{"id":284090,"date":"2025-06-09T18:11:53","date_gmt":"2025-06-09T18:11:53","guid":{"rendered":"https:\/\/peraltafinancing.com\/uncategorized\/7-must-know-trends-in-single-family-rentals-for-2024\/"},"modified":"2025-06-09T18:11:53","modified_gmt":"2025-06-09T18:11:53","slug":"7-must-know-trends-in-single-family-rentals-for-2024","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=284090","title":{"rendered":"7 Must-Know Trends in Single-Family Rentals for 2024"},"content":{"rendered":"


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2023 was another rocky year for the housing market. Rental market trends were driven largely by inflation, shifting demographics, scarcity in housing, and a rise in the cost of just about everything.<\/p>\n

Those trends, however, didn\u2019t necessarily spell bad news for single-family rentals, and as we leave 2023 behind, single-families are well-positioned to remain strong in 2024.<\/p>\n

Couples and families looking for a house of their own have had to defer their dream of homeownership. And while renters, particularly young professionals, have begun a slow return to more urban areas, where multifamily rentals reign, single-family housing is still in high demand.\u00a0<\/p>\n

But let\u2019s get a little more specific on the single-family rental trends you can expect to see in 2024. In this blog post, we will explore seven of them, focusing on the intersection of single-family property management and the evolving rental landscape.<\/p>\n

1. Continued Demand for Single-Family Rentals<\/h2>\n

One of the most prominent trends in the single-family rental market is the continued increase in demand.\u00a0<\/p>\n

Buildium\u2019s 2023 Property Management Industry Report<\/a> notes that, for the second year in a row, the size of households has grown as couples with children and multi-generational families become a larger part of the rental demographic.<\/p>\n

At the same time, millennials are less likely to jump into homeownership than their parents and grandparents. As they grow their families, single-family rentals remain a popular choice, and should continue to be in 2024, as they look for the space, schools, and other amenities the suburbs offer.<\/p>\n

In 2024, the demand for single-family rentals should persist, as the industry report notes, \u201cAs households grow slightly larger\u2014and as couples and families continue to be priced out of the housing market\u2014we expect to see demand remain strong for single-family rentals.\u201d<\/p>\n

2. New Single-Family Home Construction<\/h2>\n

According to NerdWallet<\/a>, builders across the U.S. applied for more single-family permits than they have since May 2022. With more housing completed by the middle and end of 2024, the housing crunch should ease a little.<\/p>\n

New homes\u2014if they are slated for rentals\u2014could lead to more competition in the rental market. But home prices for buyers will most likely remain high as interest rates ease only a little and potential buyers remain scarce. That still leaves Americans to look for rental homes until prices drop lower.\u00a0<\/p>\n

3. Tech-Driven Property Management<\/h2>\n

The integration of technology into property management is a trend that will only intensify in 2024.\u00a0<\/p>\n

According to the Industry Report, 24% of rental owners look for a property manager who uses online tools to digitize rental processes. Meanwhile, 90% of renters are interested in completing at least some (if not all) rental processes online.<\/p>\n

This preference for digital processes cuts across generations:\u00a0<\/p>\n

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Property managers and landlords will rely increasingly on property management software<\/a>, smart home devices, and automation to streamline operations, enhance security, and deliver better services to their tenants. This tech-driven approach will improve tenant experiences and make property management more efficient.<\/p>\n

4. Challenges Finding Quality Tenants\u00a0<\/h2>\n

Although they won\u2019t come down drastically, the lower mortgage rates will help some renters transition to homeownership. That, coupled with the availability of more single-family homes, could reduce the number of prospective tenants for single-family homes a little.<\/p>\n

Property managers have a twofold approach to tackling this problem.<\/p>\n

To find good tenants, they\u2019re turning to tenant screening software<\/a> with predictive and AI tools to find the best matches for the properties they manage.<\/p>\n

As one property manager from Arkansas told us, \u201cThe biggest issue is finding quality tenants. Having a great screening process is invaluable. The rental market is such that we have no end of applicants, but we spend a significant amount of our time screening them. Our hope is to streamline and fine-tune this process to reach quality tenants and make them want to stay long term.\u201d<\/p>\n

To reduce turnover and retain good tenants, they are stepping up their tenant-experience game by offering better amenities and capping rent increases.\u00a0<\/p>\n

According to the Industry Report, \u201cWhen it comes to the amenities within their rental unit, renters are looking for a space with all the comforts of home, from air conditioning and a washer and dryer to the option to own a pet\u2014features that have drawn a third of the renters we surveyed to single-family rentals.\u201d<\/p>\n

Meanwhile, amenities such as pools, fitness centers, and community gardens make a rental attractive, but are seen as nice-to-haves, rather than must-haves.<\/p>\n

5. Regulatory Changes<\/h2>\n

The end of every calendar year is a good time for owners and property managers to look ahead to new laws and regulations taking effect the following year. Depending on where you manage or own property, there will be some regulatory changes in 2024.<\/p>\n

Here are two examples:<\/p>\n