Multiple build-to-rent communities are in the works for North Texas.
Often referred to as a BTR, build-to-rent communities are residential developments deliberately created for renting, not selling. The type of dwelling can vary, from condos to single-family homes.
Usually, these properties are tenant centric. BTR communities might share amenities, like a swimming pool or fitness center, not unlike a high-end apartment complex.
Owners usually purchase a BTR as an investment and rely on professional property managers to ensure consistency in maintenance and tenant services.
One of the country’s largest home-building companies, Taylor Morrison, is completing half a dozen BTR communities set to open this year.
Construction on Taylor Morrison’s new Yardly communities, which range between 125 and 300 units, began in 2022. Anna, Celina, Denton, Lavon, Melissa, and Saginaw will obtain new build-to-rent communities. Yardly Elm in Denton could be online as early as the end of May, followed by a location in Celina in June.
As previously reported by The Dallas Express, the BTR business model dates back to the 1980s, but it was not until the 2008 housing crisis that it saw a surge in popularity. More recently, North Texas has seen BTR communities increase in the region. In 2022, according to RentCafe, DFW had the most BTR projects of any metro area in the country, reported the Dallas Business Journal.
“There’s a growing number of people who choose to live a rental lifestyle because of the freedom it provides, and our Yardly communities offer just that,” Yardly’s President, Darin Rowe, said in a statement, per the DBJ.
Rowe says he hopes renters eventually transition to buyers. Taylor Morrison offers existing renters up to $5,000 towards purchasing a home from the builder.
Yardly aims to build around 1,400 homes across the six communities in North Texas by the project’s completion.