DALLAS, June 5, 2018 /PRNewswire/ — The rental market across the nation has incurred fluctuating changes throughout the last decade with more recent changes going against traditional cycles in the residential home market. Generational changes, moving employment opportunities, and overall climate change in the economy has shifted a large percentage of home buyers into the rental space.
The locations where these changes are occurring can shed light into the factors creating them with one of the nation’s fastest growing states – Texas – reflecting the shift in its increasing relocated and renters pool found throughout its top cities.
With the state’s population of relocated residents growing at a rate that is double the national average, the Texas industry as a whole is booming with out-of-state and international transplants. "Looking for housing and job opportunities, the influx of transplant residents stems from the state’s rapidly growing job market that has created over 400,000 new jobs in 2017 throughout leading industries," shares Texas entrepreneur Marcus Hiles, Founder and CEO of Western Rim Properties.
Honing into the areas with long-term growth potential, property firms are tapping into where the real opportunities are that are predicted to continue expansion into the near future.
With the increases in residents coming to the state for the growing pool of new job opportunities, the demand for housing has followed suite. "Statewide growth in residential property development has fallen behind the need – a gap that rental developers are working to fill," shares Marcus Hiles, who has built more than 30,000 residential rental units throughout the state.
The decreasing supply level of housing is not the only factor driving relocated populations to rent over buy as relatively new trends in rental developments are growing into suburban locations. A new wind of affordable, luxury apartment complexes like those of Western Rim Properties are making the shift into outskirt communities offering renters city-like amenities with the comfort of suburban living.
Part of his vision when starting his firm over three decades ago, Marcus shares, "Helping job seekers and new households find top of the line housing in surrounding city suburbs, at about half the price per month of comparable luxury high rises, has become an increasing trend."
As the widespread migration to Texas continues, firms like Western Rim are increasing the longevity of their new projects by tapping into the opportunities the state offers to both the area’s businesses and workforces that are unsurpassed by other leading locations.
Learn more about the developers who are utilizing the new rental trends in Texas to expand up and coming areas in the state and increase its position in the national economy at marcushiles.net.
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SOURCE Western Rim Property Services, Inc.
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