If you’re a renter, there’s a fair chance you’ve heard a bit concerning gentrification and the ways it can affect your life. But what is gentrification? What do renters need to know about it? In this blog post, we will deal with the basics of gentrification and how it affects renters differently from homeowners. We’ll also offer useful recommendations for renters suffering from rising rents or being displaced by gentrification.
Gentrification Defined
Gentrification is the process of renovating and improving a neighborhood, typically one that has been in decline, and making it more attractive and alluring to higher-income residents. Gentrification can happen immediately or slowly, though, it almost constantly raises complex social issues. The thing is that the gentrification of a neighborhood can develop into rising property values and rents, as well as an influx of new businesses and amenities. Though these changes can be positive, however, plenty of disadvantages also go along with them.
To cite an instance, gentrification’s benefits include reducing crime and increasing investment in neglected areas. Homeowners may benefit from increased property values and a heap of new people moving into the area. For renters, moving into a newly gentrified area could see benefits from being part of a community undergoing rapid change and growth, which can feel inspiring. Renters can sometimes come across favorable deals on newly renovated rentals, notably if the area is just at the initial stage of gentrification.
Except, gentrification can also displace long-time residents who can no longer afford the increased rent. Renters may unexpectedly find that rising rents have priced them out of an area they’ve lived in for years, which can be arduous to tackle. Other probable setbacks to gentrification include the loss of community character and the feeling that outsiders are taking over a neighborhood.
How Gentrification Affects Renters Differently from Homeowners
Renters are vulnerable to displacement from gentrification because they don’t have the same protections as homeowners. For instance, landlords can raise rents to what the current market will allow and these increases can be significant if the market is desirable. And if you’re renting from a landlord who wants to sell the property, you could, in addition, be forced to move. In contrast, gentrification has minimal effect on homeowners, who are less likely to move out of gentrifying areas. Property owners ordinarily stand to benefit the most from the gentrification process.
Tips for Renters Facing Gentrification
If you’re a renter in a neighborhood that is gentrifying, there are quite a few things you can do to stay in your home. You need to get to know your rights as a tenant and make it a point you’re familiar with all the latest laws and regulations. You should particularly try to build relationships with your landlord or Moorhead property manager, so they are more likely to work with you if rent increases truly become difficult. Conclusively, gear up to advocate for yourself and other tenants in your neighborhood if you see signs of displacement (such as evictions or rent hikes).
Gentrification is a complex issue, and it’s one that renters need to assimilate well. If you’re working out rising rents or the threat of displacement, always keep in mind that you’re not alone, and various people and organizations can work with you to help you.
Are you in the market for a new rental home? Real Property Management Optimum has superb quality rental listings in Moorhead and the surrounding areas!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
