Why the preference for renting over holding a mortgage? Marcus Hiles explains that, in Texas and across the United States, people love the flexibility that the rental lifestyle affords. “We’re a mobile population,” he exclaims. “The idea of settling in one place for a decade – or for the length of a 30-year mortgage – doesn’t hold the same appeal as it did a generation or two ago.” Proving that homeowners do not have an edge when it comes to personal fulfillment, Hiles looks to research proving that renters come out on top. “People who rent actually spend more time engaging in leisure activities and interacting with their friends and neighbors,” Hiles says.
Marcus Hiles discusses the origination of permeable paving, one of the latest trends in environmentally minded construction. The practice, which dates back thousands of years, allows for rain to pass through small openings between four layers of filtration before absorbing into the earth, lowering runoff pollution and controlling the flow of storm water to gutters and drains.
Marcus Hiles, the Chairman and CEO of Western Rim Property Services, says that state policies have resulted in job growth that outpaces the rest of the U.S. Texas achieved post-recession job recovery more than two years ahead of the nation as a whole, and by January 2016 had added over 1.3 million jobs to its pre-recession employment peak. Because the state’s unemployment rate has been consistently lower than in the rest of the country – in April, it was 4.4 percent compared to 5 percent nationwide – consumer confidence has been robust. May’s Texas Consumer Confidence Index (CCI), which measures economic optimism through savings and spending habits, was 117.6, in contrast to the U.S. CCI of 92.6. The vigorous Texas economy – stimulated by more than $5 billion in tax cuts over the past three years – has also been a boon to the housing market. The year-over-year price of existing homes increased by 5.9 percent and the number of single-family building permits by 6 percent.
Marcus Hiles offers sage advice for prospective tenants in Dallas, coming from his expertise in building rental properties that embody luxury living. “When renters choose to live in communities that align with their lifestyles, they achieve a greater work-life balance,” he states. This balance is especially important given that a third of apartment residents are between the ages of 30 and 44, the prime years of their careers. Another 30 percent are between 45 and 64 years old. Hiles’ company Western Rim Property Services designs apartments that deliver resort-like amenities while maintaining a reasonable commute distance, ensuring that Dallas will continue to trend toward renting over home ownership.