September 22, 2022
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The popularity of rental homes in the Austin area and elsewhere comes from a desire of residents to have a home that doesn’t require a mortgage.
An Arizona home builder, NexMetro Communities, plans to establish a neighborhood by the name of Avilla Rio Oaks in Liberty Hill, north of Austin. But there will be no homes for sale. 260 single-family rental homes will sit in the 25-acre development.
NexMetro has put forth two other projects near Austin, one in Liberty Hill and another in Georgetown. In total, the company is investing $164 million in the Austin metro with 634 rental homes across three communities.
In a press release on the first two communities, Jason Flory, managing director for NexMetro Communities' Austin Division, described the Austin area as an ideal location for Avilla Homes neighborhoods.
"Our expansion into Central Texas validates the tremendous appeal of this hybrid housing offering to consumers of all walks of life," Flory said. "We continue to look at new site locations in greater Austin because we know there is tremendous consumer appeal and demand."
The popularity of rental homes in the Austin area and elsewhere comes from a desire of residents to have a home that doesn’t require a mortgage.
For example, a RentCafe report from earlier this year says the need for space and privacy is driving the trend and notes that built-to-rent homes are expected to hit an all-time high in 2022. With 1,390 single-family rentals in the Austin metro, the area ranked No. 13 on the report’s list of metros with the greatest number of those homes.
The growth in built-to-rent homes isn’t slowing down. This summer saw announcements for other rental neighborhoods in Round Rock and another in Leander.
The Avilla Rio Oaks neighborhood is set to kick off site work soon near County Road 263 and Seward Junction Loop. It’ll include homes with one to three bedrooms that are single-level and between 700 and 1,265 square feet. Each one will include a private backyard, a front porch, granite countertops and stainless steel appliances.
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https://austonia-com.cdn.ampproject.org/c/s/austonia.com/amp/avilla-built-to-rent-homes-georgetown-2658325462
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