Condo conversions have slowed as interest rates and housing prices rose, causing many landlords to retain their units. The market is shifting to a buyer-friendly environment, allowing long-term renters the chance to purchase their rented units, particularly in states like Florida. The conversion process typically includes formal notice periods, giving renters the right of first refusal in many major cities. Local laws may also require landlords to provide fair pricing and conditions of the building, affecting renters' decisions on purchasing.
When a landlord or condo association decides to convert rental units into individually owned condos, the process usually begins with a formal notice to tenants. In many cities, including New York, San Francisco, and Washington D.C., local laws give renters the right of first refusal. This can be a major advantage if you've built equity in the form of years of rent and know the space better than anyone else.
With more inventory available and prices softening in some regions, we're entering a more buyer-friendly phase. That's reopening the door for long-term renters to become owners, especially in certain markets-like Florida, where some landlords are looking to offload condo units.
Collection
[
|
...
]