Single-family rentals (SFR) made more than half of the additions in rental housing supply between 2005 and 2015. Crowd Street predicts that (SFR) rentals will be the next trend.
Owners and renters alike have the chance to enjoy BTR, which is a rare opportunity. Unlike owners, renters may enjoy ownership when home availability is scarce. Renters are not concerned about the expenditures associated with ownership.
To what purpose are rental properties built?
Investors in real estate used to buy a house from another homeowner, then rent it out rather than living in themselves. Building more homes for rent raises the bar on rental property investment.
There has been a debate over the advantages of renting property for profit. For rental reasons, duplexes, triplexes, and larger apartment complexes developed.
Single-family houses are now constructed with the same rental-housing model in mind.
Single-Family Build-to-Rent houses are sought after by renters for the following reasons:
1. Pet decisions
Choosing a pet is one of the most challenging choices when looking for a build to rent a house.
What matters is to invest in pet-friendly house designs.
Third on the list of reasons single-family tenants choose a house over an apartment is that the property has a private yard, which is especially useful for dogs. Pet lovers appreciate a considerate pet niche that doesn't alienate non-pet owners who may use the space for storage.
Don't spend money on pet care
Don't bother charging extra for things like dog-walking. Only 15% of tenants are willing to take part in them. Paying more for lawn or interior maintenance services might be preferable to single-family tenants.
2. Finish and materials decisions by room
The potential renters will also observe Room-by-room selections on finishes and materials.
Spending more money on a beautiful kitchen is more important.
A fantastic kitchen may be a significant distinction. When renting a single-family home, 42% of renters said kitchen finishes and energy-efficient equipment were major concerns. Don't forget about the ease of cleaning, which is a major source of frustration for both owners and tenants.
Don't spend a lot of money on high-end flooring, healthy house certifications, or innovative technology.
Single-family tenants were not interested in these amenities. They don't influence rental selections. The second option is to spend more money on items that will cut damage and shorten the time for a new tenant to move into the house.
3. Amenity decisions
Decisions about amenities also matter for renters when choosing a build-for-rent home.
Relaxation facilities should take up greater space.
One of the most common replies from single-family renters to a poll on what makes a neighborhood appealing is a peaceful environment. A fire pit is an inexpensive alternative to standard active leisure options like swimming pools and tennis courts.
Spend less time organizing social events.
A survey found that farmers' markets, concerts, and movie nights were the three least popular amenity options for single-family rentals.
4. Home office decisions
Our newest survey found that 51% of full-time working families wish to work from home next year. The desire for a home office varies according to the stage of life:
Families: For single-family tenants with children, a fully equipped office or den is vital.
Non-families: Single and couple renters in single-family homes use one of the bedrooms as an office.
Expect to see a built-to-rent development near you shortly. Learn more about rental property management at Illume Property Partners.
Sources:
https://www.realestateconsulting.com/the-light-bfr-tenant-preferences/
https://rentalhousingjournal.com/what-are-tenant-preferences-in-single-family-build-for-rent/