DALLAS—The fresh-out-of-college renter is finding competition as those from the older generation are opting to rent. A new Pew Research study found that more US households are renting than at any point in 50 years. Whether it's by choice or by circumstance, the option to rent continues to be the most ideal one for all generations and economic backgrounds.

As demand for rental properties increases, developers are expanding to meet it. Richman Signature Properties, a relatively new kid on the block in the luxury rental sector, has already opened 10 US properties and plans to open 15 more properties by 2020. There is one property open in Dallas with one more in the works in Texas.

In this exclusive, Kristen Gucwa-Fuechslin, executive vice president of marketing for the Richman Group Development Corporation, recently discussed the rental market and the forecast by 2020.

GlobeSt.com: Why has Richman Signature Properties chosen Dallas for expansion?

Gucwa-Fuechslin: With an estimated 11,000 people moving to the metroplex each month, a recent Texas A&M Real Estate Research Center study found the Dallas/Fort Worth population could double in the next 25 years. As demand rises in the downtown corridor, millennials and Gen Xers looking for high-end yet affordable options are increasingly seeking a new alternative–suburban rentals. We know that this demographic has strong opinions about what they want and need in homes which is why Richman Signature Properties seized the opportunity to bring just that and more to the Dallas market. We are reimagining what rental living looks like with preferred amenities that deliver flexibility, convenience and social connectivity at a great value.

Millennial renters in the Dallas community 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 Dallas millennials expect to rent for all of their lives.

GlobeSt.com: How do you cater to a forever home lifestyle?

Gucwa-Fuechslin: Today's rental living experience pales in comparison to what it was 20 years ago. Rental living is all about making the renter feel connected to the community in which they're living, from the clubhouse attendant to their neighbors and even their local barista down the street. That personal connection is a strong reason why we find so many renters choosing to renew leases. It's a huge benefit and one they'll likely not find elsewhere. Finding a community that goes beyond checking off all the boxes is hard but developers are going the extra mile to offer resident experiences that make it harder for them to leave once their lease is up. At Richman Signature Properties, we offer on-site programs, social events and clubs, and even give our residents the opportunity to tailor experiences to what suits their interests. From wine clubs, run clubs and book clubs to events like Bottle and Bottega, we offer a calendar of events monthly. For example, at Parc at White Rock, we know that the arts and culture scene is booming, so we created events that promote local artists.

GlobeSt.com: What are renters looking for and why are so many attracted to properties in Dallas?

Gucwa-Fuechslin: We're seeing increased desire in walkable communities. Today's residents prefer urban and suburban-type living in major metro areas where they can enjoy a city's vibe, including art, eclectic food options and local breweries. Richman Signature Properties is developing in both downtown communities and within the suburbs. We look for areas like Dallas that offer desirable dining, shopping and walkability features. The suburban locations allow us to keep our prices competitive while still offering preferred amenities and programs. As more millennials enter the renter market, demand for walkable communities will continue to grow. In fact, a survey by the National Association of Realtors and Portland State University found that 50% of millennials consider it very important to be within walking distance to shops, cafes and restaurants.

Instant Insights /

Young Renters Find Competition from Older Generation

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