A Stepping Stone to Home Ownership: Why People are Renting at East Love (and Loving It)

December 9, 2024 | Candy Evans | | Sponsored Content

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There is a time in your life when you may be on the fence about buying a home. You are growing weary of apartment life -— especially the elevators and noise. Yet you are not quite ready for a home, either because the thought is overwhelming or you just cannot afford the down payment.

Enter East Love. Sixty-four luxury townhomes in the middle of an established, family-friendly neighborhood in town, minutes from downtown and Dallas Love Field. East Love is quickly becoming the perfect housing choice for a whole range of tenants, including the “fenced” generation: folks on the fence about graduating from the apartment lifestyle and not quite ready to own a home.

“East Love is the perfect in-between for renters, like us,” says Nichola Ivy, a Dallas Realtor with the Nichola Ivy Group who has lived at East Love for several months. “I see it with clients: there is some culture shock in first-time home ownership. East Love is your stepping stone.”

The luxury townhomes are beautiful and brand new, she says.

“I’m totally spoiled,” says Nichola. “I am the first person to use my shower or my stove, and I love that feeling.”

The homes are mainstream managed — similar to institutional multifamily maintenance systems. Having that system in place gives comfort to young people moving to East Love directly from apartments, says Nichola.

“It’s having a hand-holding moment your first time in a house,” she says.

East Love Holds Your Hand With Maintenance

Ivy and her boyfriend intend to be homeowners in the near future. Leasing at East Love provides a first-home environment that falls short of a giant monthly home payment.

“My boyfriend and I were looking at $6,500 a month on a mortgage in this high interest rate environment,” says Ivy. “Leasing here actually helps us save $2,000 a month in the interim, so we can put the cash aside for our future down payment.”

Plus, she adds, you are moving into a new, clean home that needs no repairs. Ivy also loves the proximity of stores and restaurants, like when she had to run to the store to grab ground turkey to make spaghetti the other night.

“The ease of having several grocery stores nearby, just being able to pull out of the garage, pull back in, and not have to get on an elevator with bags — amazing freedom!” she said.

While many single women flock to apartment living for security, Ivy says she feels safe at East Love.

Not Your Grandparents’ Era Renters

Security cameras are everywhere, with full surveillance, Ivy said.

“There is a huge turfed yard for my pup, fully sprinklered,” she said. “The two-car garage is oversized. My boyfriend has a big-a** Texas truck, and my SUV is not much smaller. Both fit in the garage with storage room to spare. Everything you ever wanted, they thought of and created in this environment.”

Nationally, the leasing trend is taking off with all demographics. The number of millionaires renting has soared over the years as busy folks and the ultra-wealthy don’t want to deal with the toil of home ownership. One of many reasons why the folks living at Olerio Homes’ East Love are bullish on renting.

Does Not Feel or Look Like a Lease Home

“Home inventory remains tight, and mortgage rates have not come down significantly even with two rate cuts,” says Lou Olerio, founder of Olerio Homes, “From 2016 to 2021, there has been an 87% increase in people who prefer renting to buying, according to the U.S. Census Bureau.”

Ivy and others say living at East Love doesn’t feel like you are renting. The brand new homes are in an established neighborhood, clustered on the 4600 block of March Avenue, which the developer bought up to craft his neighborhood.

A Luxury Rental in an Established Neighborhood

Each East Love residence boasts a spacious layout. Coming in at about 2,300 square feet, there are three bedrooms and two and a half baths designed for today’s urban dwellers. The homes are stunningly clean-lined and modern, blending contemporary design with practical functionality. While there are rooms for privacy on the second level, first-floor spaces are open living spaces perfect for entertaining, family gatherings, or just relaxing. The primary bathrooms are a highlight, featuring spacious designs complete with free-standing vessel bathtubs, walk-in showers, and dual vanities that provide couples with ample room to get ready. And the kitchens are a chef’s delight.

East Love was conceived by a developer who specializes in luxury single-family homes with a commitment to affordability. All Olerio custom homes incorporate sophisticated contemporary design and Olerio’s obsessive attention to detail and efficient space planning.

“If you’re a high-net-worth individual who splits their time across different properties and states, you probably don’t want to spend time dealing with the headaches that come with ownership,” says Olerio. “Sometimes, you just want to test drive a new space without committing to buying the entire package.”

Olerio, a luxury Texas homebuilder, spotted the neighborhood’s potential five years ago when he bought up an entire street of 1940s-era homes in a quiet Dallas neighborhood just west of Love Field. His twin rows of 64 single-family attached homes turned a formerly dreary Elm Thicket into an enclave of beautiful transitional homes.

“It took me about five minutes to see the potential in the area,” says Olerio. “The neighborhood was solidly serene and leafy, with a kind of 1950s vibe. There is significant high-end home transition building all around us. We thought this would be the perfect spot for a smart lock-and-leave urban townhome-type community.”

Though he initially planned to sell them as primary residences, Olerio pivoted quickly when he realized the dearth of quality rental homes in DFW and saw how buyers were pulling back because of interest rates.

The magic word in all of real estate is LOCATION, and East Love Dallas could not have a better one.

Lemmon Avenue, with nearby walkability and a plethora of restaurants and businesses, is a little over a block away.

Go north to the spoils of Lovers Lane, from Celebration Restaurant and Jose to Inwood Village with Trader Joe’s and the famous Inwood Theater. Every home in East Love on March Avenue is within walking or biking distance of these establishments.

Brought to You by a Top Luxury Home Builder

East Love Dallas marks Olerio Homes’ first venture into the build-to-rent market. He crafted each exactly as he does his luxury homes, building convenience and quality into every build, along with the experience of what today’s buyers seek.

That includes generous two-car garages with ample space for large vehicles and bicycles, plus extra storage. Each home features a rear-covered patio, perfect for enjoying the outdoors while escaping the Texas sun, and low-maintenance turf backyards. They provide a great space for pets or kids. A park is across the street.

Driveways are in the front, for security. A charming side walkway leads to the front entrance, all covered by security camera

All entrances are secure: enter through a side gate, with security cameras creating peace of mind and 24-hour security recordings.

“East Love townhomes by Olerio Homes represents the pinnacle of luxury living in Dallas, now available for rent in one of the best, most convenient locations in town,” says Lou Olerio, the developer. “You are within a few miles of every major artery and downtown. We are excited to introduce this exceptional development and offer residents a unique opportunity to experience sophisticated living in the heart of the city in a luxury rental environment.”