An Odd Decision For A Subdivision
20 May 2021
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.