Build-to-rent homes option for affordable housing
The price of homes and low inventory has put homebuyers on the sidelines. As a result of this high demand, more build-to-rent communities are being constructed in the Houston area to offer an alternative. FOX 26’s Heather Sullivan joins the senior managing director of the Tricon Peek Road community to hear more about the benefits.
HOUSTON – The high price of homes and lower inventory has put many homebuyers on the sidelines of the real estate market. There is also a shortage of affordable housing in greater Houston.
‘Build-to-rent’ community offers affordable alternative
What we know:
As a result of this high demand, more build-to-rent communities are being constructed in the Houston area to offer an alternative. These are communities of houses built specifically for renters rather than buyers, that also usually offer close proximity to good school districts.
Houston ranks third in the U.S. for build-to-rent homes, with 4,836 units expected to be complete by 2026, according to a RentCafe survey.
New build-to-rent community opens in Katy
In Katy, a community built specifically for renters rather than buyers offers an alternative to buying a home. FOX 26’s Heather Sullivan spoke with Michelle Johnson with Tricon Peek Road about what these communities have to offer.
Local perspective:
Tricon Peek Road at 22851 Terrazzo Drive in Katy is holding its grand opening, created in partnership with HHS Residential.
The Tricon Peek Road community offers 3- and 4-bedroom homes, two-car garages, fenced backyards, plus maintenance services for any needed repairs. It is a brand-new, professionally managed, build-to-rent community of 175 single-family homes.
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Those are amenities that can give renters a single-family home lifestyle, without having to invest a 20% down payment that’s often required to buy a home.
Instead, BTRs usually only require a month or two of rent and security deposits to get started, much like renting an apartment.
The demand for housing has gone up as 120,000 more people now live in Houston. Between 2018 and 2023, the Kinder Institute for Urban Research’s 2024 ‘State of Housing’ report found the cost of a home in greater Houston went up 43%.
The Source: Information in this article is from RentCafe, Tricon Peek Road, and the Kinder Institute.