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Why I Welcome Renters into My Condo Community



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By : Andy Asbury    99 or more times read
As a real estate agent in the Twin Cities, I buy and sell condos on behalf of owners who eventually move in and out of the properties. I also run a separate business recruiting and screening renters for investors. Finally, I myself live in a condo, so I am aware of the disturbances that loud parties and careless movers can create.

Because of my background, I am also aware how fast the tables can turn between owners who want to keep renters out of the properties, and investors and renters who rightly resent the stereotypes against them.

For the owners living in the property, the stakes understandably run high. A mortgage is an enormous investment. Some of my friends really struggle each month to fulfill their mortgage commitments. I can understand why the issues loom large.

Yet within a six-month time period, I have witnessed owners—-who fought for years to keep all renters from their buildings—-come to me wanting to rent out their units. I have also known people who rented for twenty years. When they became homeowners, within six months they were emailing their property management companies persistently to complain about bikes chained to common fences. Over-fixation on a petty concern?

It depends on your perspective.

That being said, in the end I warmly welcome renters into my own condo community for one primary reason. I know that doing so will help maintain a balanced market when property values decline. The ability to rent out units will help keep prices in check as it prevents foreclosures. It keeps my community’s home owner’s association funded so that building reserves can be built up. This prevents large special assessments or worse, permanently doubled or tripled monthly association dues.

There are many other reasons to try to keep an open mind. Based on my work in the field, I estimate that 80 percent of renters are fully respectful of their neighbors and properties. This number is likely to increase as the social stigma of renting begins to be erased, and as the government reconsiders the tax breaks long offered to home owners. In my opinion, it is just not fair to assume a person will disrespect a property without even meeting them. There are all kinds of wealthy individuals from all over the world here to study or work. It might not make sense for them to buy before they can predict how well they will like it here or how long they will be able to stay.

Renters. Even if they dent my walls when they’re coming or going—and I hope they don’t—I guess I prefer that to the foreclosures that almost certainly would lower my home’s value and reduce my enjoyment of it even more.
Andy Asbury is a Twin-Cities based realtor and leasing agent who specializes inMinneapolis condos to help people get closer to the joys of urban life.Minneapolis condos rent out in an average of seventeen days when condo owners put Andy's team of agents to work for them.

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