Be cautious about believing what this Board tells you…
Lenders are required to charge higher rates for loans or deny a loan for homes in associations with renter-owner ratios that exceed a certain percentage. But that does not mean renters affect property values.
The value of homes is based on location, sales/foreclosures in a few mile radius, size, amount of crime, school district, property taxes, available jobs, commuting distance to available jobs and many, many other things. What matters to one buyer may or may not matter to another. Of all the variables that effect home values, renters is not one.
Our Association should view renters as owners-in-training who aren’t ready to purchase their homes yet. Welcome renters and hope they will eventually buy a home in our community.