DALLAS—People are moving to the suburbs, especially in cities such as Dallas where the cost of living in the city has soared within the last year. Dallas also has some of the largest millennial populations in the country, currently 1 million people aged 25 to 34 are living in the Dallas region, accounting for 15% of the total population.

And, millennials and Gen Xers prefer to rent rather than buy to accommodate their lifestyle choices. But aside from adding high-end preferred amenities to communities, some companies are realizing that millennials and Gen Xers want something more in the form of social connectivity.

Rental developers are responding by not just allowing social gatherings, but rather encouraging and helping residents start their own social clubs within the community, such as a wine club or a run club. Some developers are even taking it a step further by forming partnerships with like-minded brands, such as Richman Signature's interior design firm, Laurel & Wolf, Fitbit, grocery delivery service Shipt, Neiman Marcus, and local bars/restaurants near each property, so residents feel like they're part of something more.

Kristen Gucwa, vice president of national lease-up operations, Richman Signature Properties, recently discussed why Richman Signature Properties entered the Dallas market with its newest Parc at White Rock community, and how the rental community will cater to millennials and Gen Xers in this exclusive Q&A.

GlobeSt.com: Why did you enter the Dallas market? Why now?

Kristen Gucwa: With an estimated 11,000 people moving to the Metroplex each month, a recent Texas A&M Real Estate Research Center study says the Dallas/Fort Worth population could double in the next 25 years. As rental rates rise in the downtown corridor, millennials and Gen Xers looking for luxurious yet affordable options are increasingly seeking a new alternative–suburban rentals. This demographic has strong opinions in what they want and need from their homes and Richman Signature Properties saw an opportunity in the Dallas market to respond to their call by reimagining what rental living looks like.

Last month, we announced we are entering the market for the first time with a new property, Parc at White Rock, located five miles outside of the Dallas city center at the doorstop of the White Rock Lake Park and the White Rock Creek Trail. The community is adjacent to the DART White Rock Station, making the location ideal for those who appreciate both city living and the beauty of nature.

GlobeSt.com: Why are Dallas residents choosing rental communities over condominiums?

Gucwa: Millennial renters in Dallas view the American Dream differently than in years past. They are renting not by force, but by choice and are attracted to the benefits of a forever home with the flexibility that renting offers them, but without the commitment and stress of a mortgage. In fact, Apartment List recently conducted a survey of more than 30,000 US renters, and found that 21% of millennials in Dallas expect to always rent.

Luxury rental communities, such as Parc at White Rock, offer more than just a temporary living space. One of the major benefits of renting is the flexibility. Millennials and Gen Xers don't necessarily stay in the same city their entire lives, wanting to be open to new career opportunities and lifestyle changes. One way we support this is through our Signature Resident for Life program, which offers renters the option to transfer to another Richman Signature Property in the new city, with waived fees and no penalties with a 60-day notice.

GlobeSt.com: How are rental properties helping residents create social connectivity?

Gucwa: This is a big part of our philosophy at Richman Signature Properties and we build opportunities for social connectivity at all of our communities. We host social clubs like “yappy hours” for residents and their pets, wine tastings, book clubs and even events for cigar aficionados. We also encourage residents to come up with their own ideas that fit their interests and we help them facilitate new clubs. We also know that millennials prefer walking over driving by a substantially wider margin than any other generation. That's why our new property is located footsteps away from the White Rock Lake and Santa Fe Trail.

GlobeSt.com: How can property developers continue to attract local millennials and Gen Xers?

Gucwa: Dallas millennials want an ideal location that, even in the suburbs, allows them downtown access mixed with preferred amenities and personalization, all at a great value. Each of our residents gets a move-in gift that is carefully curated with like-minded partners that offer exactly this type of convenience, such as Fitbit fitness gear, complimentary memberships to Shipt or complimentary design services from online interior design firm Laurel & Wolf. We find that millennials and Gen Xers want to express their individuality, and though rentals usually restrict things like painting walls, we embrace it. Residents can add a pop of color to their walls, and may choose from six paint colors specially curated by Laurel & Wolf to personalize their homes. Additionally, locally curated art installations continue to be a focal point of differentiation for our properties. We've commissioned art pieces for the exterior of our buildings that enhance skylines.

GlobeSt.com: Why did you enter the Dallas market? Why now?

GlobeSt.com: Why are Dallas residents choosing rental communities over condominiums?

GlobeSt.com: How are rental properties helping residents create social connectivity?

GlobeSt.com: How can property developers continue to attract local millennials and Gen Xers?

Instant Insights /

Suburban Rentals Attract Millennials by Getting Personal

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