Marcus Hiles remarks that the prominent similarity between Dallas, New York and Los Angeles is that all of them have observed a rising trend in renters; even though initially it might appear that the only similarity they possess is that all three feature in the list of top ten largest towns in the U.S. The rise of renters is seen across the whole nation, with renters likely to increase to half of a million steadily till 2023. Even in Dallas, more than half, i.e. 55.9% of the residents are renters. Although tenants may have to bear higher annual costs than homeowners, the amount of money owners need to pay on maintenance and utilities is much higher.
Urban living maintains many perks, but the downsides of city density are causing a new round of amenity-rich, luxury rentals in the suburbs. Marcus Hiles discusses the suburban upmarket apartment phenomenon with enthusiasm, as an expert in its increasing popularity from a frontline perspective being a developer and businessman. Projecting that today’s potential buyers would turn to rentals, when priced out of expensive, big city communities, Hiles anticipated the need. On target with the conclusions of a Forbes article that notes corporate moves to the suburbs as a job magnet for renters, the real estate mogul applied knowledge and insight to build some of the most desirable upscale apartment communities in suburban areas across the state. Marcus Hiles’ locations and planning proved successful, ahead the steep supply/demand curve that saw renting increase by seven million people in a single decade from 2006 to 2016, as noted by REIT. Holding the lowest vacancy rates in the past ten years, Fortune Magazine claims, “Demand for suburban rental apartments has boomed while construction of those units have lagged behind.”