Wednesday, April 11, 2007

For Sale Or Rent?

One of the debates in establishing housing priorities for neighborhoods on the mend is finding the right mix of rental and for sale housing. Given a choice, there is usually a preference for home ownership over rental.

However, at the present time, especially in areas with lower housing prices, financing programs to rehabilitate housing in historically designated areas often make rental developments more feasible.

If you were on the housing committee of your local community development organization, would you prefer a historically accurate, professionally managed, rehab of a 1-4 family building for rent, or a code compliant, non-historic, vinyl clad rehab of the same building for owner occupancy?

2 comments:

Urban Review said...

Ideally market demand would answer this question but I understand based on financing that is not always the case.

I personally would go for the better building assuming the mangement is good. Of course, the managment might change later and it could go downhill.

Neighborhoods need to have good rental options for those not ready to buy, those who think they'll be transferred in a year and simply as a way to get people into the neighborhood.

Michael R. Allen said...

"If you were on the housing committee of your local community development organization, would you prefer a historically accurate, professionally managed, rehab of a 1-4 family building for rent, or a code compliant, non-historic, vinyl clad rehab of the same building for owner occupancy?"

Are those really the only choices?