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Home rentals — the new American Dream?

Home Forums General Columbus Discussion Home rentals — the new American Dream?

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  • #92161

    News
    Participant

    Home rentals — the new American Dream?

    By Julie Schmit, USA TODAY

    GILBERT, Ariz. – Steve and Jodi Jacobson bought their Phoenix-area “dream home” in 2005. They built flagstone steps to the front door. They tiled the kitchen and bathroom. They entertained often, enjoying their mountain views. “We put our soul into that house,” says Steve Jacobson, 37. Then, home prices tanked more than 50%. Steve, a software quality assurance engineer, suffered pay cuts. In 2010, foreclosure claimed the home and their $100,000 down payment.

    The Jacobsons didn’t lose their desire to live in a single-family home, however. They now rent one, like many other former homeowners displaced by foreclosure.

    But unlike traditional apartment renters, this breed of American tenants are older and have kids, U.S. Census Bureau data indicate. As they move from homes they owned to ones they rent, they’re changing neighborhoods for better and for worse. They’re fueling a land-rush as investors snap up homes, mostly in markets hard-hit by foreclosure, to rent to them. And their growth — in cities from Florida to California — has implications for home builders, school districts and companies that will jockey for the dollars they used to invest in homes, predict Wall Street analysts and demographic researchers.

    READ MORE: http://www.usatoday.com/money/economy/housing/story/2012-06-05/are-home-rentals-the-new-american-dream/55402648/1

    #499546

    leftovers
    Member

    When I think of a neighborhood full of renters I think of Weinland Park. There really needs to be a healthy mix and I think the more owner occupants the better.

    #499547

    pedex
    Participant
    #499548

    HighLife
    Participant

    When I think of a neighborhood full of rentals, I think of Grandview. I grew up in Pickerington, in a large subdivision probably half the total size of the whole city of Grandview. Back in the 1990’s, I’d guess that fewer than 5% of those homes were rental units. I don’t know any numbers about Grandview right now, but I feel like a pretty substantial portion of the city consists of rental units, especially on Northwest and “down the hill.” Now that I’m looking to buy a house (I currently rent in Grandview), I’m amazed at the prices there – I’ve actually talked to people who said “We wanted to buy a place in Grandview, but we were stuck with finding a place in Arlington due to the high prices in Grandview.” It is interesting that Grandview is experiencing such a boom, when rental units are sprinkled so liberally throughout the city.

    #499549

    leftovers
    Member

    66.4% of Grandview Heights is owner occupied.
    11.5% of Weinland Park is owner occupied.
    The average for Ohio is 74.8% owner occupied.

    Grandview rents are surprisingly affordable considering the quality of the area. I believe this is mainly due to the aging nature of the rental properties which often lack modern amenities such as a/c, energy efficient windows, insulation, updated electrical etc. That said, there seems to be an uptick in condo conversions from what I have heard.

    Grandview itself is a very nice, walkable, low crime area, very close to everything with a very good school system, a good library and its own police dept. It is well branded and hard to beat. I also would love to own there.

    The distinction that should be made is that Grandview is an area ‘in demand’. Despite the aging rental stock, there is a steady stream of people who want to live there due to the quality of the area. Landlords or property management companies can afford to be picky on who they rent to. Screening is done with the understanding that there is someone else waiting in the wings. Unfortunately, if we become a nation of renters a lot of neighborhoods will not have the same position as Grandview on the rental food chain.

    This was brought up in the Weinland Park Redevelopment thread:

    http://www.dispatch.com/content/stories/local/2012/06/10/rental-property-crimes-sully-neighborhood.html

    I am not sure what the right mix is, and I think it is lessened if the area is more in demand. Regardless, a nation of renters does not seem like a dream.

    #499550
    Walker Evans
    Walker Evans
    Keymaster

    HighLife said:I don’t know any numbers about Grandview right now, but I feel like a pretty substantial portion of the city consists of rental units, especially on Northwest and “down the hill.”

    I don’t know any numbers either, but according to the Mayor of Grandview, it’s changing:

    From here: https://www.columbusunderground.com/grandview-heights-makes-plans-for-the-future

    [i]I think as far as inside the community itself, you’re seeing a number of rentals that are starting to convert into condos. So I think there’s more sales opportunities coming around. We don’t have a lot of redevelopment, but you are seeing some lots being split and some new houses coming up. I don’t think you’re going to see drastic change in the existing housing stock except for remodeling. But you are going to see some new opportunities as we develop here for different types housing stock. Hopefully that brings in different types of people.[/i]

    READ MORE: https://www.columbusunderground.com/grandview-heights-makes-plans-for-the-future

    #499551

    peter
    Participant

    66.4% of Grandview Heights is owner occupied.
    11.5% of Weinland Park is owner occupied.
    The average for Ohio is 74.8% owner occupied.

    Fascinating statistics. Where did you get them? I would love to learn more.

    #499552

    leftovers
    Member

    There are several good sources for this kind of data, such as area vibes:

    http://www.areavibes.com/grandview+heights-oh/housing/

    and the old standby city-data.com:

    http://www.city-data.com/neighborhood/Weinland-Park-Columbus-OH.html

    http://www.city-data.com/neighborhood/Grandview-Heights-Columbus-OH.html

    not to mention Weinland Park is a ‘favorite’ of the Dispatch: ;)

    http://www.dispatch.com/content/stories/local/2010/11/07/full-court-press.html

    #1038511

    News
    Participant

    America is so over homeownership: Why the shift to a renting economy might actually be a good thing
    HENRY GRABAR

    Between 1970 and 1990, the population of Philadelphia shrank by a quarter, dropping from 1.95 to 1.59 million. Like many American cities, it seemed caught in a downward spiral. Since then – like many American cities – Philadelphia has stabilized. The population now appears to have bottomed out at the millennium, and has been regaining residents over the past decade. But as it rebounds, Philly is becoming a different kind of city.

    READ MORE: http://www.salon.com/2014/08/31/america_is_so_over_homeownership_why_the_shift_to_a_renting_economy_might_actually_be_a_good_thing/

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