Many staple communities of Palm Beach are losing their long time residents, as investors are buying foreclosed houses and renting these out. Naturally, residents of smaller communities know each other, go jogging together and spend at least 5-10 minutes chitchatting when they cross paths. But now, remaining homeowners are encountering a new neighbor almost every day. It is hard for them to get acquainted with the new comers.
Many homeowners of the area are unsatisfied with the current real estate situation. Most of them bought these single family homes due to the friendly relation they share with the neighbors. Due to the new investors, these communities are becoming similar apartment complexes where every other day you see a new resident moving in.
This new business strategy by the real estate investors is practically changing the environment of small American residential communities. When long term residents live together for a long time they put more focus on maintenance of the community, grounds keeping and keeping any kind of socially obscene activities out of the neighborhood. They become a united front to protect the community. But the new short term residents obviously are not be very enthusiastic about joining a committee or spending any kind of money on the maintenance of the community as they do not really plan to live here long enough.
It also has an effect on the overall beauty of a community. Surveys shows that owner equipped homes have nice front and backyards, nicely painted houses, colorful fences etc. But rented homes are very different. No one bothers to spend any money on making the surroundings look beautiful, or maintain the home itself. This ultimately makes the community look less beautiful and homeowners have to work really hard to sell their homes as a consequence.
Therefore the homeowners of these communities are demanding a guideline for investors those are renting real estate properties. They demand that renters participations’ in maintenance or security related committees should be made mandatory and the minimum lease should be three years or so.
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