Homeownership is becoming increasingly unattainable due to rising prices, high mortgage rates, and limited housing availability, leading more people to turn to single-family rentals for housing. The number of single-family renter households has grown to over 14.2 million in 2024, and the demand only continues to rise.
Online real estate marketplace Point2Homes surveyed more than 1,500 renters to understand how developers and investors can better meet the needs of these renters. The survey found that because many renters plan to stay in these homes for longer periods of time—19% of respondents have no current plans to buy a home—factors such as pet areas and upgraded features throughout the home are important to renters.
Beyond functionality, renters might be swayed by having standout spaces that can create a sense of individuality, luxury, or enhanced comfort. These distinct areas can be the deciding factor when choosing between otherwise similar rental houses. For instance, around one-third of all survey participants would love a sunroom or a roof deck; at the same time, about 15% would go for either a workshop-craft room type of space or a greenhouse.
Despite the desire for upgrades, house renters are nothing if not realistic about their options. When it comes to home size, in particular, the ideal house rental type is closer to reality than fantasy.