For many people, rental property management is both an effective investment and a social investment. After all, owning rental property is not only a regular source of income that can be controlled with the help of rental property managers, but these units help many individuals and families find affordable living arrangements in areas where this might not otherwise be possible. Now, a Florida county is encouraging its residents to supplement its rental property management market by adding “tiny houses” to their existing properties, helping tenants and property owners alike.
Transylvania County currently has less than a 1% vacancy rate, a fact that is making it difficult for many local workers to remain in the area. For this reason, the United Way of Transylvania County has created a “Tiny House Initiative”. Taking advantage of a nationwide trend, this program encourages residents to build homes less than 800 square feet in size to increase both their property values and the amount of affordable housing. Already, the organization’s Housing Director has written a guide, titled “How to Build a Tiny House in Brevard,” to help homeowners deal with the building codes, city permits and financing issues associated with secondary dwellings. Proponents say that homeowners can expect to pay anywhere from $30,000 to $60,000 on the project, but say these new landlords can hope to earn several hundred dollars in rent a month.
The Brevard City Council has already passed a resolution endorsing the initiative, and city officials say that they have already issued several permits to allow these secondary dwellings. A number of local property experts have already commented that this measure is perfect for the area, as local zoning laws already allow homeowners to add living space to their properties as long as the new building is under 800 feet. However, some have commented that this could drastically change how the rental property management industry operates in Transylvania County: for example, these tiny houses must be erected on a slab or foundation and must have their own water and sewer hook-ups, a requirement that might bar some property owners. Moreover, while landlords might previously have hired one of the top property management companies to help them better attend to their responsibilities, this will likely seem pointless to many property owners who now have their tenants living in their backyards. With these factors only contributing to the congested property market, it seems inevitable that the county will inevitably need to talk to local property companies about redeveloping some of its land to create new apartments.