NMHC Publishes Brochure to Fight Shadow Rentals

By Anuradha Kher, Online News EditorWashington, D.C.–The foreclosure crisis in the U.S. has resulted in many households and investors renting their houses and condos in the current market, increasing the competition apartment firms face. In response to this competition from the shadow rental market, the National Multi Housing Council (NMHC) has launched a new brochure to help apartment firms promote their professional advantage. Your Best Start to Renting Smart: Rent From the Pros is a consumer-friendly brochure, which warns that nearly 40 percent of today’s foreclosures involve a single-family house, condominium or other housing rented out by its owner. It notes that people who choose to rent these properties put themselves at risk for losing their lease, losing their security deposit and having to move on short notice.In addition, the brochure also explains that these risks disappear when renters choose an apartment managed by a professional management company, and it notes all the other benefits of renting at a professionally managed property, including on-site maintenance, first-class amenities and a higher standard of customer service. The brochure also makes the financial case for renting, quoting a SmartMoney magazine columnist who says, “What’s the best reason to rent? To get richer.” “Renting is smart living,” explains NMHC President Doug Bibby. “And this brochure makes a strong case for renting and an even stronger case for renting at a professionally managed property. Not only do these properties offer a superior lifestyle, they also offer renters peace of mind in a volatile housing market.”