New Build-to-Rent Neighborhood Opens in Leander, Texas
Leander, Texas, is gearing up for a fresh addition to its booming housing market with the launch of Tricon Bryson. This new build-to-rent neighborhood is part of a larger development in an area that has seen significant population growth over the past decade. Managed by Tricon Residential Inc., which is linked with the investment giant Blackstone Real Estate, Tricon Bryson will feature 155 single-family homes.
Rising Demand for Rental Housing
Leander’s housing market has expanded enormously, with the U.S. Census Bureau estimating that the population has more than tripled since 2010. The opening of Tricon Bryson is a response to a pressing need for more housing options. “There’s a tremendous need for more housing overall,” said Andy Carmody, senior managing director at Tricon Residential. Carmody emphasized that acquiring approvals for new neighborhoods has become more challenging. He described the situation as a math problem, where insufficient available homes for rent or sale is the primary issue.
Details of Tricon Bryson
Tricon Bryson offers six different floor plans that cater to both three- and four-bedroom preferences. Rental prices for these homes range from $2,169 to $2,509 a month, which is considerably more affordable than purchasing a home in the area. According to recent data from the Austin Board of Realtors, the median sales price for a home in the Austin metro is currently around $439,990.
Carmody pointed out that many people find renting more accessible at this stage, arguing, “The price of homes has gone up so much, it’s almost dumbfounding how expensive homes are to buy and own.” Many of Tricon’s homes are renting at rates 30% to 50% lower than the costs associated with home ownership.
Long-Term Housing Solutions
This isn’t the only venture for Tricon Residential in Texas. They are also opening another build-to-rent community called Tricon Willow Creek in Tomball, which will feature 148 homes. The company plans to deliver 1,000 new build-to-rent homes in 2024, followed by another 1,000 in 2025. Their focus on build-to-rent housing began about five years ago, in light of an ongoing housing shortage in major Texas markets like Austin and Dallas.
Carmody commented on the growing family demographics, stating that many young adults living in apartments aspire to live in single-family homes but are struggling to make that leap. “That old American Dream was to then buy a house,” he said. “Now, that’s further out of reach.” Their new developments aim to bridge that gap, allowing families to transition into more spacious, community-oriented environments.
The Bryson Community Growth
The entire Bryson community, which includes Tricon Bryson, is on the verge of becoming one of the fastest-growing areas in the Austin Metro, with plans for a total of 1,261 homes. Leander has transformed significantly, growing from a population of 26,521 in 2010 to an estimated 80,067 by July 2023. This marks a remarkable 202% increase in just 13 years, further underscoring the pressing need for housing in the area.
As these developments unfold, it is clear that there is a rising shift towards building more rental communities in response to soaring home prices. Whether in Leander or elsewhere, the focus on construction and new rental options may very well represent a solution to the ongoing housing crisis that affects so many today.
