Single-family rentals are an often overlooked but growing market for K&B Remodeling.
By Robert Isler
Single-family rentals (SFR’s), typically freestanding homes in suburban neighborhoods, represent a significant out-of-the-box remodeling opportunity. Occupancy rates for this segment continue to increase, bringing with it more investment money for upgrades.
Currently, according to NKBA’s recent update to its 2021 Kitchen & Bath Market Outlook, 8% of all K&B spending this year — or $5.5 billion —is on renovations for single-family rental properties, with 68% of it on improvements to existing properties, the remainder on upgrades for newly acquired ones. About $3.5 billion of this spending is designated for kitchen renovation, with the remainder for bathrooms. That 8% share is likely to increase in the near term, based on current housing trends. The number of SFR rental units have increased by 3.8 million since 2001 and now total over 15 million.
To read the full story, click here.
