Looking for a new home but without the mortgage payment? One North Texas developer is banking on the idea of a gated community consisting entirely of rental homes.
"It's an experiment from our standpoint," said developer Chris Bright, CEO of Bright Realty. "But we think it's where the market seems to be going."
Cottages at the Realm is part of the Castle Hills development, which sits on what once was the Bright family ranch in Lewisville. Bright says it's the only development of its kind in North Texas — geared mainly toward millennials and others who might not yet be able to afford the down payment on homes that typically might sell in the $400,000 range.
"The lifestyle changes, the way people are living today is affecting the decision of when they want to make the commitment to the purchase of a single-family home," Bright said.
Homes rent for between $2,700 and $3,600 a month. Square footages range from 1,800 to 2,700.
Seventy-two houses are being built in the gated community.
"It's got basically all the benefits of single-family home living ," Bright said. "Without the commitment, and without the up-front cost, is what it boils down to."
Bright is banking on a trend. Home construction is a common sight in North Texas, but home ownership, he says, is slipping. Nearly half of all families in the area live in rental properties, and his development, he says, gives folks one more option.
So far, construction on six of the 72 houses is complete. Leases were signed on two of them, and those homes become available for move-in March 1.