THE RISE OF THE RENTAL

Dallas nails ranking as No. 1 U.S. market for new built-to-rent homes in 2022

House for rent, rent sign, home for rent, rental

Renting is an increasingly appealing choice.

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With the increasing demand for housing and rising popularity of constructing homes for rent, Dallas has topped the charts as the metro area with the highest number of single-family rentals built for all of 2022.

Nearly 2,800 build-to-rent homes were completed in Dallas in 2022, which is a 10-year high, according to a new study by RentCafe.

The study also found the number of rental homes skyrocketed five times higher last year than in 2021, when only 500 rentals were completed and Dallas ranked No. 3 in the nation.

The study analyzed build-to-rent data from RentCafe's sister site, Yardi Matrix, for communities that had at least 50 single-family rental units.

Phoenix (which outpaced Dallas last year) ranked No. 2 in the latest findings with only 1,527 units completed last year. After Phoenix, single-family rentals in other American metro areas only went into the triple digits, with Atlanta, Georgia (No. 3) at 808, Greenville, South Carolina (No. 4) at 584, and Charlotte, North Carolina rounding out the top five with 475 units completed.

Dallas also had the second highest number of single-family rentals completed in the country within the last five years, totaling 3,955 units. The city ranked higher than every other Texas metro area. Phoenix took the No. 1 spot with over 6,000 build-to-rent homes completed in the same time period.

Other Texas metros that appeared in the top 10 with the highest number of build-to-rent units between 2018 to 2022 include Houston (No. 4), Austin (No. 7), and San Antonio (No. 8).

The study's findings support a growing demand for flexibility among renters who may not want the high cost and maintenance associated with home ownership, RentCafe says.

“More and more people are deciding they want the best of both worlds: the flexible lifestyle of the renter, with no maintenance commitments and costs, and the comfort and privacy offered by living in a house,” the study’s author wrote. “In this case, build-to-rent homes check all of the boxes, while high home prices and rising interest rates make them even more appealing.”

The number of single-family rentals is expected to continue rising dramatically in 2023. Currently, 4,350 units are under construction in Dallas, second only to Phoenix (again) which has nearly 5,500 units underway.

Overall, there are 44,700 build-to-rent homes being built this year throughout the nation; three times more than the number of completed homes in all of 2022, the study says.

RentCafe Study Single-Family Rentals home-for-sale homes rent reports Build-to-Rent Homes

GP News

Grand Prairie expands to the south with new master-planned community

Rendering courtesy of Provident

Goodland Grand Prairie

The City of Grand Prairie is growing fast and expanding to make way for a new master-planned development south of US Highway 287 and along Tollway 360, in Ellis and Johnson counties.

The community development, called Goodland, is the result of Grand Prairie’s recent 1,500-acre annexation extending its southern border toward Mansfield. Overall, with the added land, Goodland will be a 5,000-acre site featuring 15,000 residences including townhomes, custom homes, and gated communities for 50,000 residents.

According to a release, it will be a “city within a city” and a 45-minute drive from Dallas-Fort Worth. Beyond housing, there will be shops, restaurants, schools, public and private event venues, regional sports fields and complexes, dance halls, churches, trail systems, city parks, ponds, and preserved green spaces.

“This is a significant step in our city’s development,” says Grand Prairie Mayor Ron Jensen in a statement. “Unlike many of our neighboring cities, we have the unique advantage of new development opportunities to our south that will drive the growth and prosperity of our city. We recognized the opportunity and took decisive action.”

Leading the development is Provident, a Dallas-based real estate firm that has created other master-planned communities across Dallas-Fort Worth, such as Preston Hollow Village and Hillstead in Collin County. Provident has plans to work nature into the space design with more than 1,600 acres of creek corridors and floodplain land.

Plans are ongoing for a centralized mixed-use walkable Town Center, complete with civic buildings and other commercial development. Further south on the property near Highway 67, light industrial uses and other private employment campuses are already underway, projects that will contribute vital tax dollars for city growth and future expansions.

“This level of placemaking is quite rare, and certainly not easy to execute, especially in a brand-new community," says Provident Managing Director Rylan Yowell in a statement. "We are committed to a long-term vision with a desire to be good stewards of the land."

A new four-lane road called Goodland Parkway will link Goodland to Grand Prairie at Tollway 360 and US Highway 287. It's set to open by December 2025.

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