In Texas, everything is larger, including the market for upscale living. Chairman and CEO of Western Rim Property Services Marcus Hiles notes that virtually all new rental communities built in the Lone Star State are luxurious, creating increasing chances for renters to enjoy a lavish lifestyle. “An increasing number of singles, families, empty nesters, and retirees are finding contentment through renting,” Hiles points out. “Across the U.S. the number of renters is anticipated to grow by a half million each year through 2023.”
Real estate market trends correlate with periods of population and economic growth at state and municipal levels. Marcus Hiles noted that upmarket rental demand expanded regionally in 2015, and according to recent statistics from the Department of Labor, Dallas expanded its labor force to over 3.75 million with one of the lowest unemployment rates in the United States — ending 2016 at 3.5%. Across the state, over 69,000 new apartments were constructed in 2016, largely focused in the four main metro areas.