Single-Family Rentals: Why They’re in High Demand
Single-family rentals are becoming the go-to choice for many in today’s housing market. In 2021, there were 14.3 million single-family renter households, accounting for approximately 33% of all renters.
Despite recent declines, there are still 3.5 million more single-family renters today than there were 20 years ago.
But what’s driving this growing demand for single-family homes over traditional apartments? Well, people are looking for more space, flexibility, and privacy, and these rentals offer just that.
Having said that, if you’re curious why these homes are becoming more popular and how this trend is reshaping the rental market, keep reading!
More Space for Growing Families
Single-family rentals provide more space, making them ideal for growing families.
With extra room, you can easily set up a home office, host alfresco dinner parties in the backyard, or simply enjoy the added space with your family.
These single family rental also offers the comfort and privacy of a detached house while also providing the ease and amenities of multifamily living. Families can feel rooted in a home and cared for within a well-managed community.
Just imagine relaxing in your backyard on a Sunday morning, working from a built-in set-up, or taking peaceful walks with your pet along nearby trails in the evening.
This extra space gives families the flexibility and comfort they need to thrive.
Flexibility Without the Long-Term Commitment
Many people love the idea of living in a house but aren’t ready to buy one. Whether for financial reasons or the need for flexibility, single-family rentals offer a great alternative.
You can enjoy all the benefits of a house without being tied to a mortgage or worrying about property taxes and maintenance.
For those who might move for a job, renting provides the flexibility to relocate without the hassle of selling a home.
This is especially important for young professionals or families who aren’t ready to settle in one place permanently.
It gives them the chance to experience the comfort and space of a house, along with the ability to move when life changes.
Additionally, the flexibility of leasing terms—whether it’s a year or longer—lets renters test out a neighborhood or area before committing to buying a home.
Not to mention, nowadays, rental communities offer a fast and convenient way to pay your rent online, allowing you to focus on the other important and enjoyable things in life.
All you have to do is visit their resident portal and pay with just a few clicks.
Increased Privacy Compared to Apartments
Privacy is another significant factor driving people to choose single-family rentals. In an apartment complex, shared walls, hallways, and elevators mean that you’re always near your neighbors.
Noise from adjoining units can be a constant nuisance, and the lack of outdoor space can feel restrictive.
Single-family homes, on the other hand, offer much more privacy. You don’t have to worry about neighbors on the other side of a thin wall, and you can enjoy your own yard or driveway without sharing common spaces.
For those who value their personal space and want a quieter living environment, renting a house is an attractive option.
This desire for privacy became even more pronounced after the global pandemic, and single-family homes easily fulfill this requirement.
Shift Toward Suburban Living
Last but not least, a trend contributing to the demand for single-family rentals is the shift toward suburban living.
Many renters, especially families, are moving away from urban apartments in favor of larger suburban homes.
The pandemic and other healthcare concerns accelerated this trend, with more people seeking out less densely populated areas with more room to spread out.
Moreover, suburbs often offer safer neighborhoods, better schools, and a higher quality of life, which are attractive to families.
While buying a home in these areas may be out of reach for some, renting a home offers the chance to live in desirable suburban communities without the hefty price tag of homeownership.
According to Charles Chan, CEO of Landlord Studio, the growing appeal of suburban living continues to drive demand for single-family rentals, especially in markets where home prices have soared in recent years.
To Sum It All Up
The demand for these rentals is reshaping the housing market, driven by the need for more space, privacy, flexibility, and the shift toward suburban living.
Whether it’s growing families, professionals working from home, or those who value the flexibility of renting, more people are choosing single-family homes over traditional apartments.
In fact, with the continued rise of remote work and an increasing focus on quality of life, the trend toward single-family rentals is likely here to stay.