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Old 03-05-2012, 12:19 PM
 
Location: Charlotte, NC
621 posts, read 2,211,712 times
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I normally wouldn't post anything like this, but I find the topic/article interesting and would like to know what others think/feel--especially real estate agents. My take is that it depends on the neighborhood, specifically the amounts that owner are able to charge for rent.

Renters ruin neighborhood
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Old 03-05-2012, 02:02 PM
 
Location: Needham, MA
8,524 posts, read 13,898,586 times
Reputation: 7908
Generally speaking . . . rental properties are not as well kept as owner occupied properties. They are not updated as often, repairs are slower to be made, they are not painted as frequently, etc, etc. How a neighborhood looks has a lot to do with the values of the homes in the neighborhood. No one wants to be the one owner occupied, well kept home amongst many poorly kept homes.
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Old 03-05-2012, 02:21 PM
 
Location: Manhattan
1,871 posts, read 4,249,474 times
Reputation: 2937
Higher end luxury rentals nearby may actually have a positive impact on home values. However, if you've got a building full of section 8 tenants close to you then yeah, prices are going to plunge.

Generally though, I think that the more laws that restrict how homeowners manage their properties (such as prohibiting rentals) the more it erodes the benefits of "ownership". What's the point of paying a mortgage every month if someone else is going to dictate whether you can rent your home, what color it should be painted, what types of plants should go in your yard, how many cars should be parked in your driveway etc. In those cases, I really don't see the *difference* to be honest.
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Old 03-05-2012, 02:31 PM
 
Location: US Empire, Pac NW
5,004 posts, read 12,313,882 times
Reputation: 4125
Renters usually keep to themselves but there's bound to be bad apples that give the whole lot a bad name. Even in luxury units, there's problems with higher crime rates. Don't know why this is, but vast majority of places I've been, the more people you pack into an area the more Target rich you get and thus more crime.
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Old 03-05-2012, 03:16 PM
 
Location: St Thomas, US Virgin Islands
24,665 posts, read 69,429,325 times
Reputation: 26726
Quote:
Originally Posted by MikePRU View Post
Generally speaking . . . rental properties are not as well kept as owner occupied properties. They are not updated as often, repairs are slower to be made, they are not painted as frequently, etc, etc. How a neighborhood looks has a lot to do with the values of the homes in the neighborhood. No one wants to be the one owner occupied, well kept home amongst many poorly kept homes.
I'm not sure by your wording that you're intimating that the renters would be at fault for a "poorly kept home" but if so, and with all due respect, that is far less the fault of the renters than of the landlord/owners. Landlords are generally responsible under the terms of a typical residential lease for general maintenance and upkeep of the premises, with this figured into the rental payments.

I read the cited article and am glad that several lawsuits have already been filed. It seems to me that these sorts of rulings are counterproductive, if not unconstitutional. When an owner is banned from renting out a vacant house, the property is likely to fall into disrepair far more quickly than if occupied.
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Old 03-05-2012, 03:22 PM
 
Location: in a cabin overlooking the mountains
3,078 posts, read 4,358,154 times
Reputation: 2275
Absolutely an excessive number of renters ruins a neighborhood, at least in small towns. I've seen it happen. What were once decent sized homes with yards are now multi-family units with renters living at close quarters and 4-6 cars in what used to be the yard. We can thank clever real estate agents in town for that. Buy a large house, bust it up into 3 apts, rent it out to anyone who can pay. Done over and over. Too bad the trend can't be reversed.
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Old 03-05-2012, 03:43 PM
 
Location: Albuquerque
5,548 posts, read 16,025,715 times
Reputation: 2755
There is another angle to this. If a large number of renters are in a neighborhood
that was formerly owner-occupied, then it is because a large number of people
decided to rent out their houses in order to "avoid losing money on the property."

These millions of properties nationwide, represent another form of "shadow inventory."
Eventually, many owners/landlords will finally come out of their denial and realize that
they have already "lost their money" and selling just puts and end to the "bleeding."

In a neighborhood with a large number of these unwilling landlords, prices are likely to be more
depressed and have a tendency not to rebound - whenever such a thing starts to happen nationally.
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Old 03-05-2012, 05:44 PM
 
224 posts, read 547,576 times
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Yep, where I live in the past year they've started renting out the foreclosures to section 8 renters and now there's trash EVERYWHERE and it used to be a really clean bedroom community.
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Old 03-05-2012, 06:45 PM
 
5,724 posts, read 7,443,967 times
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I think they do. I am not comfortable with the idea of investors purchasing foreclosed properties in bulk to rent them out. I wonder if they will make sure the properties are maintained and screen to attract desirable tenants. I would prefer if they rehabbed the homes and sold them at slightly below market value.
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Old 03-05-2012, 10:25 PM
 
5,697 posts, read 19,072,739 times
Reputation: 8694
Nothing is absolute. I think it depends on the price of the rental. I recently found out two of the homes in my small sub are being rented out. The houses were for sale and I thought they sold but apparently the owners decided to rent out the homes instead. One is a medical resident and the other is a professor at the local university. In past neighborhoods I have lived in, renters could be a problem.
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