A fresh outlook on the housing rental industry: Social equality starts at home
Many things have changed in the last 18 months. Whether from the effects of the Covid-19 pandemic or the growing call for equality, the way we perceive the world around us is forever changed. We have become more resilient in the face of adversity and many businesses have made permanent changes.
One industry I keep mulling over is the housing rental market. A roof over one’s head is rather one of the essentials. Where we live fundamentally means something to us, practically and emotionally. Yet for years, rental housing has been struggled to meet renters where they are. Issues including for-profit mentality, unforgiving power dynamics, and a lack of innovation often stand in the way of a more humane approach to housing that all people deserve.
Consider this for a moment - what do you call the owner of your property? The answer to this single question will give away the mindset of the entire industry. The owner of the property is called a ‘Landlord’ (Yes, the Lord. The Lord of your Land. Think about it). Much of the industry has operated with this same mindset. The residents were replaced in the blink of an eye with no real thought of repercussions, rent increases that far exceed the inflation rate, under-maintenance of the property, to name a few.
Did you know, out of 43 Million American renters, 3.6 Million are threatened with eviction each year?
The good news though is the industry is finally changing. The change may have initially been catalyzed by the property owner's need to improvise from the enforcement of a moratorium on evictions, but with time, other institutions ranging from government to non-profits are recognizing the need for change.
Among the property owners I talk to, there is a definitive shift in the way they see things - they are now ready to embrace the property-resident relationship as a mutually beneficial partnership; they are now more open to creating an environment that emphasizes communication and dialogue; they are looking for ways to adapt and change and basically keep up with the evolving economic and social needs of their residents.
Even the government and impact non-profits are working overtime in finding ways to drive the change
In America alone, 57.5 Billion in rent arrears urgently needs to be restructured using flexibility and support.
A roof over head is not just an essential anymore - it is an identity (an address quite literally) and a beginning of many new possibilities. So the critical question is, do we have the support of the establishment and the backing of technology, to enable this shift? Not quite mainstream yet, but there has been significant progress being made. This is a major opportunity for innovative technology companies, government agencies, and policy administrators to collaborate and drive the overhaul of this very important industry.
At long last, the privilege of calling the place we live a 'home' is not reserved for just a few, but for all. Let's, together, say a resounding YES to human equality - not just racial, gender, or political equality but social equality!