Your daily dose of Austin
Smartphone image
Make your inbox more Austin.
Local news and fun, every day 6am.
Fueled by the appeal of space and privacy, more built-to-rent homes are coming to the Austin area

An Avilla home in Grand Prairie, TX. (Avilla)

An Arizona home builder, NexMetro Communities, plans to establish a neighborhood by the name of Avilla Rio Oaks in Liberty Hill, north of Austin. But there will be no homes for sale. 260 single-family rental homes will sit in the 25-acre development.

NexMetro has put forth two other projects near Austin, one in Liberty Hill and another in Georgetown. In total, the company is investing $164 million in the Austin metro with 634 rental homes across three communities.

In a press release on the first two communities, Jason Flory, managing director for NexMetro Communities' Austin Division, described the Austin area as an ideal location for Avilla Homes neighborhoods.

"Our expansion into Central Texas validates the tremendous appeal of this hybrid housing offering to consumers of all walks of life," Flory said. "We continue to look at new site locations in greater Austin because we know there is tremendous consumer appeal and demand."

The popularity of rental homes in the Austin area and elsewhere comes from a desire of residents to have a home that doesn’t require a mortgage.

For example, a RentCafe report from earlier this year says the need for space and privacy is driving the trend and notes that built-to-rent homes are expected to hit an all-time high in 2022. With 1,390 single-family rentals in the Austin metro, the area ranked No. 13 on the report’s list of metros with the greatest number of those homes.

The growth in built-to-rent homes isn’t slowing down. This summer saw announcements for other rental neighborhoods in Round Rock and another in Leander.

The Avilla Rio Oaks neighborhood is set to kick off site work soon near County Road 263 and Seward Junction Loop. It’ll include homes with one to three bedrooms that are single-level and between 700 and 1,265 square feet. Each one will include a private backyard, a front porch, granite countertops and stainless steel appliances.


Airport braces for high traffic this month with ACL and F1 drawing in travelers

(AUS airport/Instagram)

With major entertainment events slated for October, the Austin-Bergstrom International Airport is gearing up for a busy month.

Keep ReadingShow less
With deposition and trial looming, Elon Musk has offered $44B for Twitter, again

Elon Musk has proposed once again to buy Twitter for $54.20 a share.

The news that Musk is offering to carry on with the $44 billion buyout was first reported by Bloomberg. Now, a filing with the Securities and Exchange Commission shows Musk made the proposal in a letter to the tech giant on Monday.

The New York Stock Exchange temporarily halted trading in Twitter stock twice Tuesday, first because of a big price move and the second time for a news event, presumably the announcement of Musk's renewed offer.

While the per share offer price on this latest proposal remains the same as the original offer, it’s unclear if Musk has made other term changes or if Twitter would reject it. According to other reports, a deal could be reached this week.

The stock closed at $52.00/share Tuesday, indicating market uncertainty around the $54.20 offer.

After Musk informed Twitter of plans to terminate the original agreement in July, Twitter sued. A trial has been expected in Delaware Chancery Court on Oct. 17.

With the proposition of a buyout on the table again, it revives the question of whether Musk might move Twitter from San Francisco to Central Texas.

He’s done so with some of his other companies. Tesla’s headquarters in southeast Travis County had its grand opening earlier this year and tunneling business The Boring Company moved to Pflugerville. At least two other Musk companies, SpaceX and Neuralink, have a Central Texas presence without being headquartered here.

Technology journalist Nilay Patel this afternoon voiced concerns that owning Twitter and Tesla together could be problematic for Musk, as his Tesla manufacturing facilities in Germany and China are both in countries that have disputes with Twitter over content moderation and censorship.

Telsa shares fell after the Twitter news became public, before rallying to close up, at $249.44.