If you’re considering renting out your home, but you’re unsure whether there’s a market for renters, consider these reasons why a home can be an even better fit for potential renters than the usual apartment.

1. Privacy

No shared walls, and no upstairs or downstairs neighbors! Add in the personal space of a yard, garden, patio, or deck, and your tenants suddenly have much more privacy than they would in an apartment.

2. Amenities

The amenities available to apartment dwellers are very different from what a single family home can offer, and often appeal to different types of tenants. Apartments often have great amenities like indoor or outdoor pools, party rooms, exercise rooms, or shuttle buses. But a home competes with these by offering in-house laundry, private garages, and private yards or gardens.

3. Space

From the size of closets, to the garage stall, bedrooms, and outdoor space for children and pets, single family homes generally mean more space. If the budget allows, many tenants will gladly choose a bit more breathing room.

4. Management

Some potential tenants may incorrectly assume that a single family home rental means working directly with the homeowner. Depending on the homeowner, this experience can be less consistent and less responsive than a management company.

Tradewind Properties is the answer to that, as we manage all components of the rental for homeowners, from finding tenants and performing background checks, to collecting rent, to answering maintenance calls if something needs repair.

5. Location

Although the Twin Cities is less bound by this generalization, apartment buildings are often located in more urban areas, and single family homes for rent are often farther away from the city-center. You can certainly find single family homes for rent in quiet areas of Minneapolis, and apartment buildings dot the suburban landscape throughout the Twin Cities. For those looking for a quieter, suburban place to call home, a single family home can be the perfect fit.

6. Personal Styling

A homeowner, and by extension their tenants, have more freedom to make decisions about the property without needing to follow apartment complex guidelines. Whether you’d like to paint, install a satellite dish, or display your collection of garden gnomes, it will be easier to have those conversations if you’re renting out a single family home.

Considering renting out your home or purchasing a rental property?
Our team of realtors will meet with you to determine your goals and get those rent checks coming in!

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Minnesota’s Red-Hot Rental Market

The housing market in twin cities certainly seems to be heading in the right direction. The number of new buyers hitting the market is on the rise. And the corresponding increase in demand, combined with a dwindling supply of inventory, has helped boost the area’s median sales price of single family homes to roughly 6.5% over the last year.

There has also been a spike in the number of new apartment buildings going up around town. In 2014, the metro area saw an increase of nearly 5,000 new units added to the apartment market. The forecast for 2015 predicts that we’ll likely see another 2,000 – 3,000 before it’s all said and done.

Yet despite these two key economic factors, the twin cities rental market remains red hot, with no signs of slowing down anytime soon. This may seem contradictory to the previously cited statistics. But the demand for rentals continues to climb. In fact, even with the increase in supply, the overall vacancy rate for the twin cities is right around 5.6%. The apartment sector alone is even more impressive, boasting a ridiculously low rate of roughly 2.5%.

As it is with most economic upturns, job growth is the key cog for fueling the rental demand. The Minnesota market was one of the least affected areas following the nation’s recession of recent years. And a steady job growth rate since then has helped the local economy to bounce back nicely. While the national unemployment rate sits right around 5.5%, Minnesota is sitting pretty with a rate of 3.7% – the lowest it’s been in 13 years.

And as the job growth rate continues to steadily grow, so too does the state’s population. New jobs attract more people, which in turn drives the demand for housing. So as long as these trends keep trending upward, the Minnesota rental market will remain rock solid.

Call the trusted source for Sales, Leasing and Property Management in the twin cities.  Please contact Tradewind Properties today for a FREE consultation and home rental or sales analysis.