Marcus Hiles Offers Advice For Growing Rental Market

Marcus Hiles Offers Advice For Growing Rental Market

At first glance, there doesn’t appear to be many similarities between Dallas and New York or Los Angeles, beyond all three ranking among the ten largest cities in the U.S. However, states Texas real estate developer Marcus Hiles, “When you dig a little deeper, it turns out that all three locales have more renters than homeowners.” In fact, 55.9 percent of Dallas residents live in rental housing. Around the country, Americans are preferring tenancy over home ownership, and the population of renters is expected to grow by at least a half million each year until at least 2023. Contrary to what many believe, homeowners’ housing expenditures far exceed that paid by renters. While the annual cost of rent payments may outpace total mortgage cost for the year, buyers are saddled with maintenance expenses and higher energy bills – making the rental lifestyle even more attractive.

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