Rental Housing Predicament

The rental housing options have been diminishing especially for common man as real estate prices increase to unreachable heights. Despite the fact that the housing options are becoming expensive for the mediocre; the possibilities of extending rental housing could not be extrapolated. Increased property prices all over the world has made tenants, lodgers face many predicaments when they opt for renting houses. One of the foremost issues of concern is the legal provisions for rental housing.

If the builder intends to let out housing stock to prospective lodgers for earning legitimate income he has a few legal safeguards. Some laws put the entire burden on the owner for repair and maintenance leaving no possibility for him to recover the damage caused by the tenants. From the investment and financial perspective, the rental housing is not a very attractive option for many builders, who speculate the sale of properties providing them exponentially high profits. Holding on to properties for tenancy is considered less productive and a cumbersome measure. Many conflicts and disputes are observed in tenancy relations who affect the overall status and performance of rental housing. The most prominent of which is the owner-tenant relationship.

Generally, properties are let out through legal agreement which stipulate the usual conditions such as amount of rent, payment limitations and modes etc. There are grave violations, overstepping and mistrusts in the observance of tenancy by both the parties. Once the property is rented out the owner is in a captive situation .He has to make efforts for recovering dues, when lodger refuse to pay rent and ask him to adjust it from the security deposits. Often the tenants sub-let the part of the premises without the intimation to the owner.

The worst scenario is the utilization of properties for anti-social and objectionable purposes. Such properties lose their utilitarian value due to the tarnished status of their past, Instances of fraud and forgeries are a usual ailment in tenancy relations. Estate agents create a nuisance in the world of rental housing, in achieving their sole objective of earning commission from both tenant and owner, they tamper documents, prepare fake document, misinform parties about property particulars etc. Another bone of contention is the annual increment in rents. Though the gravity of these issues faced by the rental housing sector prevail yet it contains prospective for resolutions and remedies to overcome these predicaments in order to provide people unable to afford buying houses so that one of their basic needs to survive can be obtained to the optimal level.

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