BUSINESS FUNDAMENTALS
PROPERTY MANAGEMENT
This content is brought to you by Real Property Management
Taking Low-Value Property to NewHeights HOW GENTRIFICATION IMPACTS PROPERTY MANAGEMENT.
by Michael Stone
T
he process of renovating groups of low-value proper-
ty values. Through the process of gentrification, these neighborhoods experience a renewal of more afflu- ent homeowners and renters, some- times rapidly changing the composi- tion of an area. While gentrification is a controversial process, it is also
difficult to stop once underway. For this reason, adapting to the changes is usually the best business strategy for landlords. From a property management standpoint, gentrification presents a unique set of challenges. For those
ties into higher-value properties is known as gentrification. As older urban neighborhoods decline, they often become less desirable to buyers and result in lower proper-
32 | think realty magazine :: may / june 2019
Made with FlippingBook Online newsletter