One third of all Americans rent their homes. At ResMan, we help make that possible by providing software tools used by property owners and managers to efficiently and profitably market, rent, and maintain the real property assets. In providing these products, ResMan contributes to the overall growth and expansion of housing in the U.S. This means that ResMan and the entire industry is in the shelter business.
At ResMan, we are fortunate to be based in one of the most prosperous and fastest growing counties in the country. Plano, Texas, is in Collin County, only 20 minutes north of downtown Dallas. Collin County had the 44th highest per capita income in the United States according to the 2010 census. It was the 68 fastest growing county in 2016 with a population approaching one million.
All of this growth has laid the ground work for econimic boom for real estate developers, home owners, and multifamily housing operators. But the rapid growth has also brought challenges for the community. For those with lower incomes, the escalation in rental rates has made access to housing much more tenuous.
The average Dallas-area rent in 2016 was $1,130 a month, which is 30% higher than just five years ago. Compounding the trend is the fact that the rental rate increases are actually larger on a percentage basis at the lower end of the market. According to Zillow research, the cost of the most affordable housing in the Dallas area jumped 16% in a single year in 2015.
The working poor are dramatically affected by large increases in housing costs. A family of four making less than about $48,000 a year can be in serious jeopardy of losing access to housing due to an unforeseen economic event that suddenly forces them into homelessness. Economic events such as unforeseen expenses, medical illness, job loss, or divorce/abandonment can easily force a vulnerable working poor family out of their home and into their car or even the street.
At ResMan, we believe that shelter is our business. It is our commercial mission. And it is our social mission. That is why ResMan is committed to supporting organizations like the Samaritan Inn and Habitat for Humanity.
These organizations provide a range of resources to those experiencing homelessness to assist them in safe, clean, and affordable housing. For example, the Samaritan Inn of Collin County located in McKinney, TX provides transitional housing, food, clothing, and training in a group setting. The Samaritan Inn provides shelter for several hundred residents in need of emergency shelter. Fully one third of the residents at the Samaritan Inn are children.
ResMan provides monetary assistance to Samaritan Inn as well as hundreds of volunteer hours to assist with maintenance, food prep, and food service. The Samaritan Inn is a very successful example of a local community coming together to take care of it own. ResMan is proud to do its part as well. Because at ResMan, we are in the shelter business.