How Does Gentrification Impact Property Management, According to Ofir Ventura
Per Ofir Ventura , when a neighborhood changes from a poor neighborhood to a wealthier community, it is said to have undergone gentrification. Gentrification happens when members of the emerging middle class relocate to low-income areas close to cities in pursuit of housing affordability in order to enjoy the metropolitan lifestyle. These communities become more valuable economically as even more individuals settle there. Additionally, enterprises that serve the middle and upper-class classes settle in the region, driving increasing real estate values. The following list of new advantages and obstacles that arise with gentrification affects those individuals who own and lease out the estate in gentrifying neighborhoods. Values of Properties Have Risen As even more middle-class inhabitants settle in a community that is gentrifying, property values tend to rise over time. To serve the upper-class and middle-class citizens, more companies and developers enlarge their presence in these com...