Rental Real Estate Industry News – October 17, 2013
In this week’s rental news headlines, read about an Ohio court’s ruling that put a landlord responsible for a tenant’s harassment. See why planning for a condo-to-rental conversion has succeeded for one developer, and how Nashville landlords are combatting homelessness.
Fair-housing activists on Tuesday accused U.S. Bank of failing to maintain foreclosed homes in predominantly Latino and African-American neighborhoods in six Chicago suburbs, creating dangerous conditions and hurting property values.
Home flipping activity dipped 13% from the same period a year ago, with 32,993 single-family home flips recorded in the third quarter of 2013. This is likely the result of increasing home prices combined with decreasing foreclosures.
An Oakland, CA developer avoided being hit by the downward condo market by leasing the units before selling them. Many local condo developers were leasing up units by necessity. By planning on renting, the developer is selling units at prices twice as high as what it could’ve commanded back in 2009.
If you’re a landlord, what should you do if you learn that a resident is harassing another tenant on Facebook or other social media websites? If your answer is “nothing,” you might be making a mistake, as illustrated by a recent case from an Ohio appellate court.
Landlords in Nashville, Tennessee are taking on the problem of homelessness by renting to felons and addicts for as little as $50 a month. Many of the landlords had agreed to slash their rent for the homeless for a maximum of 30 percent of the renter’s income, which often is only provided by Social Security.