Urban Housing

Paper Summary:

This paper looks at the rental market in the United States, senior citizens' requirements and the housing marking in Newark, New Jersey. With each issue the paper shows how the market has changed and how the government is meeting these changing needs. It shows, for example, that in the past few years, authorities have authorized the rehabilitation of over 2500 housing units in Newark in a bid to revitalize the city.

From the Paper:

"In the 1990's many apartment firms and multifamily firms were forced to focus on creating value from their property management. Owners no longer enjoyed "automatic profit in rental housing (Dober, 1996)." Renters demanded "more from the apartment company in services, amenities and conveniences (Dober, 1996)." The lower interest rates allowed more renters the opportunity to purchase their own homes, creating a soft rental market. Management firms concentrated on providing better service to the residents, while lowering the costs, in an effort to keep their units rented.

Since 2000, the economy has been extremely unstable. Numerous plant closings have left many without jobs, causing the numbers of foreclosures to rise. Although interest rates continue to fall, uncertainties about their financial futures and the possibility of relocation are causing many people to rent, instead of purchasing homes."

More papers on Urban Housing:

• Analytical Essay # 142722 : "Bexley Housing Strategy, 2002-2006"
• Analytical Essay # 127970 : "The U.S. Department of Housing and Urban Development Handbook"
• Research Paper # 115042 : "Edinburgh Urban structure"

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