HOUSTON – (By Michelle Leigh Smith for Realty News Report) – Is the American dream evolving?
Wan Bridge Group, a Texas-based developer and operator of build-to-rent (BTR) communities near Houston, Dallas and San Antonio, believes the answer is yes.
Wan Bridge’s strategy targets research indicating many millennials prefer not to commit to a 30-year mortgage. Their ideal residents are young professionals and families who value the “lock-and-leave” convenience of renting in well-maintained neighborhoods where lawns are mowed and maintenance teams handle routine tasks like changing air filters.
Millennial households represent about 85 percent of Wan Bridge’s current tenants across a growing portfolio that includes new single-family homes, duplexes, triplexes and upscale patio homes.
Upscale Build-to-Rent — $4,500 a Month
In mid-June, Wan Bridge unveiled two of six new patio homes in Edison Park, located south of the Galleria near Glenmont Drive and South Rice Avenue, just north of Bellaire city limits where new homes often exceed a million dollars.
Each three-story home offers approximately 2,800 square feet and an estimated value near $500,000, according to Lisa Kennedy, regional manager for Wan Bridge. Rather than selling these homes, the company rents them — at rates above $4,000 per month.
Every home features a four-bedroom, three-and-a-half-bath layout.
Wan Bridge’s homes in Kingwood, Rosharon, Pearland and Forney near Dallas typically rent for $1,700 to $2,300, the company reports. The firm focuses on communities under 200 homes across 40 to 50 acres, while also pursuing larger developments such as an 800-home community planned for Rosharon.
Edison Park rents start at $4,485 a month. “For now, that is our highest rent,” says Wan Bridge CEO Ting Qiao. “Our lowest rent is $2,020 at the 94-home Clearwater at Balmoral, a Land Tejas community in northeast Houston built around a two-acre lagoon.” The duplex and triplex properties offer up to four bedrooms, 10-foot ceilings, and walk-in pantries and closets in roughly 1,800 square-foot units.
Qiao, a frequent presence in the Builders Group offices at 5210 Spruce in Bellaire, says he values the guidance of longtime local builders. “Tommy knows a lot about the custom home business,” Qiao observed.
Qiao moved to Houston six years ago, purchased a home in Bellaire, and began scouting properties suited to a build-to-rent model. He holds an MBA from Carleton University in Canada and retains strong ties to Bellaire, located near Houston’s core.
“We keep some functions in the Bellaire office — purchasing and construction operate from there,” Qiao said. Other Wan Bridge operations are based on the top floor of a high-rise on San Felipe Road.
Qiao describes a long-term approach: “In Texas we can build a home within six months, and this home will be there for the next 50 years. If you calculate the whole life cycle, construction is only about 1 percent of the investment. We design for the resident, and for our ambassadors.”
Attracted by the community, schools and quality of life in Bellaire, Qiao says Wan Bridge identified an opportunity in late 2019. “I saw six lots for sale on HAR, so we approached the seller,” he recalled.
Those lots were unfinished townhome parcels. Hurricane Harvey had increased available lots as older flooding-damaged homes were demolished. “After Harvey, sellers wanted to move properties, and the market was weak. We saw a community opportunity, purchased the site at the end of 2019, ran cost and rent projections, and the numbers worked, so we proceeded,” Qiao said.
The project timeline extended beyond initial projections due to factors such as permitting, which took four to five months. “During the pandemic we didn’t slow down,” Qiao noted. “We didn’t expect the market to become this hot.”
Beijing to Bellaire
Born in Beijing, Qiao previously worked in the upscale condominium market in Asia. He says U.S. real estate increasingly appeals to international investors.
“Our business began with international investors,” Qiao explained. “Three years ago, many institutional investors didn’t understand BTR and asked if it was multi-family. We saw strong demand from people who want an alternative to buying a home — the flexibility to live in new housing — and simultaneous demand from international investors seeking tangible U.S. assets. We bridge those needs.”
