DALLAS, April 02, 2019 (GLOBE NEWSWIRE) -- Established in 1988, leading property development firm Western Rim Properties has played a critical role in the up rise of the Texas rental market. Over the last 10 years alone the firm has introduced over 25,000 units and over 20 communities that span top Texas cities including Dallas, San Antonio, Austin and Houston along with popular surrounding city suburbs that have gained in popularity over recent years. The rental community experienced a significant boom when new complex styles were introduced to compete with the increasingly limited housing market that could provide residents with affordability, flexibility and luxury accommodations. This model has been the foundation of WRP’s communities and spans properties focused across different demographics, tailoring to both young professionals and families as well as older aged populations.
One specific area of growth in the rental property market has been that of 55+ adult communities that have been popping up around the state and country. Western Rim has worked adult communities into its development strategy to tailor to this growing market that is increasingly looking for rental options. Recognizable properties such as WRP’s The Mansions, one of their most popular community styles, has introduced segments for this age bracket and they are only seeing the interest grow. One of the company’s adult communities in Wylie, Texas even ranked among the top properties by J Turner Research, an online reputation firm, who evaluated the community as one of the top 1234 properties in their Elite 1% ORA™ Power Ranking that evaluates over 100,000 properties across the nation. This popularity for more adult living rental options is helping to further shape the market and is a trend that Western Rim’s CEO Marcus Hiles sees becoming even more predominant in the future. “As more options are introduced to each demographic of renters, we will see an increase in adoption as rental properties become a more widely accepted alternative to the often high-stakes housing market of today. We have seen great success thus far with our adult communities and plan to expand on these developments as we head into upcoming years.”
Property firms are attributing success from adult communities to many different factors spanning from the unpredictable and limited housing market, new property styles, and the overall changing environment and impression rental properties once had. No longer are rental communities falling into one category of property style, demographic, price point or accommodations. The more wide-spread the industry becomes the more diverse the options are and renters are able to find something tailored to their specific needs and interests. Western Rim Properties understands each demographic has different deciding factors that will help with making the move to rental over home ownership and have honed-in on these factors for the adult communities. Accommodations such as park spaces, in-house services, close city proximity and affordability are just a few of the incentives that are bringing more adult renters into WRP’s doors.
As the community uprising for adult rentals continue to explore new locations and property styles, Western Rim Properties is focused on staying ahead of the curve as they have done throughout their 31 years in the business bringing new-age projects to the forefront. This trend is one property development veterans and entrepreneurs like WRP’s CEO Marcus Hiles are betting on and see only continuing to play a large role in the future of their firm’s investments.
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