Subdivision-style rental communities popping up around Austin, aimed at single families

Austin

AUSTIN (Austin Business Journal) — Build it and they will come? More like they are coming, and it can’t be built fast enough.

Homebuilders are hard-pressed to keep up with demand for new houses, resulting in skyrocketing prices across the state. The median home price in metro Austin, for example, hit $425,000 in March, an all-time high, according to the Austin Board of Realtors. Inventory was a record low 0.4 months.

Rising prices, as well as changing sentiments about remote work and home life spurred by the COVID-19 pandemic, have brought extra attention to a trend that has been gaining steam for years: detached single-family residences built specifically for the rental market.

Although these properties are designed similarly to typical for-sale subdivisions, they often have the same types of features as a class A apartment complex — leasing staff, maintenance staff and amenities such as swimming pools, dog parks and fitness centers. Several such properties have already been built in the Austin area, and a few more are rising. Many are sure to follow.

The single-family rental product “serves a need for people who want to live in the suburbs and want some more space, but struggle to put a down payment together,” said Vaike O’Grady, Austin regional director for Zonda, a housing market research company.

You can read the rest of the story on the Austin Business Journal’s website.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Austin-Travis County

More Austin-Travis County News

SPONSORED: Saving the Planet in :60

SPONSORED: Avoid idling your car

SPONSORED: Keeping cool and saving the planet

SPONSORED: Taking public transit to fight climate change

SPONSORED: How changing your air filter can save the planet (and save you money)

Tracking the Coronavirus

Coronavirus Cases Tracker

Latest Central Texas COVID-19 Cases

More Coronavirus Live Blogs

Trending Stories

Don't Miss