Washington, D.C. — As large companies purchase and make available for rent hundreds of thousands of homes that were vacated during the foreclosure crisis, a new issue brief from the Center for American Progress highlights how these single-family rental companies can build trust with communities and the public.
“In light of the distrust many Wall Street investors face as a result of their perceived role in the housing crisis, single-family rental companies must now demonstrate that they can be good allies to renters and communities alike,” said Sarah Edelman, Policy Analyst on CAP’s Housing Finance and Policy team and co-author of the brief. “Long-term economic and social costs must be a serious consideration for investors, who should make a clean break from past policies that put entire communities at economic risk.”
“As large investors set up shop in towns and cities across the country, CAP’s recommendations present an opportunity for single-family rental companies to build renewed trust with the public,” said Julia A. Gordon, Director of CAP’s Housing Finance and Policy team. “Now is the time for Wall Street to show that it is committed to managing homes responsibly, treating tenants well, and contributing to the economic and social well-being of the neighborhoods where it owns homes.”
The brief offers five main recommendations that single-family rental companies can adopt in order to enhance their reputations and support the neighborhoods where they operate. It urges single-family rental companies to:
- Commit to core tenant protections
- Treat all renters fairly and provide greater opportunity by accepting rental vouchers
- Preserve affordability
- Ensure the community knows who owns the home
- Invest in the surrounding neighborhood, and when it’s time, leave responsibly
Click here to read “5 Ways America’s Newest Landlords Can Win the Public’s Trust” by Sarah Edelman and Julia Gordon.
For more information on this topic or to speak with an expert, please contact Allison Preiss at [email protected] or 202.478.6331.