You may have seen these developments popping up in your city, and we’re here to give you the rundown. Until recently, the (unofficial) Texas real estate rule of thumb was houses are built for selling, and apartments are built for renting. Now, however, construction is ramping up on a new type of multifamily development — the rental home community.
Rental home communities are neighborhoods of built-to-rent single-family homes that operate like apartment complexes.
Some would say it’s a “best of both worlds” situation — you get the luxuries of single-family home living like spacious layouts, fenced-in private yards, and no shared walls with noisy neighbors. Unlike renting a privately-owned house or townhome from a landlord, you’re also getting apartment complex-style amenities like gym access, pools, pet parks, 24/7 onsite maintenance, and more.
Renting a recent build also means smarter finishes and less upkeep — hello quartz-style countertops, energy-efficient appliances, brand new flooring, and professionally maintained landscaping!
While these communities aren’t common in the hearts of major cities yet (big emphasis on “yet”), we’re seeing thousands of homes pop up in suburbs (and even suburbs of suburbs) surrounding major Texas cities. Based on the perks and square footage, you can expect monthly rates at rental home communities to ring in a bit higher than units at a traditional apartment complex.
So, where do I sign a lease?
We’re glad you asked! If you want the scoop on private home-style apartment communities in your city, a local apartment locator is your best resource for navigating your options. Pair up with an agent for free, personalized help finding your next home!