Development of build-to-rent housing communities has continued to surge in the Prosper and Celina area in recent years, adding another housing option as North Texas continues to grow.
The details
Bryan Lawrence, senior vice president of consulting at real estate research firm John Burns Research & Consulting, said the Dallas-Fort Worth area has seen significant growth in the built-to-rent industry since the COVID-19 pandemic, including in Prosper, Celina, McKinney and Denton.
While the housing type varies by development, Lawrence said build-to-rent communities can include options like attached townhomes and duplexes to detached single-family homes.
Lawrence said build-to-rent communities help fill a gap between traditional apartments and for-sale homes, providing options for both individuals looking for a more affordable option and renters by choice.
“A lot of people just enjoy the flexibility of being able to rent,” Lawrence said.
Zooming in
Many build-to-rent communities include features that appeal to renters looking for more privacy and space, including private yards, attached garages and neighborhood-style layouts.
“Build-to-rent can be more of a luxury product as opposed to multifamily, depending on how it’s designed and the community type,” Lawrence said.
Lawrence said John Burns Research & Consulting began tracking the industry in 2012, but saw significant growth during the COVID-19 pandemic. Since 2021, the Prosper and Celina area has seen at least eight build-to-rent communities open or begin construction. While the properties are outside Prosper's municipal boundaries and were not voted on by the Town Council, officials said but they are within the Prosper ISD boundaries.
“If there wasn’t demand for rental, then it wouldn’t fill up,” Lawrence said. “Clearly, there’s demand because these units lease up, and you have high retention rates, and even when you have turnover, you’re able to backfill.”
Editor's note: This story has been updated to clarify the properties were not approved by Prosper Town Council and are outside the town's municipal boundaries.
