As potential homebuyers wait for prices and mortgage rates to recede, an Arizona company is moving in to fill the void by buying and renovating rental homes that offer an experience similar to a traditional for-sale subdivision.
Tricor, based in Scottsdale, has constructed or renovated 22,000 rental homes since 2014. It completed 2,600 last year. The firm operates in 10 states and is licensed as a general contractor in 17.
“We just have a lot of traction in Texas,” said Joel Thomas, vice president of construction for Tricor, adding that investors still see the need for housing in D-FW. “There are people who are moving to Dallas regularly, and even if we’re thinking it’s slowing down a little bit, the pace is still outpacing new construction or available units for rent.”
