One of the largest rental home operators in North America is expanding in Texas with a rental community in fast-growing New Braunfels.
Toronto-based Tricon Residential is working with HHS Residential, part of Highland Homes, to build 180 single-family rental homes near The Barndominium venue off Texas 46.
Known as Tricon Trail Creek, the community will include three- and four-bedroom homes with two-car garages, stainless steel appliances and smart home technology as well as trails, a dog park, barbecue grills and a playground.
It’s expected to be finished next summer.
“These new neighborhoods offer the space and privacy of a single-family home with the flexibility and financial structure of a rental property, plus the benefits of a professionally managed community, like low-maintenance living,” said Andrew Carmody, managing director and head of sustainability at Tricon.
New Braunfels is booming. Its population over the past decade rose 56 percent to 90,400, according to census data, making it one of the fastest-growing cities in the U.S.
Home prices and rents in the city are soaring, and the inventory of available properties is tight.
The median rent was $1,290 for a one-bedroom apartment and $1,515 for a two-bedroom apartment in April, according to Apartment List. The median price of a home was $375,000, according to the Four Rivers Association of Realtors.
Executives at Tricon and HHS said Tricon Trail Creek will be near major highways, parks, shops and schools and offer another option for young families, military personnel and entry-level employees. Rent will be about $2,250 a month.
Tricon owns and operates about 37,000 single-family rental homes and apartments in the U.S. and Canada.
The company is focusing on the Sun Belt. The New Braunfels project is the third of its 13 planned rental home communities in Texas, which include three in the San Antonio area, three in the Houston area, two in the Austin area and five in the Dallas-Fort Worth area.