|Re: Limitation of number of renters question||<– Date –> <– Thread –>|
|From: Sharon Villines (sharonsharonvillines.com)|
|Date: Sun, 28 Jan 2018 09:19:47 -0800 (PST)|
It is wise to limit rentals, not because of the character of the renters, but because an owner can often make a ton of money renting. Why not rent? Even if you have a high mortgage, by renting you are paying off your mortgage and may have $200 a month extra income. Or if you have a low mortgage, you can live off the income. If I rented my unit instead of living in it, I would have $1500 a month over and above the costs of maintaining the unit. I could live somewhere else for less than that (not DC) and rent forever. In some cities the margin is even higher. The financial advantages of renting is too great for many owners to pass up, particularly in highly desirable areas. The result of having renters has been very good for us on the whole. People have become well-integrated members of the community. Rentals have also allowed us to have members that would not have lived here if they were not able to rent. A couple with 3 children from Germany were here for a year on a research grant. They were fulling integrated to our daily lives and still keep in touch. Without stopping to count, I would say more than half of the renters have purchased the units they were living in or other units in the community. The issue is the transient nature they bring. I feel this most strongly — how close do I get to people who are temporary? How strong are the bonds? And the conflict of wanting a household to stay but the owner won’t sell. The household moves because they want the permanence of ownership and the ability to renovate to their needs. There is nothing I can do to keep that household in the community. And the work — it’s a lot of work to be continually orienting and supporting another household. It takes time to learn a community and to find the right place, jobs, social contacts, etc. The more times we have to do that the more work we have. When do we relax and just be here? It’s easy to underestimate the work that integrating a new household takes—and should take if you want them to feel like they aren’t the new kid forever. I finally realized after 5 or 6 move-ins and move-outs on my corridor why condos charge a standard moving fee of ~$150. Because that many trips up and down the elevator or stairs carrying boxes and unwieldy pieces of furniture does damage that builds up even if there are no major damages. One set of outdoor wooden stairs which has had at least 5 sets of moves is in much worse shape compared to others where there have been none. Oddly the same units tend to have rental and ownership changes often. When I start counting changes it sounds like a lot but it is from the same units. So the factors that people often cite — bad tenants— are not the ones that affect the community. Or not the ones that happen frequently enough to worry about. One caveat is that we have found useful the phrase in our bylaws that units can’t be used for “transient" purposes. In real estate lingo that seems to be rentals of less than 30 days and in some buildings 6 months. One resident was going on vacation for a month and wanted to rent her unit to 4 different people—one each week. Panic. Even perfectly nice people take time when they are new. And they take the time of the people who work at home. Not those who are gone all day. The other phrase you want is that units can’t be held for investment purposes. The people renting must intend to return. Hard to enforce but we also have a time limit of 3 years--3 years of 9 years. Sharon ---- Sharon Villines Takoma Village Cohousing, Washington DC http://www.takomavillage.org
- Limitation of number of renters question Elliot Lepler, January 27 2018
- Re: Limitation of number of renters question Ann Zabaldo, January 28 2018
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