The anger in real estate is that the conversion of rental units to Condos. Programmers are buying up buildings with rental flats inside them and turning them into luxury condos. According to the National Association of Realtors, this tendency started in 2016 and at the end of 2017 over 260,000 flats were converted into condominium units.
Tenants are always exposed to a conversion or sale of the rental units. The market is driving this trend. Condo units are affordable housing for those families that are priced from single-family houses. Unfortunately, many elderly tenants can not afford to purchase their unit or merely opt not to turn into a mortgagee again. They downsized their dwelling in many instances to make life simpler in their own advancing years.
For seniors, it's quite trying to have their lives disrupted this manner. This changes the long run to an unknown gray zone also has the capability to make them sick. They're accustomed to their surroundings, friends, and lifestyle. Many sold their houses years ago and moved into rental units to live more easily.
There are no national laws to protect renters within this circumstance. Local and State laws vary state by state. Conversion laws normally state tenants have to be informed and awarded the right to buy their units. They have to have sufficient time to relocate themselves.
I am certain that today's seniors didn't expect to be proceeding at this era. Before, families cared for their aging parents and family members. While the social setting has shifted, this practice appears too harsh. Think about the near future – as baby boomers age, they'll face this exact same threat.