Another day, another rental-home development. The Dallas-Fort Worth market is rapidly becoming the build-to-rent capital of the universe.
Dallas-based Provident Realty Advisors is the latest to jump into the fray, building 242 rental homes in Garland. The subdivision includes a blend of attached units and detached single-family homes with one-, two-, and three-bedroom floorplans.
D-FW is one of the nation’s top markets for new rental single-family home communities.
In 2021, D-FW builders started 3,885 rental houses, which represents 7 percent of total single-family home construction, according to Residential Strategies.
Last week, Provident Realty sold a community of 136 detached homes in McKinney to Morgan Properties, based out of King of Prussia.
In Texas, Provident has about 2,400 single-family rental homes in various stages of development with nearly 1,300 of those in D-FW.
Reasons for the rental trend have been well-documented. House hunters are being priced out of the housing market thereby increasing demand.
“The appeal of these communities is a best of both worlds lifestyle,” Jacque Petroulakis, NexMetro vice president, told Candy’s Dirt. “With luxury leasing, residents get the benefits of single-family homes without the expenses of homeownership.”
In the Garland community, amenities will include a pickleball court, a fitness center, green space, a dog park, and a pool.
The project will be northeast of the intersection of Rowlett Road and Castle Drive, off the George W. Bush Turnpike a few miles from Lake Ray Hubbard. The Garland City Council approved zoning for the development on Tuesday.
