Rental climate puts homeowners, HOAs on collision course - Dallas Business Journal

. 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 sougata@bizjournals.com.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rental climate puts homeowners, HOAs on collision course - Dallas Business JournalThe latest Consumer Price Index (CPI) reveal translates at least one important element — housing costs continue to inflict inflationary pressures on the economy. But there is an undercurrent brewing in the housing market.
Source: DallasBizNews - 🏆 525. / 51 Read more »

Rental climate puts homeowners, HOAs on collision course - Jacksonville Business JournalThe latest Consumer Price Index (CPI) reveal translates at least one important element — housing costs continue to inflict inflationary pressures on the economy. But there is an undercurrent brewing in the housing market.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Rental climate puts homeowners, HOAs on collision course - San Francisco Business TimesThe latest Consumer Price Index (CPI) reveal translates at least one important element — housing costs continue to inflict inflationary pressures on the economy. But there is an undercurrent brewing in the housing market.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Rental home pioneer NextMetro bullish on Liberty Hill, rest of Austin area - Dallas Business JournalNexMetro is credited with being a pioneer in the current build-to-rent trend and as of 2020 had invested $1 billion across four states. One of its latest project is a community in Liberty Hill, which will have 260 single-family rental homes. Click through to learn more about the project.
Source: DallasBizNews - 🏆 525. / 51 Read more »