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Whether you have one home to rent or several, handling single family house rentals can be a little tricky if you’re just getting started. Chances are you’re a private owner and not affiliated with a major corporation with a huge advertising budget. This might make your marketing strategy even more important, but if your product’s good and your price is reasonable, leasing a single-family house should be a snap.

The key to competing with other rentals in the area, whether you’re a private owner or a big corporation, is to know your market and to make your product speak for itself.

People who are in the market for a rental generally have a pretty good idea of the type of housing they’re looking for. A percentage of the rental market will want a single family house no matter what, and that’s good for you. Those who seek out single family homes exclusively typically are doing so for one or many of the following reasons:

• Privacy – Since most single family homes are standalones, there’s the sense of seclusion they can provide tenants that makes them a draw. With no neighbors upstairs or down, the tenants are a little less restricted on the kinds of noise they can make. Radios that aren’t unreasonably loud, running or crying children and the like aren’t as much of a bother to neighbors in single family home communities as they can be in other types of rentals. This can give tenants a greater sense of freedom, which many enjoy.
• Space – Whether the square footage is bigger than another type of rental or not, a single family home can give the illusion of being much more spacious. This can be due, in part, to extra perks like fenced-in backyards or garages, but the difference is enough to make those who only rent homes insist on doing so.
• Trial run for ownership – Let’s face it, homeownership is great, but it’s not for everyone. It’s difficult and can be costly to keep up with everything involved in maintaining a home. By renting a home instead of buying one, future owners can get a good feel for the lifestyle and amount of work involved without the full responsibility. By having to care for minor repairs and lawn maintenance, these potential buyers can try on the lifestyle for size and see if it fits before jumping in with both feet and their wallets, too.

Now that you understand some of the reasons a renter might prefer a single family home over another type of property, it’s important to get your rental home ready for prospective tenants. Before you begin marketing, it’s a very good idea to walk through a house like a renter would. Bring a checklist and look for the big things and the “little” ones that could possibly be improved upon to make potential tenants swoon when they see your rental. Make sure:

• The roof is in good repair.
• Check to see if the appliances are in good working order.
• Make sure the carpets are neat and clean.
• Make the home look “ready to move into.” This will help those looking to rent from you an ability to picture their belongings in the space.

Before it goes on the market for rental, it’s also a good idea to make sure you know local laws and follow Fair Housing Act standards. As a homeowner looking to rent a property, you’ll also need to be familiar with your rights and responsibilities under the law when it comes to tenants. Checking with an attorney is a good idea to make sure you know what you’re getting into.

Once you’re ready to go with renting the house, make sure your pricing is fair and reasonable not only to the tenant, but you as well. Follow state and local laws for pricing deposits and do a market analysis to get a feel for a good rental price. Compare your single family home to others in the immediate area for rental pricing ideas. If every house on the street rents out at $500 a month, don’t expect to get $1,000 unless there’s very compelling reasons for your house to price out for more. These might include a lot of extra square footage, extras like a pool or even a waterfront lot.

If you take your time and make sure the property is in good shape, the pricing is fair and you’ve checked with an attorney to cover your legal bases, having a single family home rental can be a rewarding experience and a sound investment.

by Tiffany Lewis, Kansas City Premier Apartments, Inc.