You own a single family home, and you want to rent it out.
Your goal as a real estate investor should be to maximize your rental income and minimize vacancy - so why is it so hard to keep tenants in your home?
Frankly, renter's behaviors are changing and the market is too. With traditional renting going by the wayside, new types of rental models have come to fruition. In this article, I'll explain some reasons behind this.
As family sizes have declined, large single family homes (like your investment) have become difficult to find good, long-term tenants for.
Today, the modern renter isn't a family of four; it's a single person in their 20s or 30s that is looking for a new place to lay roots, join a community, and find safe and affordable housing to call home.
There are about 80 million Americans renting at any given moment, and close to 20 million of them are moving each year and seeking roommates. Young professionals in their 20s and 30s make up a large majority of these renters. Now, more than ever, young professionals are turning to finding roommates in order to split costs and build a community in their home.
As a homeowner, you've probably heard the anecdotal horror stories of having roommates in your rental property - these are often overstated. For the overwhelming majority, roommates create more value (on both sides of the equation) than harm. This may trigger some skepticism:
What if these roommates destroy my home?
What if these roommates default on their rent?
How do these roommates all sign a lease, and what if they sublet to others without my consent?
Frankly speaking, Alcove's platform and model are the solution to these questions.
With Alcove, we'll reposition your home in the market as co-living spaces for individuals to share, by the bedroom. We become the defacto landlord. We help you maximize your investment's rental income (an additional 5-20% more than traditional leasing).
The roommates save money because these consumable bedroom units are more affordable and have greater amenities than studio apartments. Additionally, because we are matching young professionals into groups, communities are built and occupancy is kept high. For homeowners like yourself, this means earning more money than traditional renting - maximized revenue, minimized vacancy.
Once you sign our listing consent form, we list your property. Our listing syndication and management service automatically posts and optimizes your home's position on all major listing sites. Alcove takes care of tours (in person and virtually), and takes high-quality photos of the home for both inspection purposes and marketing.
We use AI to price our properties, allowing us to adapt to rental market demand and forecast how long it will take to fill your home. We work to minimize the number of days to fill your home and quickly adapt to changing market dynamics.
Again, because the home is "split" into more consumable units, we've now opened up the home to a larger addressable market (larger than the market for whole families). Because of this, we can lease up your home faster than traditional methods.
Your home is perhaps your most important investment. We understand that.
It's our priority to keep it safe, clean, and respected by our members. Simply put, we've got a $2 million insurance policy to cover your home, and perform professional cleanings every time a tenant moves out.
As for the tenants, all things are taken care of. We do the background and credit checks through our partnership with TransUnion, setup all utilities, furnish the common spaces, and much more.
All the added services are charged to the tenants, but with our platform and scale, they'll still be able to rent affordably. Plus, there is no cost to you as the homeowner.
We are a group of technologists and operators building a platform that benefits both renters and homeowners. We are backed by investors and entrepreneurs who built Uber, Doordash, and Dropbox.
Our resident stats:
Average age: 32
Average income: 4x the rent
Average credit score: 700
We have over 300 properties across the Triangle area, and great partners to boot.
1. You'll complete the listing consent form
2. We’ll conduct a quick home inspection and assessment to determine if the home is up to Alcove brand standards
3. We’ll agree on an optimal listing price, and you’ll have access to our marketing and sales engine with 50+ listing channels
4. As soon as the first tenant decides to move forward, we’ll sign a lease agreement with the homeowner
5. The home is furnished by Alcove — all services and utilities are set up by our team and charged to the tenants
6. We’ll keep your home filled and re-market each bedroom that doesn’t renew
7. You’ll earn 5-20% more per month than you would leasing traditionally
You own a single family home, and you want to rent it out. Your goal is the same as ours - maximize rental income, minimize vacancy, and provide a great co-living home to the tenants.
If you're curious to learn more, please feel free to reach out to us at firstname.lastname@example.org
We'd be happy to send over any additional information, answer detailed questions about the lease, and build a great working relationship with you.
If you're ready to list your home with Alcove, you can do that here: https://alcoverooms.com/manager/listing-consent