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Why Is Renting A Home In Dallas More Expensive Than An Apartment?

Silver Oak Multifamily Capital broke ground on Emerson Court, the second phase of its luxury urban apartment community located in Frisco Market Center.  Emerson Court will have 312 units and was designed to complement the very successful first phase, Emerson at Frisco Market Center, that is fully occupied and has 410 units. The properties are located at the northwest corner of the Dallas North Tollway and Main Street in Frisco.

Apartment rent growth stands at 6.7%, according to Realpage. But rents on certain securitized homes are growing at 8.4%, according to Morningstar. These elaborate securities, which were born out of the housing crash, paved the way for a product that allows firms to secure rent from hundreds of homes and pay investors monthly in the form of bonds. When Wall Street created the first of these securities two years ago, many questioned how these firms would operate as landlords, especially relating to upkeep on properties and price gouging. The Dallas Business Journal calls the figures "troubling" as the rise in rent for both apartments and securitized rental homes outpace the increase in salaries projected for 2017 in Dallas. [DBJ]