8 Reasons Why Dallas Real Estate is on the Rise
Successful Dallas real estate developer Marcus Hiles has carefully watched the housing market over his 30 years in business. As he saw many companies flocking to Texas to establish headquarters, he knew that demand for housing overwhelmed the availability of suitable residences, especially at the top end of the market. Upscale homes, either rentals or for ownership, were some of the hottest commodities on the North Texas market.
Low tax rates and a favorable work environment in the state helped bring corporations to the North Texas area. A large pool of talented employees helped sweeten interest in the area, and several Fortune 500 companies established headquarters or regional centers there. Executives and employees of these companies sought more luxurious residences than were commonly available in the real estate market. The demand was strong, yet the market wasn’t quite ready for the influx.
Marcus founded his first company, Western Rim Property Services, with the goal of helping to meet that demand. Now, 30 years later, and the company is responsible for over 25,000 rental units, either completed or in the latter phases of the development process. Western Rim specializes in upscale rental properties, developing town homes, apartments, and condominiums in some of the most desirable neighborhoods in the Dallas/Fort Worth metro area as well as other cities in Texas like Austin and San Antonio. The properties can best be described as luxury rentals; the company outfits the developments with high-end appliances and finishes and adds amenities for the enjoyment of residents. These amenities include clubhouses, access to golf courses, walking and biking trails, and ample green space. Western Rim carefully plots out the land before construction, reserving natural areas for the future and to improve quality of life for the residents of the developments. Marcus sought out great locations for his developments, purchasing land in areas with good school systems, abundant natural areas, and convenience to shopping and transportation options.
What sets a Western Rim property apart from competitors is the affordability of leases at the developments. Western Rim tries to set lease prices at around half of what other developments charge, ensuring that the developments maintain maximum capacity for the biggest return on investment. Having sought-after amenities like the swimming pools and fitness centers only adds to the lifestyle in each development; discerning renters seek out such housing options when coming to work in the Dallas/Fort Worth area.
