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The COVID-19 pandemic changed the housing and rental markets in tremendous ways. With housing sales skyrocketing over the last year, rental prices may be higher than they were a decade ago, but creating a life in a rental property—specifically renting a single family home—has been an attractive choice for many. Whether you are using one as an income property or as your own personal living space, single family rental properties are quickly growing in popularity.

What is a Single Family Rental Property?

A single family rental property is a free-standing structure that isn’t part of a complex or large rental development that houses tenants. Depending on who you talk to, this kind of property can be a single family home or a house broken up into sections for two or more tenants to reside. The difference between single family rental properties and apartment complexes is that a single family rental property is not purposely built to house large numbers of people. These properties typically home one or two tenants in a house where the property is more private and individualized to the tenant.

Renting is More Attractive

This phrase is one not often heard or said. In this post-COVID world, however, single family rental properties are becoming the go-to for many millennials and baby boomers looking to downsize. In a survey performed by Corelogic, approximately 50% of millennials and 64% of the baby boomers surveyed stated they would firmly choose renting a single family home over purchasing a house or moving into a rental complex. This is mostly due to housing market inflation and how many people are being priced-out by the fast increase in prices. These statistics show just how appealing single family rental properties are at this time and the interest doesn’t seem to be slowing anytime soon. 

Lifestyle Changes

The pandemic made many people rethink how they want to live their life and how they want to spend their money. For the baby boomer generation, many are finding the idea of downsizing to be an attractive way to make and save money. Millennials and members of Gen Z are finding single family rental properties to be smart living choices if they want to be close to popular shops and restaurants while living in a more unique space. Renting a single family home gives you more opportunities for personalization while an apartment complex can be small and cookie-cutter. For those who want to live in a space they can add their own unique touches to, the single family rental market is definitely worth looking into.

Positive Income Source

For those who do want to make a purchase in the current housing market, a single family rental property that is duplex-style or has an apartment attached is a terrific financial investment. Though this purchase seems like a lot of additional maintenance, it ends up being a huge financial relief when there is tenant support. If you want the help of a tenant but without all of the  landlord work, a property manager may be an option. A property manager takes care of any issues your tenant would have for a fee while you receive most of the tenant’s monthly pay.