Building to rent From the cover
Build-to-rent developments in Katy, Fulshear
Units
Start date
Average rent*
The current situation
11 Millers at Elyson 170
1 Covey Homes Ventana 56 2022
$2,583
2025
$2,316
Since 2018, build-to-rent, or BTR, housing developments have emerged across Katy and Fulshear driven by rapid population growth and shifting housing preferences, said Doug Ressler, manager of business intelligence at real estate research rm Yardi Matrix. While millennials may be interested in building wealth, he said he believes they’re delaying homeownership due to a ordability challenges and shifting priorities, making Katy’s BTR market an increasingly vital and sustainable part of the region’s housing landscape. Tricon Residential currently operates 41 BTR communities nationwide, including three in the Houston area—one of which is Tricon Peek Road in Katy, according to the company’s website. Although BTR communities make up only about 10% of Tricon’s overall real estate portfolio, Senior Managing Director Andy Carmoody said the company plans to expand that share to better serve people facing barriers to homeownership as the number of Harris County residents who could a ord a Katy home has fallen from 28% to 19% since 2024, according to the Houston Association of Realtors. “We’re seeing families who’d like to live in a single- family home, in a neighborhood, in a community— who want to have a garage and a yard—choosing single-family homes to rent more often than they have historically because it’s more a ordable and so much easier to get into,” he said.
12 Treviso Gardens 137
2 Covey Homes at Tamarron 213 2022
Unknown**
Unknown**
$2,267
3 Enclave at Mason Creek 192 2023
FREEMAN RD.
$2,237
11
8
4 Villas at Sunterra 114
6
$2,579
2023
9
4
10
1
CLAYRD.
5 Villas at Tamarron 164 2023
12
$2,666
MORTON RANCH RD.
6 Katy Legacy Luxury Rental Homes 176 2023
Katy
3
$2,407
10
90
7 Canvas on Founders Hill 147 2024
10
$2,208
99 TOLL
5
8 Summerwell Sunterra 156 2024 9 Eden at Sunterra 266 10 Tricon Peek Road 175 2024 2024
$2,597
2
$2,795
1463
7
1093
Fulshear
$2,587
N
*UTILITY PRICES ARE SEPARATE. **TREVISO GARDENS DID NOT SHARE START DATE OR AVERAGE RENT BY PRESS DATE. SOURCES: TREVISO GARDEN, MRI APARTMENT DATA COMMUNITY IMPACT
What they offer
The cause
Median single-family home price since May 2020
Katy
Fulshear
Sojka said he attributes the boom in BTR devel- opments to high interest rates, as many buyers wait for rates to return to pre-pandemic levels. Yet even with lower interest rates, home prices have become less affordable for residents, accord- ing to the Houston Association of Realtors’ Afford- ability Report, with only 19% of Harris County households making enough income to qualify for a median-priced home in Katy and Fulshear in the first quarter of 2025. Per HAR, the median home price in Katy rose to $336,250 in May 2025, representing a nearly 34% increase from the May 2020 median price of $251,500. “High interest rates make homeownership even less affordable, but ... home prices are still very high, and it’s a stretch for many families to get into their first home,” Sojka said.
$800K $600K $400K
Inside the home
Hunter Dodson from Enclave at Mason Creek said renters can have the home experience without the “hassle of maintenance,” with features such as:
$470K
$345K
$336K
$200K
$251K
Attached garages
Private yards
$0
2020 2021 2022 2023 2024 2025
Smart home features
Responsive service
30-year fixed-rate mortgage average in United States since 2020
In the community
Interest rate
8% 6% 4%
Stephanie Windon, senior director of marketing and communications for Millers at Elyson, said residents prioritize shared community amenities, including:
6.81%
3.38%
Clubhouse
Walking trails
2%
0%
SOURCE: FEDERAL RESERVE/COMMUNITY IMPACT 2020 2021 2022 2023 2024 2025
Pet park
22
COMMUNITYIMPACT.COM
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