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Question for rental property owners
Old 06-06-2007, 08:10 AM   #1
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Question for rental property owners

There have been a few articles in my local paper about the issue of the growing number of renters who don't pay their utilities. Our city provides water and sewer, electricity, and trash and recycling pickup.

What concerns me about this is that it brings up that 33% of the housing stock in my town is rentals. I was very surprised by this. I had no idea that it was so high.

This is a suburb of a small city in northeast Ohio (not Cleveland). We have a population of about 48,000. It's almost all residential with neighborhoods built in the 1920's and 30's and then a large building boom in the 1950's. A few condo developments were built in the 1980's. There are some 4 to 6 unit older apartment buildings and a few multistory apartment buildings, many of these are for senior citizens.

Is this typical that 33% of the housing would be rental? For the percentage to be this high a good portion of this would have to be single family houses. Another recent article pointed out the effect this has on the local schools, because of fluctuating class sizes and kids transitioning in and out and how that shows up in the state required proficiency test scores.

I was just surprised by this statistic. In my immediate neighborhood we rarely see a "For Rent" sign and I don't know anyone who rents. We've lived here 23 years and this is the first time that this has been discussed in the paper.

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Old 06-06-2007, 08:47 AM   #2
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I just looked up the stats for my city of 85,000. Thirty-six percent of housing units are renter occupied.

It varies significantly by neighborhood.

Minneapolis/St. Paul is 72% owner occupied, which is apparently high. San Diego is low at 55%. (2002 figures) Minneapolis-St. Paul Metropolitan Area Fact Sheet


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Old 06-06-2007, 10:50 AM   #3
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If memory serves, homeownership rates peaked at close to 70% at the height of the loose money era, so there must be ~30% or better of the population nationwide that rents. So your area at 33% isn't out of line.
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Old 06-07-2007, 08:42 AM   #4
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Not sure what the exact percentage is in the ares I rent out ... but it's going UP. Rents are a bargin compared to the costs of ownership.
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