“Renting is one of the few ways for people to stay in the area and keep landlords afloat. It can be good for the overall economy because it promotes mobility. When the economy turns downward, renters are more willing than owners to move to a region where jobs are more plentiful.
But that same mobility can make for less stable communities and lower property values. Some observers believe the growth of rental property is the first in a series of steps that will transform today’s exurbs into tomorrow’s low-income housing. These communities have a low tax base made up mostly of property and sales taxes, both of which are in decline. Lawrence Summers, economic adviser to President Barack Obama, has often explained it this way: “No one in the history of the world ever washed a rented car.”
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You are on your own .
Mike
The Exeter Town Crier 