Manteca’s rental housing stock has increased by at least 36 percent since 2008.
Swelling the ranks of rentals has been the sale of 3,569 existing homes - the overwhelming number that are distressed properties - in the last three years as a result of the foreclosure mess.
That rough estimate of a 36 percent jump in rentals was made by city leaders based on the number of homeowner exemptions filed with the state.
The trend has city leaders worried.
“Most landlord and property managers are very responsible and maintain their properties,” Police Chief Dave Bricker told the City Council recently. “They respond quickly when notified of a problem with the quality of their property or the actions of their tenants. However, many of the newer rental properties have been purchased by first-time investors taking advantage of the reduced housing market and are out-of-area investment groups. Many of these owners are interested in income from the property without being committed to maintaining them properly or lack the experience at owning rental properties to understand their responsibility to care for their property.”
Bricker noted properly maintained housing units justify a higher rent and can attract long-term quality tenants.
That - along with an expressed desire to promote “community health and safety” as well as to make sure tenants are living in properly maintained housing - is prompting Manteca to proceed with the drafting of an ordinance imposing mandatory periodic inspection of residential rental dwelling units.
Swelling the ranks of rentals has been the sale of 3,569 existing homes - the overwhelming number that are distressed properties - in the last three years as a result of the foreclosure mess.
That rough estimate of a 36 percent jump in rentals was made by city leaders based on the number of homeowner exemptions filed with the state.
The trend has city leaders worried.
“Most landlord and property managers are very responsible and maintain their properties,” Police Chief Dave Bricker told the City Council recently. “They respond quickly when notified of a problem with the quality of their property or the actions of their tenants. However, many of the newer rental properties have been purchased by first-time investors taking advantage of the reduced housing market and are out-of-area investment groups. Many of these owners are interested in income from the property without being committed to maintaining them properly or lack the experience at owning rental properties to understand their responsibility to care for their property.”
Bricker noted properly maintained housing units justify a higher rent and can attract long-term quality tenants.
That - along with an expressed desire to promote “community health and safety” as well as to make sure tenants are living in properly maintained housing - is prompting Manteca to proceed with the drafting of an ordinance imposing mandatory periodic inspection of residential rental dwelling units.
