If you’re a renter, you know that unexpected surprises are always a possibility, for example, the arrival of questionable new neighbors, repairs not made, and seemingly capricious rent increases. That’s why many renters are considering buying their own homes instead of continuing to rent. It’s not all bad news, though, for renters: renting has some definite benefits and is the better option for many people. But for many other people buying a home would be a better choice. If you’re trying to decide whether to rent or buy, read on to find out what Harford County renters can expect in 2023.
No Enforcement of Healthy Homes Standards
First, when it comes to repairs and maintenance, Harford County renters will likely continue to get the short end of the stick. The reason for this is that there will continue likely continue to be little to no enforcement of the Healthy Homes Standards.
The Healthy Homes Standards were designed to ensure that renters aren’t living in sub-standard conditions such as damp, moldy, or cold buildings. It was a good idea and a needed set of rules. But the problem is that in late 2022 the government announced an extension of the deadline for full implementation of and compliance with the Healthy Homes Standards. The deadline has now been moved from mid-2023 to mid-2024. The result is that in 2023 there will be little if any enforcement of these standards.
This deadline extension will allow landlords to keep on postponing needed upgrades and repairs. And as a result, many Harford County renters and those elsewhere will have to continue living in less-than-desirable conditions. For this law to make a difference, it will have to be enforced.
The upshot is that for many renters who want to live in a comfortable, well-kept home, buying instead of renting will be a better option. To find out more about what’s going on with respect to the Healthy Homes Standards in your area, you can consult an Harford County agent by calling 443-616-5486.
Little Hope for Regulation of Property Managers
Another 2023 downside for Harford County renters is that they will be little hope of proper regulation of property managers.
The role of property managers is ostensibly (and certainly should be) to show rental properties, resolve tenant problems, manage repairs, and ensure compliance. Sometimes they meet these obligations and fulfill this role – but more often than not they don’t.
Currently, there are no formal licenses or required qualifications for property managers. And without formal regulation and licensing, there’s no way to ensure that property managers can or even want to do their jobs properly. The upshot is that many renters suffer because many property managers do a poor job.
Rents Will Rise
And, of course, as with everything else in our inflationary economic environment, Harford County renters can expect increasing rents.
Traditionally, in a stable economy, rents typically go up about 2% annually. In some areas, though, the average rent for a one-bedroom apartment is up 18% over that of the previous year. And experts see this trend continuing.
For one thing, many of the emergency tenant protections implemented during the pandemic have been lifted or will soon end. As a result, landlords can resume increasing the profitability of their properties by raising rents.
In addition, real estate market conditions – low inventory, high buyer demand, increasing home prices, and rising interest rates – have caused many renters who would otherwise buy a home to remain as renters. Home ownership is currently simply out of their reach (or so they believe). The result is that these renters have no leverage or recourse, so landlords are free to increase rent.
Where Harford County Renters Can Turn for Help
Ultimately, just a quick look at what renters can expect in 2023 should indicate that in many cases buying will be a far better option. But renters with no home-buying experience will need the services of an experienced Harford County agent. If you’re one of the Harford County renters who want to begin enjoying the benefits of home ownership, contact us today at 443-616-5486.