When possible, I like to buy local. It’s good to support your neighbors and local small business. Money spent locally is more likely to stay local and contribute to local issues, problems, and causes. There are some good articles and search engines to promote buying locally. Today, I discovered the need to also Rent Local. Let me be the first to introduce the concept of Rent Local.
For the last 60 days, a friend has been having a difficult time getting her security deposit back from her landlord. The Michigan law requires, within 30 days of move out, the landlord to: a). return the security deposit from escrow, b). send itemized list of damages, or c). apply the outstanding rent balance against the security deposit. Landlord tenant law is state law and varies from state to state. She was told this security deposit check was being created in New York. She has a hearing scheduled in small claims court.
All the reasons to buy local also applies to the reasons why someone should rent local. In addition, renting from someone who lives in your state may help your landlord have a better understanding of the local state law and assist the tenant in recovering damages when the landlord breeches state law.
In addition, there is a trend of large national investors buying up rental properties and single-family residences. Individual families are having a difficult time competing with big business for the purchase of a home, and in some instances, are renting for more than it would cost to buy. It’s a great investment for national investors right now as property values and rental rates continue to climb.
So, as of today, I promote Rent Local. When we are looking it’s pretty difficult to know whether one is renting local or not. I think that’s another reason to promote a new campaign, Rent Local.