The country is experiencing a massive growth in the number of renters, over 500,000 more each year, with no signs of abating. In the Lone Star State, real estate developer Marcus Hiles predicted the increased demand for upscale rentals, and delivers premium properties to renters in Texas with his Estates brand. “Renters are eager to embrace luxury living at affordable prices,” says Hiles, Chairman and CEO of Dallas’ Western Rim Property Services. “Our five Estates communities offer signature amenities designed to appeal to singles, couples, and families who have chosen the rental lifestyle.” For example, The Estates 3Eighty was built just north of Dallas in Aubrey and offers one- to four-bedroom apartment floor plans that feature raised ceilings, expansive windows, fancy granite countertops, and expansive living rooms. On-site is a Starbucks Wi-Fi café, private dog park, and full-service business center featuring iMacs and PCs. “Our intention was to create the best of both worlds,” Marcus Hiles recalls, “an exclusive lakeside escape that’s a stone’s throw away from vibrant nightlife and a thriving arts community.”
Trends in the property market are most noticeable during periods of population increases and economic prosperity at the state and municipal level, explains Marcus Hiles. Luxury rental markets grew regionally in 2015, with recent data from the Department of Labor concluding that Dallas experienced labor force expansion above 3.75 million, maintaining one of the lowest unemployment rates in the U.S. — finishing 2016 at 3.5%. Texas witnessed more than 69,000 new apartments built in 2016, largely within the big four cities.