Denton is home to two universities and is recognized as a hot spot for renters. But is it the next North Texas city that’s embracing the build-for-rent housing trend?
Wan Bridge, a six-year-old Houston-based developer and operator of houses built specifically for the rental market in Texas, has begun leasing for its The Residences at Rayzor Ranch.
The 40-acre community will consist of about 280 townhomes and single-family homes when complete, about the typical size of a Wan Bridge development. So far, five townhomes are now complete and available for rent, according to The Dallas Morning News.
“So far, I’ve had several hundred contacts that I’ve had since September that I’m following up with,” community manager Robert Hays told The News. “Denton’s an incredibly growing community. The demand is high.”
In selecting where to build, Wan Bridge told the Houston Chronicle that it looks at suburban locations with good retail services, strong school districts, and high demand for housing.
The Residences at Rayzor Ranch are in the most prime of prime location in Denton — a few blocks east of Interstate 35W, the University of North Texas, and Texas Woman’s University. If that isn’t enough, it’s close to several big-box grocers, fast-food restaurants, suburban-style retail, electric-vehicle chargers, healthcare facilities, and an Alamo Drafthouse Cinema.
The townhomes feature brick and stucco exteriors with white window casings, Juliet balconies, 10-feet-high ceilings, and more.
Townhomes in the community start at $2,375 a month for three bedrooms and $2,735 for four. Floorplans range in size from 1,623 to 1,842 square feet. The detached homes, which range in size from 1,815 to 1,842 square feet, start at $2,735. Those prices might not fit into a Millennial budget that has to deal with student loans and other college expenses.
If not Millenials, other groups might find the community more affordable. North Texas ranks third nationally with 4,290 houses in build-to-rent communities., according to a RentCafé report.
Wan Bridge CEO Ting Qiao told the Chronicle that his company’s developments are meant to appeal to those who could buy a home, but prefer the convenience of renting.
“We are really looking at not the people who cannot afford a home, just the people who choose to rent. That’s basically our clientele,” he said.
