Single-family housing makes up a large share of the present rental market, and demand is increasing. This blog is for you if you currently manage single-family houses or looking for affordable new homes in California.

To begin, read more about the present state of the single-family home market. After that, learn about property management best practices to make your work easier.

The condition of the single-family housing market

Let’s start with a broad overview of the rental industry. Most families can afford to rent rather than buy townhomes in California in this economy. In reality, the monthly expenditures of buying and owning a home increased by 14% in 2018 due to rapidly rising housing prices and higher mortgage interest rates.

In the United States, single-family houses account for more than a third of all rental units. Single-family rental demand is on the rise and shows no signs of slowing down.

Single-family homes are becoming more popular

Aside from economic developments, cultural shifts favor renting at the moment. According to a poll conducted by Freddie Mac in August, 58 percent of renters think that renting is a suitable option for them right now and that they have no intentions to buy a home.

They also observed that the proportion of renters who are not interested in purchasing a home has gradually increased over the previous three years, with 23 percent of renters indicating no interest in buying a home, up from 20 percent in February.

Tips for investors

If you’re able to invest in single-family houses, don’t limit yourself to your own neighborhood. Spreading your investments might help you avoid any unanticipated economic challenges or regional trends.

Best practices for single-family housing

What are some of the finest practices for managing single-family housing properties?

• Make internet services available.
• Streamline communications between property owners and residents.
• Automate owner reporting.

Today’s property management should provide certain internet services to its tenants. Because single-family house tenants are dispersed, this is especially significant. When they need to pay their rent or make a maintenance request, they can’t go to a central leasing office or property management office.

It’s also a good idea to simplify your communications. Is it possible for your owners and inhabitants to contact you via phone, text, or email? Are you able to contact them? You’ll need a system in place to keep you connected, one that allows you to preserve call notes and keep track of emails you’ve sent. Transparent communication is essential for avoiding future conflicts.

Finally, for both owners and managers, automatic owner reporting is crucial. End-of-month reports are a source of annoyance for everyone. No one enjoys pulling out the calculator or pestering people for numbers or past-due money. It may appear simple to total up your income and spending if you handle your finances with spreadsheets.

Conclusion

Now that you have all the information regarding the single-family housing market and its best practices, you can contact us for affordable new homes in California. And in case you are looking to buy townhomes in California, we can also help you with that.