Photo: Flickr / confidence, comely.
As rent prices keep rising, it’s getting increasingly difficult for big city dwellers to maintain a good standard of living.Turning foreclosed homes into rental spaces is one option, writes Slate’s Matthew Yglesias in “Why The Rent Is Too Damned High,” however there are two significant obstacles facing the market right now:
“One is that it’s not a coincidence that we normally associate renting with larger structures rather than single-family homes. The logistics of landlording are much better in multi-unit buildings.
The second is that the biggest gluts of foreclosed properties aren’t where the demand for living space is. New rental housing in Phoenix, Las Vegas, or Tampa doesn’t help relieve the razor-thin vacancy rates in New York, Portland, Minneapolis, or San Jose.”
So what would help the rental market? Yglesias says new construction might work, but unfortunately that takes time and bypassing invasive construction laws. Also, the renters desperate for affordable rental space probably don’t have time to wait.