The overview
Inspire Homes, the build-to-rent community, is set to have 186 homes upon build-out in August, said Brad Dinerstein, managing partner of development and design, in an email.
“Recognizing the growing challenges faced by first-time homebuyers and the escalating costs associated with homeownership, we identified Missouri City as an ideal location for developing a purpose-built, single-family build-to-rent community,” he said.
Located at 9944 Hwy. 6, Missouri City, the roughly 35-acre community has:
- Homes ranging from 1,172-1,442 square feet
- Two- and three-bedroom floor plans
- One- and two-story options
- Monthly rent ranging from $2,300-$2,500
- Amenities including fenced backyards, a driveway and an attached two-car garage
Of the 111 homes built so far, the community is 31.53% occupied as of mid-June, Dinerstein said. He said the concept, which has been “well-received by residents,” is performing well compared to other similar communities that opened in October.
“The BTR product leases up at a slower pace, and our prospective renters are looking farther out than a typical apartment community renter,” he said.
Rental demand is on the rise in the Houston area, leading to leased single-family home rentals growing 6.7% year over year in the region and average rent prices nearing their peak, according to the Houston Association of Realtors' most recent report on May's rental market.
The average rent price for single-family homes rose to $2,345 in May, tying with the price last August—the second-highest average rent price recorded, per the report.
Looking ahead
The Dinerstein Companies plans to continue opening 30 homes per month until the community is substantially complete in August, Dinerstein said.
