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- 288-unit apartment building wraps construction in Georgetown
288-unit apartment building wraps construction in Georgetown
Plus: HomeServices of America is not for sale, CEO says
š Welcome to Tuesday! Today, weāre diving into the sale of HomeServices of America and exploring which county is best for single-family rentals.
Today's newsletter is 752 words ā a 3.5-minute read.
1. Harris County is on track to become the nation's second-largest county
According to Census Bureau estimates, multiple Houston-area counties are among the fastest-growing in the nation, and Harris County is No. 1 in the population metric.
As of July 1, 2024, Harris County's population reached 5 millionājust 173,000 shy of Cook County, Illinois, which has 5.2 million people. Los Angeles County remains the largest, with 9.8 million residents.
Harris County added 105,852 net residents between July 1, 2023, and July 1, 2024 ā the largest numeric growth in the country.
Change in population, 2020 to 2024
2. 288-unit apartment building wraps construction in Georgetown
Construction is complete on The Gabriel Georgetown, a six-building apartment community at 520 Wolf Ranch Pkwy.
The 288-unit development has one-, two-, and three-bedroom units available with rents ranging from $1,176 to $2,386. Leasing began in August, and the property is currently 21 percent leased.
Amenities include a swimming pool, fitness center, coffee and tea bar, EV charging stations, picnic area with outdoor kitchens and grills, dog park and pet wash station, cyber lounge, clubhouse, and billiards room.
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3. Catch up quick
š Texas cities with the most apartment inventory growth. (RealPage)
š Corporate real estate professionalsā salaries rose 4.8% in 2024. (PRNewswire)
š· Carl Medford: Brokerages that oppose CCP don't want transparency. (Inman)
š The worldās first AI real estate agent has already made $100M in sales. (PostShift)
š” Trump team unveils plans to build housing on federal land. (WSJ)
š Fun read: Fort Worth police drop 'Not Like Us' Dallas diss track as recruiting competition stiffens. (FWPD)
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4. HomeServices of America is not for sale, CEO says
Compass is in āadvanced talksā to acquire HomeServices of America, the real estate wing of Berkshire Hathaway. Thatās according to a Wall Street Journal story published Thursday afternoon. The outlet cited unnamed sources and said that a deal ācould come together soon if talks donāt hit any last-minute snags.ā
But in a message sent to HomeServices brokers hours later, chairman and CEO Gino Blefari wrote that no deal was in the works.
āI want to confirm to you that there are no discussions, negotiations, or agreements to sell HomeServices or any of its affiliated companies, and that includes the Berkshire Hathaway HomeServices franchise business. Moreover, no such sale is being contemplated. The genesis of this story is not known at this time; itās important to note that it was based on rumors from unnamed sources and that HomeServices was not given notice of the article nor the opportunity to respond.ā
5. Ector County is among the best for buying single-family rentals
According to ATTOM's latest Single-Family Market report, which ranks the best markets for buying single-family rental properties nationwide, real estate investors can expect a 7.45% return on their single-family home investments this year.
Based on the median rents and home prices across 361 counties in the country, ATTOM determined that the yield investors can expect to earn this year has declined in 60% of the counties. However, it also identified 28 single-family rental growth counties where the potential 2025 annual rental yields exceed 10%.
Ector County is one of those counties where investors can expect the highest potential rental yield on single-family investments (12.5%).
6. Black homeownership is on the rise, but a large racial gap remains
The Black homeownership rate experienced the greatest year-over-year increase in 2023 among racial groups, yet it still falls significantly behind the White homeownership rate, according to a new NAR report.
Black homeownership rate (44.7%; +0.6%) achieved the highest annual gain. However, it remains substantially lower than White (72.4%; +0.1%), Asian (63.4%; +0.1%), and Hispanic (51.0%; -0.1%) homeownership rates.
Despite ongoing affordability challenges, the country's homeownership rate was higher in 2023 (65.2%) than a decade ago (63.5% in 2013), with approximately 11.8 million more homeowners.
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