CONTRIBUTIONS BY NICHAELA SHAHEEN BY HALEY VELASCO & CARSON WEAVER
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Over 500 units of build-to-rent housing are being developed in the Conroe and Montgomery area, according to HAR and developers for the complexes. The Everstead at Conroe and Cielo Conroe are anticipated to be fully completed by late 2025. According to a June report from the HAR, if the trend of rising home prices continues, the trend of build-to-rent communities could rise with it. Texas-based developer Wan Bridge opened a 340-unit build-to-rent community in Conroe in fall 2021, previously reported by Community Impact . Anna Broussard, senior regional manager of Wan Bridge, said the goals for her company have increased more than double since last year. “Last year, it was about 550 homes,” Broussard said. “This year, our goal … is 1,200.”
Although build-to-rent housing growth is prominent in Houston, the rise can be seen more drastically across other U.S. metro areas. From 2018 to 2023, the Houston metro saw a 73% increase in build-to-rent units, whereas Dallas, Atlanta and Phoenix all saw more than a 160% increase, per the April 2024 RentCafe report. Nationally, 75% more houses for rent were completed in 2023 than in 2022, with Texas being the leading state for these developments with 4,800 houses for rent completed in 2023. Additionally, 41% of the total number of build- to-rent homes nationwide were built within the last five years, equating to around 68,000 rental homes, according to the report. “We’re witnessing this niche [of homes built for renters] at its historical peak,” the report states. Looking ahead, Houston will add around 4,800 new single-family homes for rent by 2026, surpassed only by Dallas and Phoenix, according to the report.
Build-to rent home growth
Units built in the U.S.
2019
6,752
2020
7,676
2021
9,978
2022
15,691
2023
27,495
Metro areas with most units under construction
Phoenix, AZ
7,236
Dallas, TX
6,481
Houston, TX
4,836
Huntsville, AL
2,487 2,426
Charlotte, NC
SOURCE: RENTCAFE/COMMUNITY IMPACT
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