The American Dream of homeownership has lost some luster with the housing crash, and many Americans are rediscovering the freedom and simplicity of renting. While the worst part of apartment living is arguably the noise—and smell—that travel through shared walls and hallways, Snowdon Residential is building a unique, upscale solution in Tramonto. Think villa-style living in a neighborhood with single-family and small multi-family residences—all for lease.
The Casitas at Tramonto, a 138-unit gated community, will join the master-planned community of Tramonto on a 10.6-acre site across from Home Depot at the northeast corner of 33rd Lane and North Valley Parkway. Floorplans range from one- and two-story units between 900‒1,400 square feet. All will have individual entrances and private patios, and 20 to 30 percent will have private garages. The remainder will have carport parking.
[UPDATE Jan. 1, 2018: Snowdon Residential anticipates the first phase units will be ready for lease in late April, 2018, with full project completion by late 2018.]
Casitas residents will have access to their own community clubhouse, resort-style pool with private cabanas, and a fitness center. Tenants will also have access to Tramonto’s existing amenities, which include two parks with playgrounds, basketball and tennis courts, a sand volleyball court, swimming pools and walking trails, according to Snowdon Residential Director Michael Vucekovich.
The new community targets millennials and boomers—the two largest segments of the population—groups Vucekovich described as “seeking fashionable living options and a less burdensome lifestyle that doesn’t require a mortgage.”
In its 2016 housing report, the Joint Center for Housing Studies reported about 36 percent of U.S. households are renters. The number of renter households soared by nearly 9 million from 2005 to 2015, making it the largest increase over any 10-year period on record.
Snowdon identified the opportunity to provide this unique style of living just as the surrounding area is exploding with development, and large employers including Fry’s Food Stores, Farmers Insurance and USAA are adding more than 1,000 jobs.
And, the project comes just as interest rates are ticking upwards. “It’s still difficult to buy a house and still expensive. We’re seeing an incredibly strong demand in the rental market… really decent job growth and people migrating from the Midwest,” Vucekovich said. He predicts villa-style living will become a major trend in the rental sector over the next decade.
Monthly rents, he said, will be competitive with the Norterra area, but prospective tenants can expect to pay a premium over traditional apartment rental costs. The development, not the tenant, will pay association dues.