Grapevine-based HistoryMaker Homes has jumped into the build-to-rent market several years ago with its ONM Living division that offers a mix of single-family and multifamily cottage products. “Renting was not always viewed as a good option, but we are changing that perception by delivering unique neighborhoods in great communities, resort-style amenities, superior locations and a focus on the resident experience.” “Our residents want a sense of community and Harvest is very intentional about delivering that,” said Branden Lombardi, president of BB Living. ‘Our residents want a sense of community’īB Living has been under construction with build-to-rent products for several years and sees an increased interest in the housing option, particularly in master-planned communities such as Harvest. “This new product not only allows families who don’t want home ownership a chance to live in a great community like Harvest, they are a perfect solution for buyers in transition and relocation buyers new to the area.” “Single-family for lease homes are in high demand,” said Fred Balda, president of Hillwood Communities. The sizes range from 1,800 to 2,500 square feet. Hillwood entered the build-to-rent market in partnership with BB Living to build 191 three- and four-bedroom homes. That is the case with Hillwood’s Harvest community, which is located in Argyle and Northlake. “Many of these build-to-rent homes are in areas with plenty of amenities.”
“Sometimes build-to-rent homes are called horizontal apartments, but they really offer a bit more than that,” Wilson said. Rents are often $2,000 or higher, often tracking rents of Class A apartments, he said. Wilson said the homes offer a variety of options, running from traditional, detached single-family homes to attached single-family styles such as townhomes. Some newcomers to an area also may want to get to know an area before buying, he said. “There’s no doubt build-to-rent homes are now a part of the DFW housing market.”Īlong with home prices, low home inventory and higher mortgage rates, Wilson cites driving factors for the build-to-rent market as offering locations with desirable schools or access to transportation, larger living spaces and the ability to have a yard to accommodate pets. “Four or five years ago, there were probably around 1,000 build-to-rent home starts per year,” he said.
That represents about 8.5% of Fort Worth-Dallas’ housing starts. Residential Strategies says that there were 4,162 build-to-rent home starts in the Fort Worth-Dallas area during the 2021-22 fiscal year, with more likely coming in 2023. “But as the mortgage rates have increased and are kind of all over the map, these products become a popular way to wait out the market,” he said. Wilson said the build-to-rent homes were already gaining popularity as home prices increased in North Texas. Some build-to-rent home developments offer an option for purchase, but most of the current crop of build-to-rent homes are designed as rental properties, according to Wilson. The pandemic created a demand for more space and privacy as many employees worked-from-home, said Wilson.
Sometimes described as “horizontal apartments,” build-to-rent homes are built for the sole purpose of renting, according to Wilson. “Build-to-rent homes have become a very popular option and demand for them continues to grow.” “For a lot of reasons, some people don’t want to buy a home but want to live in a home rather than an apartment,” said Wilson.
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