Many real estate investors and landlords look for multifamily properties to rent out two or more units to young professionals and students. But they’re missing a great investment opportunity—single-family homes!
As the real estate market transforms, making it more affordable to rent than buy in 2024, more families are looking to rent single-family homes to raise their children.
This is excellent news for landlords with single-family properties!
If you’re struggling to find families to rent your Phoenix single-family property, then you’ve come to the right place.
We are sharing the top tips to make your property more attractive to families and how to find high-quality tenants in 30 days or less at the end.
Some landlords shy away from family tenants. They do not want to risk children damaging the property or allowing family pets.
However, families can make excellent tenants, especially when they go through a thorough screening process.
Families are also expected to rent the property longer than single or young professional tenants. Families are unlikely to move as children adapt to new routines and become enrolled in schools and community programs.
This decreases vacancy risk and maximizes your rental income in the long term.
Now that you understand just how valuable family tenants can be, let’s dive into exactly how to make your single-family rental more attractive to them.
Many families prioritize living in an area with a reliable and highly-rated school district. If you’re currently searching for a single-family property, choose one that is in a great school district where tenants can send their children.
There are plenty of great school districts in the Phoenix area, so chances are your property will be located in one of them.
Families need space to gather and socialize together for movie nights, playing games, hanging out, and enjoying meals together. Your single-family rental should have spacious living areas where the family can spend quality time together.
The kitchen should also have enough space for parents to prepare family meals and store enough food for the week for multiple people. If there is a space to set a table where families can eat together, this will also be a major selling point.
Sheds, closets, garages, attics – these are all extremely valuable to family tenants. From storing clothing to shoes to sports equipment to holiday decorations, families need storage options when renting.
Parents love keeping old items from when their children were small and have accumulated many items over the years. Having a place to store them in the home is an attractive feature in a single-family rental.
With Arizona’s ideal weather, it’s important for families to have outdoor areas where the kids can play, host barbecues during the summer, and soak in that essential vitamin D.
A single-family rental with a garden or yard will instantly become more attractive to family renters, especially if they have pets.
Family renters will value some amenities more than young single renters. For example, a reliable washer and dryer, central air conditioning and heating, and a full-size refrigerator and freezer make all the difference for families of three or four members.
If your single-family rental is missing one or more of these family-friendly amenities, consider adding them to increase the rental value and find tenants quickly.
According to Forbes, 66% of US households own a pet of some kind. While many landlords are quick to restrict tenants from having pets in their properties, this excludes more than half of prospective tenants.
Families especially are likely to have pets. With a single-family rental, excluding families with pets could keep the property vacant longer than necessary.
Another major benefit for families looking to rent a single-family property is having a safe and convenient dedicated space to park the family car. Consider how much easier it is for a busy parent to park the car in a designated spot, carry groceries into the house, and wrangle the kids after soccer practice.
If you can add a driveway or garage to the property, it will definitely become more attractive to family tenants.
When searching for a family to rent your single-family rental, it’s important to consider how many bathrooms it offers.
To be comfortable, there should be at least two full bathrooms in the house for family tenants. A half bath or powder room can also be a huge advantage, especially if the family enjoys having guests over.
A parent’s top priority is keeping their children safe, which means living in a safe and protected property.
Adding an alarm system, video doorbells, and placing motion-detecting lights outside, especially near the front door, can make your family tenants feel safe and secure in your single-family rental.
Has your Arizona single-family rental been sitting vacant longer than you expected?
Stratton Vantage Property Management can find high-quality family tenants in 30 days or less!
With our innovative rental property marketing techniques, large local network, and thorough tenant screening process, we fill vacant properties for hundreds of owners throughout the Valley.
Plus, with our extensive and professional property management services, you can retain these great tenants longer, reducing vacancy rates, and maximizing your rental investment.
Contact us to see how we can help you lease your single-family property and make it more attractive to family tenants today!
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