DALLAS, Feb. 25, 2017 /PRNewswire/ -- Responding to ever-growing rental demand in Texas, the acclaimed property developer Marcus Hiles has been expanding his real estate investments in Dallas, Houston, Austin, and San Antonio. Recent market research released by HomeUnion, a property investment firm, analyzed the most expensive markets in the U.S for single-family rental (SFR). Dallas had the second highest SFR rent growth in the nation with an average increase of 5.6% year-over-year. Austin and San Antonio both made the list with 2.8% and 2.4% increases, respectively.
A study published by Harvard University note a variety of contributing factors with regards to this shift, domestically. Changes in the real estate and financial sector have led to over 43 million families and individuals choosing to rent property — an increase of approximately 9 million in the last ten years. The latest U.S. Census illustrates a large percentage of the population of Dallas is between the ages of 20 and 29. Millennials are statistically likely to marry and have children later in life, and groups of unmarried individuals or those making less than $25,000 per year have seen the most movement towards renting a home over the last decade.