Housing costs continue to inflict inflationary pressures on the economy. But there is an undercurrent brewing in the housing market that homeowners may be about to jump on.
. From Austin, Texas, to Raleigh and Phoenix to Nashville, finding a one-bedroom apartment that is not a micro-unit for under $1,500 monthly rent is improbable. For most parts of the nation, those same units fetched $1,000 or $1,100 monthly rent just three years ago.
Now, homeowners who wanted to sell their property only to see their asking price receive a lukewarm response are resorting to the next option – rent. Today’s rental rates, for the most part, could provide a homeowner with mortgage coverage, upkeep costs and even some leftover cash. With ownership costs covered and a slowing housing market, homeowners across the country better get ready to welcome new neighbors.
If this trend continues or accelerates, there’s one group that may soon voice its concerns — homeowners associations, also known as HOAs., manage its finances, run business affairs, enforce and set rules, and see to the maintenance and upkeep of the area..
California and Florida have a mechanism to regulate HOAs for what lawmakers call a protection for the broader community of homeowners. In the past, lawsuits have flown against the HOAs whether it be for an owner’s right to make his/her house an Airbnb rental or a yearly rental.Tina Pace, a Raleigh attorney specializing in HOAs, said she has reworked 20 different HOA covenants in the past few months — just in the Raleigh, Durham area.
This phenomenon could eventually see rental rates come down in various markets as rental inventory increases, thanks to single-family homes for rent. CoreLogic estimates rents from single-family homes rose 13.4 percent year-over-year in July after rising about 14 percent year-over-year a quarter ago.and still continue to own the house and get the tax breaks.Sougata Mukherjee is editor-in-chief of Triangle Business Journal. Reach him at [email protected].
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