Exciting New Build-to-Rent Neighborhood Opens in Leander
Leander, Texas is buzzing with news of a new community that promises to meet the growing need for rental housing. Tricon Residential Inc., part of the larger Blackstone Real Estate portfolio, has announced the opening of Tricon Bryson, a fresh and vibrant build-to-rent neighborhood featuring a total of 155 single-family homes. This exciting new addition is part of the broader Bryson development, which is rapidly transforming Leander into an attractive place for families and individuals looking for housing alternatives.
Meeting a Critical Need
The folks at Tricon are very aware of the changing housing landscape. As home prices skyrocket and ownership becomes a distant dream for many, this new build-to-rent option offers a practical solution. According to senior managing director Andy Carmody, there’s a significant need for more housing. “Every day it’s harder and harder to get a new neighborhood approved and permitted,” he stated. “We believe that it’s a math problem: there’s simply a shortage of available homes for rent or for sale.”
The Bryson development alone underscores this trend – the U.S. Census Bureau reports that Leander’s population has more than tripled since 2010. With this growth, it’s clear that families are seeking more options, and Tricon Bryson is stepping up to fill that gap.
A Closer Look at Bryson
Developed in collaboration with Johnson Development, Bryson features homes in six floor plans, offering both three- and four-bedroom options. Rental rates vary from approximately $2,169 to $2,509 a month, a more manageable price compared to the staggering costs of home ownership in today’s market. Carmody noted, “The price of homes has gone up so much, it’s almost dumbfounding how expensive homes are to buy.” He also emphasized that the rental rates at Bryson are 30% to 50% lower than the cost to own the same home in the neighborhood.
In August, the median sales price for a home in the Austin metro region soared to about $439,990. With such high prices, it’s no wonder many people are opting for rental options in well-planned communities like Bryson.
A Growing Trend
This isn’t just a one-off initiative. Tricon Residential is actually expanding its footprint in the build-to-rent market, with plans to open another community called Tricon Willow Creek in Tomball, near Houston. They anticipate delivering 1,000 new build-to-rent homes each in 2024 and 2025, signaling a strong commitment to this forward-thinking housing model.
A New American Dream
For many young adults growing up today, the traditional American Dream of home ownership may seem further out of reach, but that doesn’t mean they’re not looking for better living arrangements. As families grow and change, Tricon’s model offers them a chance to move into single-family homes without the hefty price tag of ownership. “We’re filling that gap in the market today,” Carmody explained, allowing families to settle into a community while providing them the opportunity to eventually transition into home ownership down the line.
The Bright Future of Leander
As Bryson continues to grow, it’s becoming a hub of activity in Leander, which has seen its population rise dramatically—up from roughly 26,521 in 2010 to an estimated 80,067 in July 2023. This astonishing 202% population increase is a clear indication that people are flocking to this vibrant community. As more projects like Tricon Bryson come to life, it’s clear that the future of Leander is bright, welcoming, and ready to accommodate its expanding population.
In summary, Tricon Bryson is not just a new neighborhood; it’s a beacon of hope for many prospective renters, offering a welcome alternative to high home prices while fostering a sense of community in one of the fastest-growing areas in Texas.
