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


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.

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