If you’re a renter, there’s a reasonable chance you’ve heard something about 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 talk about the basics of gentrification and how it affects renters differently from homeowners. We’ll secondly offer helpful tips for renters facing rising rents or being displaced by gentrification.
Gentrification is the process of renovating and improving a neighborhood, conventionally one that has been in decline, and making it more attractive to higher-income residents. Gentrification can come into existence as quickly as possible or slowly, but also raises complex social issues. That is because the gentrification of a neighborhood can happily cause rising property values and rents, as well as an influx of new businesses and amenities. Granting that these changes can be positive, unfortunately, several disadvantages also go along with them.
To cite an instance, gentrification’s benefits include reducing crime and increasing investment in neglected areas. Homeowners may happily find increased property values and new or several different 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 truly exciting. Renters can also, sometimes, luckily find great deals on newly renovated rentals, as long as the area is at the very start of gentrification.
Be that as it may, gentrification can also displace long-time residents who can no longer afford the increased rent. Renters may rapidly realize that rising rents have priced them out of an area they’ve lived in for years, which can be hard to accept. Other certain disadvantages of gentrification include the loss of community character and the sad feeling that outsiders are taking over a neighborhood.
How Gentrification Affects Renters Differently from Homeowners
Renters are very vulnerable to displacement from gentrification on the account that they don’t have the same protections as homeowners. To cite an instance, landlords can raise rents to what the current market will allow; these increases can be significantly high if the market is desirable. And if you’re renting from a landlord who decides to sell the property, you could be forced to move. In contrast, gentrification has a minimal effect on homeowners who are less likely to move out of gentrifying areas. Property owners normally 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 a good number of things you can try to do to keep staying in your home. Primarily, get to know your rights as a tenant, and always make sure you’re well informed about all the latest laws and regulations. You should also, at the same time, try to build relationships with your landlord or Kirkland property manager, so they are more likely to work with you if rent increases become a real hardship. Lastly, come prepared 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 understand. If you’re struggling with rising rents or the threat of displacement, take into consideration that you’re not alone, and particular people and organizations can give you support.
Are you in the market for a new rental home? Real Property Management Eclipse has beautiful, quality rental listings in Kirkland 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.