Owning single-family rental properties doesn’t have to mean buying the standard Aurora suburban home. These days, there are more options than ever before for single-family rental property investors. Alternative housing ideas are a great way to see some new and profitable niche markets for your investment business.
1. Houseboat
If you live near the waterfront, there are many advantages to owning a houseboat. Opting for houseboats will mean putting up a smaller initial investment since these boats cost less than traditional homes. If you want to take advantage of the strongest markets, you might need to move around quite often. With a houseboat, this will not be a problem since they can be moved. As amusing as it may sound, many people actually dream of living on a boat. This is why, with houseboats, finding a tenant might be much easier than you think.
2. Bus House
A growing trend in mobile living is the bus house. Retrofitted buses are similar to large RVs. However, they will not cost as much, and they are roomier. Some buses have more square footage than small studio apartments. There will be costs to improving the overall look, but it’s not that hard to turn a bus into a comfortable home.
3. Mobile Home
Despite a somewhat seedy reputation, portable residences are charming properties for investors. Readily accessible mobile home neighborhoods are located in different parts of the country. These neighborhoods are well maintained, and they are in high demand. Buying and renting mobile homes provides a way for you to expand or diversify your investment portfolio.
4. Tiny Homes
Another trend taking the real estate industry by storm is tiny homes. They cost less, but have much to offer; these pint-sized houses are readily built on existing land or placed on trailers. Regardless, these units are relatively inexpensive to purchase, and they are attractive to tenants.
5. Prefabricated Cabins
Who says cabin kits are only for wilderness retreats? Inexpensive prefabricated cabins are an affordable means to broadening your investing horizons. These cabins are great for places with a picturesque view 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, a good amount of decorating and rearranging will need to take place to make the space enticing for full-time tenants. Even so, the novelty of living in a shipping container might help you attract tenants who are in the market for unorthodox residential spaces.
7. Treehouse
Take living close to nature to a whole new level by investing in a treehouse. It might not be as common or usual as regular houses, but a treehouse as a rental is anything but a bad investment. It’s not as costly, and you can let your creativity run wild. Similar to that of a tiny house, a treehouse’s initial investment will likely be much smaller than that of a more orthodox housing. Nevertheless, a grown-up treehouse might attract tenants, if only for the nostalgia that comes with it.
8. Silo Homes
For more rural locations, perhaps a silo home is something you’d want to consider. There’s a lot of country charm to be had in silo homes. Old silos are relatively inexpensive, so finishing the interior won’t cost a fortune. Ultimately, a sturdy bungalow that is perfect to rent is a worthy investment.
9. Manufactured Home
While high-end manufactured homes can cost the same as a more traditional property, a number of cost-effective options are still available in the market. It’s a good thing that these homes have a clean and simple look — it definitely makes it easier to maintain them!
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 DuPage Preferred at 630-427-2200 to find out about our flexible property management plans!
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