KATY, TX (Covering Katy News) - With high interest rates driving up mortgage costs, many potential buyers opt to rent instead, shifting developers' focus from home sales to rentals.
Eden at Sunterra in Katy is now open for leasing, with an entire inventory of brand-new rental homes. They also offer homes for sale in a different section of the community.
Situated within the master-planned community of Sunterra, along Pitts Road near Clay Road, the community has 266 single-family and townhomes for rent.
These homes, ranging from 1,436 to 2,480 square feet, are available for rent at rates ranging from $2,450 to $3,250.
Covering Katy News
A new construction rental home in Sunterra.
Residents will enjoy access to amenities provided by the master-planned community developed by Starwood Land, including a recently opened lazy river and the highly anticipated Crystal Lagoon, scheduled to open next year, according to The Houston Business Journal.
According to Kristen Coffey, community manager of Eden at Sunterra, six homes have already been pre-leased, with an additional 26 rental homes ready for tenants. Anderson Residential spearheaded the development, while Greystar oversees tenant management.
The trend of build-to-rent communities has been rising in Houston in recent years. With 4,836 build-to-rent units currently in progress and an estimated completion date of 2026, Houston ranks third on the list of U.S. cities with the most BTR units, per a recent study by RentCafe.
Texas leads the nation in build-to-rent units under construction, with projections indicating the addition of 15,054 new units by 2026.As mortgage rates continue to climb, more prospective homebuyers opt for rentals, increasing demand in Houston's rental market. According to a recent report by the Houston Association of Realtors, the number of leased listings surged by 3.8 percent year over year in April, with average rent prices rising by 3.1 percent to $2,285. New listings also experienced a notable uptick, surging by 27.4 percent compared to last year.
Several other build-to-rent developments have emerged in the Houston area, including Balcara at Meridiana in Rosharon, Wingspan in Bridgeland in Cypress, Willow at Marvida in Cypress, and Willow at Sierra Vista in Rosharon.