Multiple listings or one listing?

[Jack Hogan]

Hi all - what do others do when assessing a smaller property (< 0.5 acre) that has multiple standalone structures that could be rented separately but they do not have great separation for privacy? For example a property that 4,000 sq ft with two small cabins only separated by ~10 feet and a third standalone bedroom structure nearby. Is it best to assess this property as a single rental or is there a good way to list something like this as multiple units with the option of renting out the full property if desired? 

[Patricia Steiner]

I recommend a couple of options to get you the highest return and the quickest occupancy:

1.  Check the market to determine what will give you the best return.  It's not unusual to find - contrary to standard investor logic - that renting a multi-structure property to one party commands higher rent than offering it as smaller square footage options with no private yard space.  This even applies to vacation rentals; we discovered that marketing a duplex with a shared common area to one party - versus two guests - commanded more rent and the demand was even stronger.

2.  List it both ways.  As one property, it would be great for an extended family situation (mother-in-law suite thing) and more. Separately is a little tricky because you'll want people who don't want/need that private yard...and that applies to a lot of people.

Good problem to have...please let us know how it plays out!