The amount of people choosing to rent a home in the United States is rapidly growing, at a pace of more than 500,000 each year with no signs of a turnaround. Prominent Texas real estate developer Marcus Hiles anticipated this increased demand, and has catered his Estates brand to deliver premium properties to renters in the Lone Star State. “Renters are eager to embrace luxury living at affordable prices,” explains Hiles, Chairman and CEO of Western Rim Property Services. “Our five Estates communities offer signature amenities designed to appeal to singles, couples, and families who have chosen the rental lifestyle.” Situated just north of Dallas in Aubrey, The Estates 3Eighty offers one- to four-bedroom floor plans featuring soaring ceilings, expansive windows, chic granite countertops, and spacious living areas. Residents enjoy a dedicated Starbucks Wi-Fi café, a private off-leash dog park, and can work at one of the iMacs or PCs in the business center. “Our intention was to create the best of both worlds,” Marcus Hiles recalls, “an exclusive lakeside escape that’s a stone’s throw away from vibrant nightlife and a thriving arts community.”
At first glance, Dallas doesn’t appear to have many commonalities with New York and Los Angeles beyond ranking among the ten largest cities in the U.S. Yet, notes Texas real estate developer Marcus Hiles, “When you dig a little deeper, it turns out that all three locales have more renters than homeowners.” In fact, 55.9 percent of Dallas households live in rental housing. Across the country, Americans are increasingly choosing tenancy over home ownership, with the population of renters expected to grow by at least a half million each year through 2023. Contrary to common wisdom, homeowners’ housing expenditures far exceed that paid by renters. While the annual cost of rent may outpace total house payments for the year, buyers are saddled with maintenance expenses and higher utility payments — making the rental lifestyle even more attractive.