SAN ANTONIO — The pandemic has heated up the housing market. Demand for housing is exceeding supply, but one developer says they are taking advantage of a middle ground between multi-family developments and single family living.
Fulton Properties began leasing build-to-rent homes at its Birdsong at Alamo Ranch development last year.
Mike Fulton, president of Fulton Properties says the development combines the best of two worlds.
"Multi-family: a single, gated community with shared amenities, 24-hour maintenance and combining that with single-family. No shared walls, privacy, lots of windows," Fulton says.
Fulton says it was discussed years ago. He says the Alamo Ranch property is 100% occupied at the moment with a similar development planned for the Leon Springs area.
The National Association of Home Builders reported a 27% increase from 2019 to 2020 in the construction of build-to-rent homes.
"Housing affordability is a real issue, and we believe that our Birdsong product creates a very attainable single-family lifestyle," Fulton said.
A two-bedroom, two-and-a-half-bathroom home at Birdsong can be rented starting around $2,100.
According to Rentdata, the fair market rent price for a two-bedroom apartment in the San Antonio-New Braunfels area is $1,114 per month.
The Texas Association of Affordable Home Providers says the fair market rent for a two-bedroom apartment is $1,087.
Fulton says the build-to-rent properties bridge the gap between renting and owning a property.
"It's for people who have aged out or are tired of apartment living, but don't want the commitment of a single-family home," Fulton adds.
The Leon Springs property could be open by early next year.