Creating a home for the holidays
A key conversation that often gets lost in the topic of homeownership is the importance of rental homes. Although it seems counterintuitive to the goal of homeownership, renting a home is an important step while you save for a down payment or shop around. Another reason that having access to rental homes is important is because homeownership, although valuable, is not always the best option for every person.
Placing value on rentals
For some people, renting a safe, well-maintained home is more worthwhile and accessible. Rental homes can come with special features, such as included lawn care, planned essential maintenance and even access to amenities. Rental units, especially those that are part of an apartment or condominium community, also often have more safety features and accessibility options, since they must adhere to a separate code. Renting a property also makes it easier to live in places that are close to work or appointments, and residents can more easily move if their needs change.
Most importantly, rentals are a more affordable option for some people. There’s no need to have a down payment, pay real estate taxes or worry about fluctuating property values since they aren’t a permanent stakeholder in the property. There’s also less liability for unexpected costs, like repairs or replacements, which can range from hundreds to thousands of dollars.
Making space for rentals
The benefits of rental homes are especially evident for people on fixed incomes, like seniors and people receiving disability payments. The consistency and flexibility fits their needs better than homeownership, which is why many long-term renters identify within these groups.
However, long-term renters often struggle to find affordable, yet safe and well-maintained homes. They are also at risk of being taken advantage of by landlords as they may not have the resources to leave or resolve the issue fairly. This forces them to choose to live either in unfit homes or lose valuable autonomy by living with family members. United Housing recognizes this inequality, and is working against it with our Home for the Holidays campaign, which helps maintain the 45 properties we rent to seniors and individuals with disabilities.
More specifically, the goal of Home for the Holidays is not to simply repair rental homes, but to provide dignified and fair housing to long-term renters. The funds raised during the campaign help to ensure that these 45 rental homes always have safe, clean and functioning features for their residents, without transferring the cost of upkeep to rent increases and other fees. This not only creates reliable housing for vulnerable groups, but also helps to make housing more accessible and equitable in Memphis. Learn how you can assist in the effort here.
