North Texas’ booming ‘built-to-rent’ market includes 3 new communities by late 2024
NexMetro is bringing two more “built-to-rent” communities to North Texas.
In the last month, the Richardson-based company closed on two sites, one in Anna to the north of McKinney, and the other in Cleburne to the south of Fort Worth. Both are slated to open for leasing in late 2024.
Meanwhile, NexMetro will open its 15th community in Dallas-Fort Worth before the end of 2023. Avilla Boat Club will feature 107 rental homes about 25 minutes from downtown Fort Worth off Robertson Road.
“Consumers are increasingly choosing to rent but don’t want to sacrifice the lifestyle of a home that they’ve worked to achieve,” said Steve Fritzer, managing director for NexMetro’s DFW division, in a news release.
The company has been building rental homes in the Metroplex since 2017, starting in Plano. In the last six years, NexMetro has built nearly 3,000 single-story homes with one to three bedrooms.
Avilla Homes in the Metroplex range in price from about $1,500 to $4,400 per month. Avilla residents have an average annual household income of $134,000, the company says.
The built-to-rent trend has proliferated throughout the Metroplex, especially in the last few years as the pandemic pushed renters to seek more space.
In fact, Dallas-Fort Worth leads the nation in number of built-to-rent homes, with 2,773 units completed in 2022, according to a RentCafe report.
This story was originally published August 8, 2023 at 5:26 PM.
