DALLAS, June 29, 2018 – There has been a shift in the housing market where a demand for rental living is sweeping the nation into new territories and properties. Pushing the change is in today’s home buyers and renters pool where younger demographics make up the majority and come with different needs and interests than that of past generations.
Factors such as high student debts, low inventories of single-family homes and an overall increase in pursuing careers, travel and other interests over home ownership is causing change throughout the marketplace.
Seen the most in states growing their populous and economy including Texas, Arizona and Florida; younger renters are migrating to the areas that offer large city opportunities with the affordability of closely located suburbs. Subsequently, property developers have had to adapt to serve the needs of this growing group of millennial, gen x and y decision-makers.
Focused on addressing the needs of the newest demographics of renters, leading Texas property firm Western Rim Properties takes into account their biggest selling point: accommodations that make daily lifestyles easier to maintain.
A change from past generations where rental living fell in low income, city areas and offered the baseline in accommodations; a new upscale market has been established. “Diverting from the roots of the rental industry, this trend of upscale rental living is pushing projects forward and into middle to upper-class communities on the rise.” shares CEO and Founder of WRP, Marcus Hiles who has developed over 30,000 property units across the state.
Separating his properties from competitors; Marcus shares, “Our focus is in transcending the boundaries of what rental living has been historically. Through offering a new age of properties that focus on conveniently located, accessible luxury living; we have been able to expand our market opportunities and overall presence throughout Texas.”
No longer just brick and concrete complexes; new rental constructions like those of Western Rim focus on providing modern day comforts and appealing community amenities. With renters now expecting the accommodations of residential homes, building in more quality features as become a top priority for developers throughout the state.
Combined with property investors looking for untapped areas with growth potential, the new wishlist of today’s renters has helped establish improved housing options and rental communities outside of the city.
As the attitude towards rental living continues to evolve, more generations will move away from the importance of home ownership seen in the baby boomers era. Coupled with the new trend in luxury rental living, the displaced group of would be home buyers will soon favor the expanding rental market that is breaking down boundaries with each new generation.