What's an attractive living option for an elderly homeowner who is house rich and cash poor, yet cannot afford to sink all of the equity of the family home into a newer, maintenance-free house or condominium with people his/her own age? Builders and developers in many areas of the country have begun to explore Active Living Rental Communities (ALRCs), upscale apartment buildings with elegant entries and comfy common sitting areas in neighborhoods where rental housing would accommodate longtime local residents who no longer choose to own. "There are a lot of people out there who want to move out of the responsibilities of maintaining the home they have lived in for decades," said John Rhoad, president of RMJ Development Group LLC. "They want to move and they feel they are still young enou...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.