Why People Want Single Family Homes for Rent
Single family rentals, also known as SFR homes, have been in high demand since mortgage interest rates increased various times in 2023. This pushed many would-be buyers out of the real estate market, forcing them to seek houses for rent for a little longer.
As the average age of first-time homebuyers continues to increase (it’s now 35), people are looking to single-family home rentals when they experience typical life changes like having a child, getting a pet, or just wanting more privacy and square feet in their home. When they can’t afford the homes for sale on the real estate market, a single-family rental closes the gap until they can buy a new home.
What is a single-family rental?
A single-family rental is a residential property that is designed for a single household or family. It is also known by the acronym “SFR”. This type of housing is “detached,” or not connected to other units, unlike duplexes, apartments, condos, or townhomes.
In other words, a single-family rental is a standalone house that is rented out to tenants. They typically have more sqft and amenities than a standard 2-bedroom apartment.
Why are people choosing SFR over other rental types?
While there are many advantages to choosing an apartment for rent or a townhouse, seasoned renters who have experienced different types of apartment homes may feel ready for a rental with a more spacious floor plan. And that’s where SFR comes into play, especially for older renters who want pet-friendly, move-in ready rentals.
It’s also an excellent bridge to homeownership. When renters get experience living in a detached home, they can get a good idea of what amenities they want in their forever home. Do they like having a 2-car garage or is it not that important to them?
They can also decide what kind of high-quality building components like hardwood floors and granite countertops they want in a permanent home after experiencing these things during their lease.
Is renting a single family home worth it?
Yes, renting a single-family home can be worth it if it aligns with your immediate housing needs. Here are some of the positive aspects of SFR homes and why people choose them over other types of rental homes.
1. There’s more privacy.
Unlike multi-family units, such as apartments or duplexes, a single-family rental is a standalone structure with its own yard and amenities. The entire property is typically rented to a single tenant or family, providing them with exclusive use and no sharing of amenities — yes, finally, you don’t have to share the washer and dryer with four other families!
2. They are usually more pet friendly.
Woof! Meow! Single-family homes are very pet friendly! Pet parents LOVE this property type because there is yard space, more room in the house for pets, and just an overall convenient place to live happily with pets. With more space inside and outside, pets have more than a small apartment living room to roam and be happy!
3. You get more outdoor spaces.
A private yard and exclusive outdoor space are also appealing to tenants who prefer a more suburban or spacious living environment. This means you can invest in some trendy outdoor furniture and entertain in more creative ways! This benefit is one of the many reasons why the higher rental price of detached homes is worth it.
4. You can live in a brand-new home.
Say goodbye to that musty apartment you’ve been renting that was built in 1976! If you choose a home in a build-to-rent community (also known as BTR), you can get the most modern amenities among American homes.
This allows you to sample what’s new in realty before you commit to a forever home. To find BTR homes, check out rental listings on websites like Zillow or the Marketplace Homes find a rental page.
5. You can sample a new area before committing to it.
Living in a single-family home offers a unique perspective on the area’s community dynamics since you’re most likely living in a neighborhood of detached homes. You can immerse yourself in the local atmosphere and see if you want to plant roots in this area.
During this time, you can explore nearby amenities and assess factors like transportation, school districts, walkability, and safety. You also get first-hand intel on noise levels, traffic patterns, and overall ambiance, which makes it easier to see if a location aligns with your preferences.
Single Family Homes for Rent
If you’re in the market for an SFR rental, then look no further than Marketplace Homes. We have partnerships with builders who are actively building new rentals. We also can help you explore the possibility of buying a new construction home or SFR rental of your own.