How Real Estate Developers Can Make Rent More Affordable | Lane Lowry

4/20/2021

How Real Estate Developers Can Make Rent More Affordable | Lane Lowry | Real Estate Development

a How Real Estate Developers Can Make Rent More Affordable

by Lane Lowry | Mar 2, 2021 | Real Estate Development

Time and time again, rent prices skyrocket in cities all over the country. Even though many citizens aren’t getting paid more, developers continue to create unaffordable housing options. When residents are given more affordable options and lower rent prices, this can lead to a better and more thriving community. Real estate developers need to develop housing that makes rent more affordable.

Promote Affordable Housing The best place for a real estate developer to start is by promoting affordable housing. Aside from practicing what they preach, they should inspire other developers to create housing options that offer affordable rent prices. Even if a developer is working in a market that doesn’t have room for it or in a high-end community, they still have influence in the industry and can help enact change. Whether it’s sharing links about affordable housing or encouraging colleagues to develop more affordable housing, they can reach the right people to help popularize lowering rent prices.

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4/20/2021

How Real Estate Developers Can Make Rent More Affordable | Lane Lowry | Real Estate Development

Every real estate developer should be looking to develop housing with greener and more sustainable options. Not only is this better for the environment, but it also lowers the cost of housing. The use of green design and construction, as well as compact development, can keep construction costs down which then leads to lower rent prices. By using green building materials along with appliances and techniques, it reduces energy consumption and costs less in the long run.

Switching to greener and sustainable options reduces a development’s energy costs and water consumption, which not only saves money for the developer but for the renter as well.

Developing Existing Properties Instead of New Construction Instead of developing an entirely new property from the ground up, developers can easily cut costs by renovating existing properties. Many neighborhoods and communities often have foreclosed buildings or abandoned constructions that can easily be upgraded. New construction often requires much more money than redeveloping an existing property. By taking out the costs of new construction, a developer will be able to lower rent prices for residents going forward while still being able to offer them an upgraded and comfortable home.

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