7 ISSUE 2, 2022 What are residents really looking for in these properties? Over the past decade, the single-family rental sector has bloomed from a niche market driven by mom-and-pop entities to a full-blown sector. The pandemic turned it into one of the top desired housing options for renters and one of the top opportunities for investors. The SFR resident base continues to expand, fueled primarily by the millennial generation, needing more space for their families and home offices. An attractive feature of SFRs is the amenity package because, unlike traditional single-family homes, SFRs form communities managed by the same owner. Depending on the location of SFR communities, the amenities can be varied and quite similar to the ones offered in multifamily communities. Outside-the-home amenities For one SFR community, “walking trails, dog parks, green space and playgrounds are the most frequented by residents, and therefore the most important,” Ting Qiao, Wan Bridge’s CEO told Multi-Housing News. “While a community pool is attractive to potential residents, the utilization is often low, especially compared to the amenities mentioned above, which are used on a daily basis.” The private outdoor area is one of the more alluring features of SFRs. People like to spend time outdoors, in a backyard or a little garden, and spending time outside improves mental health. Having an outdoor area helps with that and also provides a safe way to connect with family and friends. Continued on page 8
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