Canadian homebuilder enters 'build to rent' sector in Texas with Dellrose community
Show LessEmpire Rental Living, a division of Toronto-based Empire Communities, will open its first build to rent community in the Houston area and more are on the way in Texas. Gehan Homes, based in the Dallas area, is also eyeing Houston and other markets where it builds to expand into the rental space.
Empire Communities also builds single-family homes for sale in Dellrose, and the new rental offering is part of a strategy to keep customers as they move through different life stages, whether its renting until ready to purchase or downsizing to a low maintenance rental house after the kids leave home, according to the company.
Residents will have exclusive access to resort-style amenities such as a pool with swimming lanes and a sun shelf, a spa, an outdoor gaming area, grills, fitness center, a pet spa and a dog park. Homes are outfitted with smart-home technology, stainless steel appliances, washers and dryers, and pet doors in some units. Leasing and property management are located on site.
The expansion to Texas comes as 30-year mortgage rates averaged 6.13 percent this week, up from 3.55 percent a year ago, according to government-sponsored mortgage finance firm Freddie Mac. The rate is down from its 2022 peak of 7.08 in October which, combined with rising new home prices, has shut prospective buyers out of the market.
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