Posted by Crypto Coins on Wednesday, August 14, 2017 08:29:29The North Dallas home-sharing and living space industry has been booming since the recession, but in recent years it has become more and more difficult for locals to afford the typical rents and mortgage payments.
The trend has even prompted some residents to take on more expensive rentals.
But now, a local startup is taking advantage of this growing market to offer a cheaper alternative.
This month, the North Texas-based MillworkLofts has begun selling low-cost homes in the north side of Dallas.
It’s the first North Dallas-area property to be sold by the company, which aims to fill a housing gap in the city.
“We’re trying to change that perception,” said Kyle Soto, a senior vice president at Millworklofts.
“The average cost of a rental in North Dallas is around $1,500.
So if you’re looking to rent, we want you to be able to afford it.”
The company offers three different types of homes in Dallas: loft apartments, studio apartments and one-bedroom units.
In each, there’s a minimum monthly rent, no security deposit and a 60-day grace period before the lease is up.
“Our goal is to have as many people as possible be able and willing to rent in North Texas, which is what we want to accomplish,” said Soto.
“If you can afford it, we’re going to help you get there.”
A large swath of the city is in the rental market, but a majority of it is priced below $1.5 million.
This is particularly true in the Dallas-Fort Worth metro area, where home prices have surged in recent months.
In that area, the average price of a home is more than $2 million, according to realtor.com.
According to the National Association of Realtors, the median price of new homes in North America has increased over the past year from $5,902 to $7,092.
It means more people are looking to buy homes in a market that is rapidly shrinking, and is becoming increasingly unaffordable.
The average price in Dallas is $2,865.
This number is rising fast, as well, as prices are expected to rise by 5 percent over the next six months, according in a recent report by the U.S. Census Bureau.
The company is hoping to change this perception.
Soto said the idea behind Millwork is to help people find affordable, quality housing in the area.
“It’s not about just making money for people, it’s about helping people,” he said.
“This is a very important industry that’s going to be in need of help.”