While having a house is a goal for many Americans, not everyone shares the dream of home ownership. For some couples, paying off a $178,000 four bedroom Memphis home for 30 years is too big a commitment to make. Young people who are still establishing themselves in their field tend to move every few years, so buying a house may not be practical at the moment. Whatever their reasons for not purchasing a house, renters have reason to be optimistic since multi-home construction in the country is growing at its fastest pace since the recession. As MemphisDailyNews.com reports:
U.S. developers received approval in October to build apartments at the fastest pace in five years, a trend that could boost economic growth in the final three months of the year.
Permits to build houses and apartments were approved at a seasonally adjusted annual rate of 1.034 million, the Commerce Department said Tuesday. That’s 6.2 percent higher than the September rate of 974,000 and the fastest since June 2008, just before the peak of the financial crisis.
Nearly all of the increase was for multi-family homes, a part of residential construction that reflects rentals and can be volatile from month to month. Those permits rose 15.3 percent to a rate of 414,000, also the fastest since June 2008. Plans for construction in the U.S. south drove much of the increase.
On the flipside, this development is also good news for landlords since the construction of more rental properties also means greater revenue potential for them. As landlords supervise more apartment complexes and condominiums in the future, they can’t be remiss in their duty to maintain the properties under their care—such as getting a leaky roof fixed.
While this problem might not seem big enough to warrant a visit from reliable Memphis roofing contractors, a leaking roof can threaten the well-being of tenants and lead them to sue the landlord. For starters, roof leaks leave puddles that make slip-and-fall accidents more likely to occur. If the leak is inside an apartment or condominium, the water can drip onto electronic appliances, making them fire and electrocution hazards. The excess moisture will also encourage the growth of mold and mildew, which can trigger health problems like allergies and asthma attacks.
At the first sign of dripping water, landlords should immediately call roofing contractors in Memphis, TN like Roof Pro to have a leak fixed. Addressing a leaky roof not only protects the tenants from harm but also prevents serious damage to the property itself.
(Article Excerpt and Image from US Home Permits Rise at 5-Year High on Apartments, MemphisDailyNews.com, November 28, 2013)