It’s been pretty well established that investing in the rental market is a wise choice if you can get in on the right properties. Multifamily apartment complexes—with all of their amenities included—are typically easy to brand. In most cases, they already come with a reputation, be that for good or bad. Those, of course, come with their own set of issues.
Statistics have also validated that more and more people are renting. A 2019 Freddie Mac housing survey revealed nearly 40 percent of renters report believing they will likely never own a home. That’s up from 23 percent in 2017, with 80 percent saying that renting is a better fit for their current lifestyle.
It isn’t that everyone wants to live in an apartment, either. Plenty of people would love to live in their own cozy little space. However, with such a volatile economy, many people need to be able to have something more flexible. On the other hand, others just don’t feel ready for the investment that is purchasing their own home. For many, many reasons, people are choosing to rent—and single family homes are a very attractive choice.
But how do you go about marketing single family homes? Is there a right way and a wrong way to go about exploring the benefits?
Best Features of Single Family Homes
When marketing single-family homes in a highly competitive market, it is best to highlight the features that make it the better option for renters who may still be in a quandary as to what type of property to rent. Below, we have listed the advantages of single-detached homes over apartment, townhouse, or condo units.
More Space and Privacy
Being able to have the entire place to yourself is definitely one of the more marketable aspects of single family homes. When you’re promoting the property, be sure that you emphasize not only the privacy aspect, but the space, as well.
Single detached homes offer larger space and more privacy as they are standalone structures. You don’t have to worry about noisy neighbors living above, below, or beside you, and you have greater control over your personal space. More room and privacy are definitely powerful stand alone selling points in their own right.
Access to Outdoor Space
Of course, privacy is always the major selling point, but often, it’s not enough to outweigh having to mow the lawn or take care of other factors that are provided in multifamily apartment housing. That doesn’t mean it’s difficult with the added maintenance—it just means a different approach in marketing is necessary.
One significant advantage of single detached homes is the presence of outdoor space. You typically have a yard, garden, patio, or backyard where you can relax, entertain guests, or engage in outdoor activities. This additional space can be particularly beneficial if you have pets or enjoy gardening.
Less Noise
More space also tends to mean less noise, so living in a single detached home can provide a quieter environment compared to apartment living. You are less likely to be disturbed by noise from neighbors or common areas, enhancing your overall peace and tranquility.
Exclusive Use
Though many apartment complexes offer grill stations, there’s honestly nothing quite like having your own. Or a place for a swing set that is only used by your kids, a fenced-in yard, a flower bed, any number of things that become “exclusive use” as opposed to community use as you’d find in an apartment.
Customization
Renting a single detached home gives you more freedom to customize and personalize your living space. You have greater control over the design and decor choices to suit your preferences. This flexibility is often limited in apartment units due to restrictions imposed by landlords or building management.
Larger Storage
Single family homes generally offer more storage space, such as attics, basements, garages, or sheds. This allows you to store belongings, seasonal items, or engage in hobbies that require extra space. In apartments, storage space is usually limited and shared among multiple residents.
Parking
Parking is always a big plus when it comes to single family rentals because there aren’t other residents vying for the coveted spaces close to the entryways. Though many multi-families are now opting for assigned parking or even covered spaces, they usually come at an extra cost. Nothing beats having your own parking spot or even a garage the moment you walk out your front door.
The Icing on the Cake
All of these unique features of single-family homes are powerful selling points. But things don’t just end there.
Essentially, one of the biggest marketing assets you have in single family homes rentals is there is no mortgage to pay. Additionally, because residents don’t own but are just renting the property, the repairs and major maintenance are taken care of by the owner or property management company.
These are added major selling points that you should definitely emphasize—all the upsides of home ownership, with very few of the downsides and attachments that come along with it!