Owning single-family rental properties doesn’t have to mean buying the standard Stockbridge suburban home. These days, there are more options than ever before for single-family rental property investors. Uncover new and profitable niche markets for your investment business by taking into consideration just a few alternative housing ideas.
1. Houseboat
If you live near the waterfront, there are many advantages to owning a houseboat. If your budget needs a bit of breathing room, look for something that will need a smaller initial investment. Houseboats are a good example since they cost less than traditional homes. Also, because of its mobility, houseboats can be moved around. This allows you to take advantage of the strongest markets. As long as you have a solid game plan for how you want to market your property, finding a tenant might be much easier than you think. Many people, after all, dream of living on a boat.
2. Bus House
A growing trend in mobile living is the bus house. Retrofitted buses are similar to large RVs, except they aren’t as expensive and they have more space. Some buses have more square footage than small studio apartments. It will take a bit of effort and resources to improve the space, but it really doesn’t take much to turn a bus into a comfortable home.
3. Mobile Home
Despite a somewhat seedy reputation, movable homes are a beneficial option for investors. Sprawled out all over the country are attractive mobile home neighborhoods that are in high demand. Buying and renting mobile homes is a means to expand or diversify your investment portfolio.
4. Tiny Homes
Another trend taking the real estate industry by storm is tiny homes. These adorable pint-sized houses are ready to be built on existing land or placed on trailers if you want to move around. Nevertheless, these units are relatively inexpensive, and they make for good investments for a lot of potential tenants.
5. Prefabricated Cabins
Who says cabin kits are only for wilderness retreats? Inexpensive prefabricated cabins allow you to broaden your investing horizons. These cabins work well in wide-open spaces that provide a beautiful display of nature.
6. Shipping Container Homes
Shipping containers are versatile structures that can be quickly renovated into a residential home. Similar to a bus or cabin kit, you will have to update the entire look of the place to make it attractive to full-time tenants. Nevertheless, the novelty of living in a shipping container might help you attract tenants because of how unconventional it is — some people are actually in the market for these kinds of things.
7. Treehouse
Take living close to nature to a whole new level by investing in a treehouse. Who said treehouses were only for kids? Let your creativity run wild by investing in one and turning it into a rental! Similarly, these treehouses will likely have a much smaller initial investment, just like tiny houses! Nonetheless, a grown-up treehouse will bring about some nostalgia to the tenants, as well as the same warmth of a regular home.
8. Silo Homes
For more rural locations, maybe a silo home will suit your needs? Don’t underestimate the country charm that a silo home brings. Old silos are relatively inexpensive, so finishing the interior won’t cost a fortune. Afterward, you would have built yourself a sturdy bungalow that is perfect to rent.
9. Manufactured Home
While high-end manufactured homes can cost the same as a more traditional property, other markets might be pricing them at a significantly lower rate. It’s also quite advantageous that these homes have that clean and simple look as they will be relatively easier to maintain.
By thinking outside of the box, you might discover some of the most creative and profitable housing options available. Once you find the perfect rental homes, make sure to contact Real Property Management Anchor at 770-506-1237 to find out about our flexible property management plans!
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