Renting has become more popular than it was just a few years ago and has been attracting interest from all across the country. This housing trend has property developers looking to establish communities in the key locations that present both current and long-term growth potential. Coming in as the alternative to an increasingly unpredictable housing industry, the demographics of renters are now spanning a diverse network of different generations and income levels.
Trends show the biggest opportunity for property developers falls within younger renters who are putting off home ownership until later in adulthood. The majority of these populations bring in an annual income that is comparable to the median salary in the area they reside. Firms like Western Rim Properties are following these market insights of the growing renter pools closely when evaluating the best areas for future investments. Using this information, the Texas-based development firm has recently targeted the San Antonio area as a strategic location for its future rental communities.
Coming in as one of the most affordable locations in the state according to rental industry news network, Apartment List who analyzed the top 100 U.S. cities to find the minimum gross income needed to afford a local apartment. Their findings show San Antonio breaks the mold that often puts rental rates for median renters over the recommended 30% of their overall income. “By focusing our development projects in areas that do not impose cost burdening rental rates, we are able to ensure a wide range of tenants will be able to afford renting in our properties long term,” shares CEO and founder of WRP, Marcus Hiles.
The firm that now has 18 rental communities across the San Antonio area, has announced it will be opening the doors of another new property this summer which will be part of its popular The Mansions communities. “When selecting the sites of our property development projects we look at a few key indicators that help to evaluate the current and expected popularity and market value of the location. San Antonio has shown strength in its growing business community and residential amenities that tailors to the populations our rental communities attract,” shares Marcus who has over 25k property units under his belt throughout the Texas state established in his 30+ year career.
With The Mansions in San Antonio coming this summer, the firm also expects more of its future development projects will be positioned in and around the city. With the strong growth potential of San Antonio to reach the same economic value of its Texas neighbors like Austin and Dallas, property developers like Western Rim are making moves to ensure they are part of the early adopters that will be there and well invested in the area when the region’s popularity hits.