Everything is bigger in Texas, including the market for lavish lifestyles. Marcus Hiles, Founder and CEO of Western Rim Property Services, notes that almost all new rental properties built in the Lone Star State are considered luxury, generating unprecedented opportunities for residents to enjoy upscale communities. “An increasing number of singles, families, empty nesters, and retirees are finding contentment through renting,” Hiles stated. “Across the U.S. the number of renters is anticipated to grow by a half million each year through 2023.”
Major changes in the real estate market are frequently associated with times of population growth and economic prosperity at the state and municipal level. Upscale rental demand expanded across the state in 2015, and Marcus Hiles points to recent data from the Department of Labor documenting Dallas’ labor force growing to over 3.75 million, with one of the lowest unemployment rates in the country — finishing 2016 at 3.5%. Over 69,000 new apartments were developed across Texas in 2016, primarily in the four biggest metro areas.