SAVI Reports - Page 25

Renting In looking at housing affordability, it does not make sense to only look at the homeownership market; more than 45 percent of the dwellers in Marion County’s occupied housing units are households who are renting. often have access to pay the premium for the better located, higher amenity rental units (even if they could afford to pay more), and thereby reduce the number of units available to other renting families. There are several reasons why renting a place may make more sense for an individual or family than owning home (e.g., lower monthly costs, the time a householder plans to remain in that housing unit relative to transaction costs, and/or the willingness and ability of the householder to be responsible for maintenance of the unit). Challenges around assembling land and capital, the cost of construction in time and resources, and overcoming regulatory obstacles limit supply-side market responses and make it challenging to bring new units online to meet increased demand. Additionally, owners of rental units can adjust rents annually to adapt to changing market conditions, while it can take considerable time for the supply of units to be meaningfully increased. The idea of value maximization and the reduction of affordable units in the supply of available units spills into the rental market as well. If those who would prefer to be homeowners cannot access homeownership for any of a variety of reasons, additional pressure is placed upon the available stock of rental units, which reduces supply and drives up prices. The dramatic national and local shift from homeownership to rentals in the wake of the 2007-09 recession has added additional pressure to the rental market. In Marion County, the share ½˜…±°‘½ΥΝ•‘½±‘́ɕΉΡ₯Ήœ)₯ΉΙ•…Ν•€Θ́Α•Ι•ΉΠ‰•Ρέ••Έ€Θΐΐԁ…Ή(ΘΐΔΜ€ ΜΰΈΔ…Ή€ΠܸāΑ•Ι•ΉΠ½˜…±°)‘½ΥΝ•‘½±‘Μ°Ι•ΝΑ•Ρ₯Ω•±δ€‰•™½Ι”‘…Ρ„)Ν‘½έ•„Ν‘₯™Π‰…¬Ρ½έ…ɐ)‘½΅•½έΉ•ΙΝ‘₯ΐ₯Έ€ΘΐΔΠΈ)Q‘₯́ΑΙ•ΝΝΥΙ”₯ΈΡ‘”Ι•ΉΡ…°΅…Ι­•Π΅₯ΙΙ½ΙΜ)Ρ‘”Ω…±Υ”΅…α₯΅₯ι…Ρ₯½Έ½Ή•ΑЁ½˜)‘½΅•½έΉ•ΙΝ‘₯ΐΈQ‘½Ν”½˜Ι•…ѕȁ΅•…ΉΜ()%ΈΝ½΅”…Ι•…Μ°Ρ‘”Ι•ΉΡ́ё…Ё΅…䁉”)•αΑ•Ρ•™Ι½΄„ΑΙ½©•Π΅…䁹½Π‰”)•Ή½Υ ΡΌΝ…Ρ₯͙䁑•‰ΠΝ•ΙΩ₯”½ΈΡ‘”)ΑΙ½©•Πέ₯Ρ‘½ΥЁ„ΝΥ‰Ν₯‘䰁ё•Ι•‰δ΅…­₯Ήœ)Ρ‘½Ν”ΑΙ½©•Ρ́₯Ή™•…Ν₯‰±”ΈΩ•Έέ‘•ΈΉ•ά)ΥΉ₯Ρ́…Ι”‰Ι½Υ‘Ё½Ή±₯Ή”°Ρ‘•δ…Ι”•Ή•Ι…±±δ)Ή½Π…™™½Ι‘…‰±”쁽ё•ΘΥΉ₯Ρ́ё…Ё…Ι”½±‘•Θ°₯Έ)±•Ν́‘•Ν₯Ι…‰±”±½…Ρ₯½ΉΜ°½Θέ₯Ρ ™•έ•Θ)…΅•Ή₯Ρ₯•Μ‰•½΅”…™™½Ι‘…‰±”Ρ‘ɽ՝ Ρ‘”)±½Ν́½˜Ρ‘•₯ȁ½΅Α•Ρ₯Ρ₯Ω•Ή•Ν́ɕ±…Ρ₯Ω”ΡΌΡ‘”)Ή•άΥΉ₯ΡΜ€‘„ΑΙ½•Ν́­Ή½έΈ…́™₯±Ρ•Ι₯Ήœ€Έ)́„Ι•ΝΥ±Π°‘½ΥΝ•‘½±‘́₯ΈΡ‘”Ι•ΉΡ…°)΅…Ι­•Π΅…䁙₯ΉΡ‘•₯ȁɕΉΡ́₯ΉΙ•…Ν₯Ήœ)…Ή½½Θ™₯ΉΡ‘•΅Ν•±Ω•Μ΅…­₯ΉœΡΙ…‘”΅½™™Μ)έ₯Ρ Ι•…ɐΡΌ±½…Ρ₯½Έ°‘½ΥΝ₯ΉœΕΥ…±₯Ρδ°)ΑΙ½α₯΅₯ΡδΡΌ•΅Α±½ε΅•ΉΠ•ΉΡ•ΙΜ°…Ή)…•Ν́Ѽ…΅•Ή₯Ρ₯•ΜΈQ‘₯́₯́•ΝΑ•₯…±±δΡΙΥ”)½˜Ρ‘”±½έ•ΝЁ½˜Ρ‘”±½ά΅₯Ή½΅”)‘½ΥΝ•‘½±‘́ё…Ё΅…䁹Ό±½Ή•Θ‰”…‰±”ΡΌ)™₯Ή…ΉδΙ•ΉΡ…°ΑΙ½Α•ΙΡ₯•ΜΡ‘…Ё…Ι”)…™™½Ι‘…‰±”Έ5…Ήδ±½έ•Θ΅₯Ή½΅”™…΅₯±₯•Μ)₯Έ5…Ι₯½Έ ½ΥΉΡ䁕ΉΥΐ™…₯ΉœΡ‘”(ΘΔ((