Renters of Single-family rentals (SFRs) are of different types and needs.
If you own single-family home rentals, here are some insights and strategies on how to attract prospective renters or retain your existing residents.
Renters of Single-family Homes
Buildium’s latest research, 2021 Renters Report, identified three most common types of single-family home rentals tenants. The report accounted for the changes in the behavior, lifestyles and rental preferences since the COVID-19 pandemic.
These renters are:
Single-person Households
Renters in single-person households live by themselves. They can also be independent living seniors or those nearing retirement aged 58 on average and who live alone without assistance from a roommate or family members. They typically stay in a rental for a minimum of five years because of their age and the hassles in moving.
Couples Without Children
These renters are either couples without children or those with no children under 18 years old. This group is made up of older millennials and young empty nesters whose median age is 48. Since they are still actively working and earning dual income, they are still keen on homeownership in the near future.
Multigenerational Households
A multigenerational home has at least two or more adult generations living together. The median age among this type of household is 43 years old.
They are commonly Asian-American, Latin-American, and the growing immigrant population.
What Features and Amenities Appeal to Single-family Home Renters
For Single Person and Couples Without Children Households
Convenience is at the top of mind of these renters. Any home with features that help them save time and allow for a hassle-free lifestyle will quickly get their approval.
They would go for homes with the following features:
- easy to clean and maintain with only one to two bedrooms
- allows them to keep pets
- furnished with the basic necessities without the need to buy or move their own furniture
- equipped with energy-efficient or smart appliances that save on utility expenses
- with in-unit laundry washer and dryer
- ample storage spaces
- outdoor spaces like a patio or a backyard
- safety features for independent senior renters such as bathroom grab bars, anti-slip floorings, in-closet lightings, and easy to operate home appliances
- close proximity to convenient lifestyle services such as pet services, food delivery, garbage pickup, and house cleaning, to name a few
- other modern tech features like home security systems with free internet to power them
For Multigenerational Households
Living comfortably together under one room is critical for multigenerational households. `
When looking for a home, they prefer:
- affordable rentals located in the suburbs
- flexible lease terms and with 30 days move out notice
- rentals with a minimum of three bedrooms
- spacious floor plans to give every generational member of the household separate and private space
- wide entryways to avoid foot traffic in the main entrance and to also allow a wheelchair to enter and exit the house
- access to family-friendly features, material comforts and appealing leisure amenities within a walking distance
- with guaranteed parking space within the area
- with internet and amenities that meet everyone’s needs at the same time
Make Your Rental Home Standout in The Market
Be Proactive in Listing Your Property
Highlight the physical appeal of your property by using professional photos. Using 3D floor plans that virtually walk them through your property will help them see your home from corner to corner.
Give Your Listing Maximum Exposure
List your property in as many reputable listing sites as possible to maximize its exposure using info-rich rental descriptions.
Streamline Your Leasing Process
A streamlined leasing process helps move your transaction forward and make prospective renters decide much faster. Come up with a system that lets you quickly respond to their inquiries or requests for guided tours, and/or allows them to sign their lease online once you close your deal.
Highlight Your Best Home Features and Amenities
Mention in your property listing your rental’s home features and amenities that they are looking for. Focus on their convenience and paint them a picture of how it will feel like living in your home with all the available amenities.
Give Emphasis on Maintenance Support
Give them reassurance that you will handle maintenance needs on time using professional services.
Accept Online Rent Payment
Accepting rent payment online or through an app with an automated payment system is another convenience for your renters. This option is also beneficial for you since it assures that you get paid on time wherever they are.
Offer Rent Concessions
Offering rent concessions is another option you may consider to attract prospective renters or to encourage your existing renters to renew their leases given the savings they will get with your offer.
Final Thoughts
The demand for single-family homes will continue to rise because of the high cost of homeownership. Among the 44.1 million American households that rent, 41% live in single-family homes. Single-family rentals in turn show a rent price increase of 5.3% year-on-year. It indicates that the resources you invest for this property will be worthwhile.
For good measure, you may consider working with a property manager that is keen on helping owners of single-family homes. Look for a company with the technology that automates the renting process to provide a unique renting experience to you and your residents. This will keep your rental competitive in the market and likewise attract renters, ensuring that your investment always turns on a profit.
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