Where the Wan Bridge Name Comes From
“Wan Bridge comes from Mr. Bin Wan, a co-founder, and Bridge from another partner called Bridge Tower, so we combined the names,” Qiao said.
“We invested heavily up front to do it right,” he added. “Once you reach scale it becomes more formulaic. Our strength is using the same floor plans and construction drawings to control product quality and construction costs. That consistency is vital for long-term property management.”
Qiao emphasizes designing homes with efficient space usage and durability. “This differs from builders who sell homes. From the start we design for operations: every inch must serve a function and justify rent. Turnovers must be efficient to prepare units for the next move-in.”
Wan Bridge’s Master Plan
Qiao outlined Wan Bridge’s expansion plans: “We launched our BTR and property management business in 2019, acquired another site in Dallas, began projects in Austin this year, and now have 39 projects in our pipeline.”
“In five years we want to be the largest in the market,” Qiao said. “Vertical integration — land development, construction and property management — is essential. We build, we sometimes sell to for-sale builders, and we partner with firms like Land Tejas on larger projects.”
Wan Bridge names its developments internally and maintains a home-building arm with efficient, well-designed plans intended to benefit investors and residents through consistent construction quality and operational efficiency.
Location selection emphasizes proximity to major metro areas. Wan Bridge seeks high-growth suburbs with strong retail services, reputable school districts and robust housing demand. For example, homes in The Oaks at Suncreek Estates near Rosharon include features such as a game room and four bedrooms; they resemble $500,000 custom houses yet rent for $2,700–$2,900 per month.
A National Trend — Build-to-Rent Single-Family
Wan Bridge is part of a larger national trend. Builders like Camillo Properties in Houston and Christopher Wood Communities in Arizona have also embraced the BTR sector.
Todd Wood, founder of Christopher Wood Communities, notes homeownership remains a strong part of the American Dream, but rental preferences are shifting: the U.S. Census shows 65 percent of renters are under 35, reflecting changing choices among younger households.
Industry forecasts show growing capital flow into the BTR market. The Wall Street Journal’s housing coverage estimates billions will be invested in the sector in the near term, and major institutional transactions underscore investor interest in single-family rental portfolios.
Large-Scale Plays and Market Data
Examples such as D.R. Horton’s Amber Pines at Foster’s Ridge subdivision in Conroe illustrate large-scale producer strategies: homes were rented and then the entire block sold to institutional buyers, producing returns that outpaced individual lot sales, according to industry reports.
Advisory firm RCLCO estimates roughly six percent of newly built single-family homes nationwide are purpose-built for rent, up from 5.2 percent in 2010. In the Houston area alone, more than 7,500 homes have been built for the rental market, and forecast demand could drive hundreds of thousands of additional BTR homes over the next decade.
High-End Rents and Consumer Demand
David Jarvis, senior vice president at John Burns Real Estate Consulting’s Bellaire office, says the BTR movement has matured and expanded over the past decade. “For buyers who want new, lower-density, professionally managed homes with minimal maintenance, BTR is a strong fit,” Jarvis said. He highlights that these communities often exceed typical Class A apartment offerings in amenities and maintenance quality.
A recent national survey Jarvis referenced found 54 percent of BTR renters view renting as a step toward eventual homeownership but are not yet ready to buy.
High-end examples are appearing: in Dallas, properties such as Greystar’s Elan Inwood offer single-family rentals priced as high as $7,500 per month, with amenities like dog parks, tech labs, boutique pools and 24-hour fitness centers. In late 2020, rental rates were rising and home prices experienced notable appreciation, underscoring shifting market dynamics.
Renters by Choice
Houston remains one of the most active home-building markets in the nation, and build-to-rent developers like Wan Bridge are reshaping how people approach housing. Their residents are not necessarily abandoning the American Dream; they are choosing flexibility, convenience and professionally managed communities over long-term mortgages.
June 22, 2021 Realty News Report Copyright 2021
Image: Courtesy Wan Bridge. Emily Jaschke.
File: Build to Rent Boom