When talking rentals, most people think apartments, but as the demand for more space grows, the market for renting single-family homes grows right along with it. NY1's Real Estate reporter Jill Urban filed the following report.
When talking about rentals, most people think of apartments. But nowadays there seems to be a big demand for single-family house rentals.
"Now the trend is becoming very, very popular with regard to single family townhouse rentals. Single family townhouse rentals offer a renter things they can never find in an apartment," says S.V.P. Vicki Negron of the Corcoran Group
While the demand is high, Negron says the inventory in this area of the rental market is quiet low. In Brooklyn for example, there are now only about 15 of these homes on the market, but there is an influx of renters in need of more space or who just don't want the apartment-living lifestyle.
With the rental market as tight as it is, many townhouse sellers are realizing it may be worth it to capitalize on the demand.
"One of the incentives for an owner to rent a property like this rather than sell it is that the owner takes advantage of a very hot rental market and in a property that is very high-end," says Negron. "The demand for that property for sale is probably not going to diminish very dramatically in future years. So you could triple or quadruple your return on a rental while you wait out the prime sales time."
With so few on the market, someone who is looking for a townhouse rental will need to be creative during the search.
"It’s a different kind of search. You need to keep your ear to the ground and what might be helpful is to look at properties that are selling that might convert to a rental in the future if the property cant be sold," says Negron. "Another thing you may want to do is keep your eye on brokers who represent high-end rentals. They are often going to get something in the future that they may not have listed yet."
Negron says home rentals can run the gamut. She recently rented a five-bedroom home in Bedford-Stuyvesant for $4,800 a month and is currently renting a house in Brooklyn Heights for $22,000, so there is a large range.
But whatever the price point, someone who is looking for the space, privacy and luxury of a single family home should get ready to face some stiff competition during the search.