DALLAS, July 17, 2018 /PRNewswire/ — Highlighting the top stories on business and the city’s economy in Dallas, Texas; The Dallas Business Journal has followed the trends in the housing and real estate industry reporting on their impacts and the future forecast. Reviewed in their recent article on residential real estate, the publication highlights the factors causing change across the rental industry from both a commercial and residential perspective.
Sharing insight from residents, analysts and property developers, the article outlines the cause and effect this market shift has had on the rental industry and its players. Industry veterans like Marcus Hiles, CEO and owner of Dallas-based property firm Western Rim properties, shares the impacts this fluctuation is having on business and where the changes stem from.
In the case of developers like Marcus, a larger market opportunity has been opened up as trends around new demographic groups including millennials, gen x and y’ers are coming to light. Higher student debts, lower single-family inventories and focus on areas such as career and travel over home ownership increases along with a demand for rental property construction expanding into new, surrounding city locations. Another area that has shifted is also in the amenities of today’s new constructions that is expected to be as accommodating as residential homes and this comfort has caused newer generations to rent longer than expected. “Gen Xers are staying in the rental market longer than expected as millennial home ownership rates have fallen at a faster rate than that of any other age group,” shares Marcus.
Along with the demographic shift, the Dallas Texas business boom is also driving residents inbound. With out-of-state residents in the city recording some of the highest growth rates, “The influx of transplant residents stems from the state’s rapidly growing job market that created well over 400,000 new jobs statewide in 2017” a number that continues to grow with each passing year adds Marcus.
Awareness around these areas are gaining momentum as the state’s population continues on the rise with younger generations now the majority of buyers. Affecting both residents and developers, the fluctuating demands are continuing to move away from traditional trends seen in the area’s home market. Now with the baby boomer generation no longer the majority of decision makers, there has been a new era of renters across Texas in its top cities and suburbs that bring a new outlook to renting.
As the Dallas area keeps growing throughout the next few years, new expectations and fluctuating interests will continue to affect the rental industry, however it seems now more than ever with nearly 50% of all Texas residents renting – this trend is growing and here to stay.
Read more about the Texas rental industry at Dallas Business Journal. See more press releases by Marcus Hiles here.