Houston's single-family rentals: Brazoria to get huge community – Houston Chronicle

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The detached single-family rentals include three- and four-bedroom layouts with two-card garages.
By the end of June, Texas developer Wan Bridge expects to complete construction on the first 30 homes within the broader 812-unit build-to-rent single-family community of Pradera Oaks.
The upscale rentals are designed with modern, contemporary finishes.
In what could eventually become one of the largest build-to-rent single-family home communities in the greater Houston metro, a Texas builder has launched an 812-unit build-to-rent community in Brazoria County as investors continue to flock to the sector
Wan Bridge announced recently its newest community, Pradera Oaks, located in Bonney, Texas, a village near Rosharon about 33 miles south of downtown Houston in Brazoria County.About 300 homes will be delivered each year for the next three years, with a total of 812 units, a spokesperson said. 
Earlier this year, Camillo Properties’ 644-unit Treviso Gardens build-to-rent single-family community in Katy ranked as one of the largest communities of this type in the nation, according to a January analysis from the apartment search website RentCafe, citing data from Yardi Matrix. The biggest single-family, build-to-rent communities nationally were Buffalo Highland and Buffalo Highlands, a pair of two 819-unit communities in Las Vegas, according to Yardi Matrix. 
In Bonney, Texas, Wan Bridge launched land development for Pradera Oaks in 2019 and plans to complete construction this month on the first 30 homes in the community at 19302 Pradera Meadows Loop. So far there seven homes are pre-leased, a spokesperson said in an email. The neighborhood will be almost 250 acres, according to Wan Bridge’s website.
Pradera Oaks is Wan Bridge’s latest community in the prolific builder’s portfolio across Texas. Within the Houston area, Wan Bridge has nine communities spread across Houston, Atascocita, League City, Pearland, Kingwood and Rosharon as we well as a built-to-rent community Galveston Palm Bay under construction on Galveston Island, the company said. Earlier this year, Wan Bridge also struck a deal with master-plan community developer Land Tejas to add more than 1,000 additional built-to-rent units throughout the state of Texas starting with 200 units in the North Houston community Balmoral.
“With the continued, historic surge of people relocating to Texas and housing inventory remaining low, there is a desperate need for residential options aside from traditional homeownership,” said Ting Qiao, CEO of Wan Bridge in a statement.
More renters are choosing to stay in the rental market as home prices soar and mortgage rates remain elevated compared to the historically low rates seen earlier in the pandemic. About 71 percent of Houston residents said it was a “bad time to buy a home in Houston” in a June survey of 600 consumers by the Houston Association of Realtors. Roughly half of all Houston residents cannot afford to buy a home here, where the average prices at $440,670, according to HAR data.
As more renters pass on purchasing homes, that will drive even more demand for single-family rentals, something not missed on companies like Wan Bridge who are part of an ongoing trend of new build-to-rent communities. Last year there were a record 6,740 new build-to-rent single-family homes constructed nationally – and another roughly 14,000 are underway this year, according to  RentCafe.
The Houston metro ranked fourth for most single-family rentals in the nation with 3,600 homes in build-to-rent communities, according to RentCafe. Within Houston city limits alone there are 1,620 build-to-rent single-family homes, making it the second highest-ranking city for most houses of this type after Las Vegas.
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Plans for Pradera Oaks include detached single family homes ranging in size from 1,700 to 1,800 square feet. Rents range from $2,195 to $2,475 per a month. That compares to the average price of a single-family rental in the greater Houston area of $2,239, an 11 percent jump from last year, according to HAR data. 
“Pradera Oaks offers residents space and is a great option for those who are looking for homes outside of city limits. With work-from-home becoming normalized, suburban living has become a trend,” a Wan Bridge spokesperson said in an email. “There’s also job and population increases, as well as a housing shortage in Lake Jackson and Freeport. Pradera Oaks’ location is also attractive to the population from those areas.”  (Freeport is about 30 miles south and Lake Jackson is about 22 miles south of where Pradera Oaks is planned.)
The houses are expected to feature a classic, modern design style with two-car garages, ample living space and landscaping along tree-lined streets. Later this year Wan Bridge expects to complete construction on a lake, jogging trail, dog park, playground and a splash pad within the community, a spokesperson said. The firm’s subsidiary Wan Pacific is the general contractor for the community, which would be Wan Bridge’s largest build-to-rent community so far in Texas. 
“We have an exciting pipeline. Wan Bridge is the largest BTR company in Texas, and we plan to continue transforming how residents rent homes in Houston and across the state. More updates are on the horizon,”  a spokesperson said.
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Marissa Luck covers real estate for the Houston Chronicle.
Originally from Hawaii, Marissa previously covered refining and chemicals for the Chronicle and also had stints at Costar, the Austin Business Journal and The Daily News in Longview, Wash.
She grew up near Seattle and studied international political economy at The Evergreen State College in Olympia, Wash.
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