The Apartment Rental News - November 8, 2010
In this week’s rental real estate headlines, learn the rights you and your tenants have if your building was affected by Hurricane Sandy. Find out the housing challenges ahead for newly re-elected President Obama, and Freddie Mac’s prediction for the multifamily market. Know what your responsibilities are when it comes to refurbishing a unit infused with cigarette smoke, and understand the issue behind low-income housing in the nation.
If you’re a Sandy refugee forced to seek at least temporary shelter away from home, here’s some advice from the experts on the legalities and practicalities of your situation.
Now that President Barack Obama has won re-election, there are several housing-related challenges staring the federal government square in the face. Here are some of the decisions that will have to be made in the coming weeks.
Renters generally make up more than 20 percent of single family occupants but this number dropped below 20 percent when homeownership was peaking. Now renters are becoming a bigger share of the residential housing market and the share of renters in residential homes is approaching levels that were typical in the 1980s and 1990s.
When a rental is seriously unhealthy, it’s “uninhabitable.” In virtually every state (Arkansas is the one holdout), tenants are entitled to “fit and habitable housing.” When the landlord doesn’t deliver, tenants can leave without responsibility for future rent.
The last time the number of low-income rental units exceeded the number of low-income renters was 1970. By 2009 there were almost 11 million low-income renters for only 5.4 million affordable units. Today, higher-income renters occupy 2.3 million of these units, leaving roughly nine million of America’s poorest households priced out of the housing market.