Falls Church, Va., Jan. 24, 2022 (GLOBE NEWSWIRE) — The number of new condominium communities and homeowner associations is expected to grow by 5,000 in 2022, according to projections by the Foundation for Community Association Research, an affiliate organization at Community Institute of Associations (CAI). Community associations, also known as homeowners associations, condominiums, and housing cooperatives, are home to 74.1 million Americans and will account for between 25% and 27% of US housing stock. A full range of industry data and statistics will be released in July.
“Many variables influence trends in the community association housing market,” says Dawn M. Bauman, CAE, the Foundation’s Managing Director and CAI’s Senior Vice President of Government and Public Affairs. “We are seeing a strong rental market, preferred by young landlords looking for no-commitment housing options rather than home ownership. This trend is causing developers to choose apartment development over condominium development. »
Bauman adds that housing demand is outstripping sellers in many cities, especially as mortgage rates remain historically low. “Housing experts from community associations are optimistic about the new homebuilding forecasts, while closely examining how homeownership preferences and the persistent supply chain and labor shortages work could disrupt growth.”
Since the 1970s, community associations have been a popular housing choice for people around the world, especially for condominium buyers looking for proximity to downtown areas, public transportation and schools. Data from the 2020 US Census shows that 65% of new single-family homes were built in a community association. These planned communities provide many benefits to homeowners, including shared amenities such as swimming pools, walking paths and other recreational facilities, protected property values, and a strong sense of community.
Planned communities also give local municipalities the ability to transfer the obligation to provide services such as garbage and recycling collection, snow removal, sidewalk and street maintenance and lighting, storm water management , etc and State Statistical Review for Community Association Data.
“Condominiums, homeowners’ associations and cooperative housing play an important role in the US housing stock,” said Thomas M. Skiba, CAE, CAI’s Chief Executive Officer. “Following the June 24 tragedy of the Champlain Towers South condominium collapse, we focused on governance support and professional advice related to maintenance reserve funding and building security. Volunteer board members, professional community managers and professional industry service providers are committed to working with legislators to protect their communities.
The 2020 Landlord Satisfaction Survey, a biannual national report conducted by Zogby Analytics on behalf of the Foundation, provides insight into condominiums and homeowner associations. The owners say the following about their experience living in a community association:
- 89% rate their overall experience as very good or good (70%) or neutral (19%).
- 89% say their elected governing board members serve “absolutely” or “mostly” in the best interest of their community.
- 74% say their community manager provides value and support to residents and their association.
- 94% say their association’s rules protect and enhance property values (71%) or have a neutral effect (23%); only 4% say the rules hurt property values.
About the Community Associations Research Foundation
Our mission, with your support, is to provide research-based information to owners, community association board members, community managers, developers, and other stakeholders. Since the Foundation’s inception in 1975, we have built a solid reputation for producing accurate, insightful and timely information, and we continue to build on that legacy. Visit foundation.caionline.org.
About the Institute of Community Associations
Since 1973, the Community Associations Institute (CAI) has been the leading provider of resources and information for homeowners, volunteer board leaders, professional managers and business professionals in more than 355,000 homeowner associations, condominiums and housing cooperatives in the United States and millions of communities around the world. With more than 42,000 members, CAI works in partnership with 36 Legislative Action Committees and 63 affiliate chapters in the United States, Canada, South Africa and the United Arab Emirates, as well as with housing leaders in several other countries, including Australia, Spain and the United Kingdom. A global 501(c)(6) nonprofit organization, CAI is the leading authority on community association management, governance, education and advocacy. Our mission is to inspire professionalism, effective leadership and responsible citizenship, ideals reflected in community associations that are favorite places to call home. Visit us at www.caionline.org and follow us on Twitter and Facebook @CAISOcial.