A Phoenix-based builder of rental homes is increasing its investment in the Austin, Texas, area to $164 million with its latest land purchase.
It fits into a trend of built-to-rent neighborhoods popping up across Central Texas. Proponents argue they add to the types of housing available as the region grapples with a shortage of places to live, and that they can provide greater flexibility for those who want the comforts of a single-family home but not the commitment of a mortgage.
In Georgetown, the 224-home Avilla Berry Creek will be built on 25 acres southwest of Berry Creek Highlands Way and East of State Highway 195. These kinds of rental homes are appealing to consumers seeking a new home without a mortgage or maintenance responsibilities, Flory said in a statement. Mortgage ratesand the Federal Reserve announced Sept. 21 another 0.75 percentage point hike in the federal funds rate.
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