Who is renting your property? Passive investors are sometimes a bit detached from who their residents are and what they’re all about. At times, we may inadvertently be too “hands-off” in this area, neglecting to understand how we can better appeal to and retain our residents.

So, who’s renting? Families. If you look at the statistics, you’ll see that 34% of SFR renter households are multigenerational (as with parents, grandparents, and children), while 24% are couples with children. This share is only growing as Millennials and Gen Z – the more prolific renter demographic – start settling down and having children.

Some investors might have misconceptions about who they should be appealing to. Here’s how you attract and retain families for your SFRs!

8 Ways to Attract & Retain Family Renters

#1 – Buy in family-friendly locations.

If you don’t currently have young children at home, try to put yourself back in that frame of mind. Where would you want to live? Location is everything, from the general city/suburb to the neighborhood…even down to the street! Yes, school quality plays a big role here, but families are looking for more than that. Consider the availability of child-friendly spaces and activities: libraries, public parks and playgrounds, splash pads, children’s museums, walkability, etc.

Parents want a home that provides safety and opportunities for their kids.

#2 – Focus on functional layouts.

The size and layout of the property matters, especially to families. You’ll want, in general, at least three bedrooms and two bathrooms. Flex spaces that can become home offices, playrooms, homeschooling spaces, family rooms, etc., are extremely attractive. The functionality of the house is necessary, too. Can a family live, play, and operate smoothly? Is there enough storage space? Can everyone have their own space? These are questions you’ll want to consider.

Further Reading: 6 Signs a Property Will Make a Stellar Investment

#3 – Prioritize safe outdoor spaces.

Listen. We don’t know any parent who doesn’t want to be able to tell their kids, “Go outside and play!”

Safe outdoor spaces, though, aren’t as common as you’d think. Consider property fencing, deck/patio safety, and how usable the space is. Would there be room for outdoor furniture? A swing set? Playing catch?

#4 – Consider accessibility.

Accessibility is crucial for multigenerational households. Aging grandparents may be unable to navigate stairs, so a single-story property may be more prudent. You’ll also want to consider safety, such as slip and fall hazards.

#5 – Think about pet policies.

We get it. As an investor, pets can be a pain. We’re not all willing to put up with Edward Scissorpaws on our hardwood or a cat’s claws on the carpet. But families like pets. So much so that it can be a dealbreaker if a rental doesn’t allow them. We’re not saying it’s necessary, but a pet policy is worth considering.

#6 – Negotiate long-term leases.

One of the ways to incentivize your residents to stay for the long haul (most stay in a rental for 3 years on average) is to make it as attractive as possible. A deal on a longer-term lease, for example, is a great trade-off. Yes, it might dig into your cash flow potential, but it just may save you the cost of turnover.

#7 – Invest in agile management and maintenance.

Families have a lot going on. The last thing they need is to waste time chasing down your property manager to fix the dryer. They don’t have time to pack the kids up and haul them down to the laundromat while they wait. Agile, communicative property management turns a passable property into an unbeatable opportunity. Be quick with repairs and preventative maintenance.

#8 – Make it move-in ready!

Again, families don’t have the time or bandwidth to deal with some things a single person might be willing to put up with. Cleaning, painting, or waiting on new appliances? No, thank you! You want your properties to be as move-in ready as possible, including some childproofing measures. That doesn’t mean you’re responsible for adding locks to the kitchen cabinets, but it means the property should be safe. Check that all railings are secure, windows are screened in, and stairs come with a handrail. There should be no exposed wiring or easy access to potential hazards.

There are many approaches investors can take to appeal to this fast-growing demographic. Be thoughtful and intentional with your properties every step of the way! Plus, the pieces fall in place when you partner with the right turnkey partner and property management team.

Start investing with REI Nation, where you invest and we handle the rest!