DALLAS, March 14 – With over half a million new residents coming to Texas each year, the area’s housing options are shrinking and forcing new development to keep up. In fact some of the top Texas metros and their surrounding areas including Dallas, Houston and Austin have held some of the largest increases in new residential and commercial construction growth across the nation in recent years.
However the growing popularity and populations of Texas have also created an influx in both rental costs and home market appreciation caused by the area’s depleting housing inventory.
With this demand for housing seemingly outweighing the available properties in the state’s most desired city and suburban locations, developers and property firms are focused on breaking new ground to make room for new and relocated renters and buyers.
One of DFW’s leading property development firms; Western Rim Properties is focusing its expansion in some of the state’s top surrounding city locations with nine new projects coming in 2018 to areas like Rowlett and Farmers Branch. With its communities serving the growing need for affordable rental properties that provide some of the area’s highest quality accommodations, the development locations are also positioned where the market is headed – just outside of Texas’ city centrals.
The cause for this shift in growth headed to the city outskirts is a direct reflection of the population boom and underdeveloped housing availability. Price spikes and limited inventories are pushing residents to explore new locations.
Take one of the state’s leading metro areas DFW which had the highest jump in rental prices in Texas growing 3.8% in 2017- double the national median increase that was reported at 1.9% by Zillow in their annual rental forecast report.
With a booming economy and job market that helped land Dallas as one of the top 10 home markets in the nation, it’s no surprise costs are increasing in the city and more people are looking for affordable alternatives near this leading location.
Recent reports have even shown the majority market of new home buyers and renters – millennials, are headed for popular Texas suburbs over its city centrals. “The rental communities of today’s generations provide city-like amenities and top of the line accommodations. Along with close proximity to cities and thriving job markets; these suburban developments are giving renters what they’re after” shares Marcus Hiles, CEO and founder of Western Rim Properties.
The Texas community as a whole is starting to adapt this forward thinking approach as new businesses are relocating and expanding to areas outside of the city focused on growth. Among the leaders, McKinney, Plano, Allen and Round Rock.
It seems the state – although one of the largest in the nation – is bringing change that will soon be the standard in many major metro areas. Residents and businesses are investing where the opportunity is and its opening up a new market for all.
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