Discover 3 rental homes in Elwood, IN. A single-family residence is a house in the most traditional sense: a standalone structure with four walls and a roof, intended for a family unit.Living in a rental house is a step between renting and homeownership. While you won’t have the financial responsibility of a down payment and mortgage, you’ll have the opportunity to take care of a bigger space and practice small maintenance responsibilities, such as mowing the lawn and other landscaping. Larger maintenance tasks and utility replacements are typically covered by the property manager, like in any other rental type. Rental homes also allow you to enjoy private amenities, such as attached garages and pools only available to you and your direct community. Embracing your home without the permanence of homeownership allows you to enjoy this next step at your own pace.