Everything is bigger in Texas, and the market for upscale renting is no exception. Marcus Hiles, Chairman and Founder of Western Rim Property Services, explains that virtually all new rental developments in the Lone Star State are upmarket, allowing unprecedented opportunities for tenants to pursue luxurious living. “An increasing number of singles, families, empty nesters, and retirees are finding contentment through renting,” he stated. “Across the U.S. the number of renters is anticipated to grow by a half million each year through 2023.”
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.