Last year 429 Interfaith Outreach families experienced homelessness. Your gift can help prevent it in the future. The Sleep Out campaign provides 40% of Interfaith Outreach’s annual operating budget so together we can change the odds for local families and kids in need.
Below, Ken Dayton tells us why homelessness in the suburbs is on the rise.
Ken Dayton is the guy who crunches the numbers and gets the deals done when for-profit and nonprofit organizations create apartment buildings. He’s worked on some of the largest multifamily properties in the country. The trends he sees right now trouble him.
“One of the hottest trends throughout the United States and specifically in the Twin Cities, including the western suburbs, is for investors to buy older developments and reposition them through some light renovation. While these renovations are positive for the community, it creates even greater pressure on rental rates that have already been increasing at historic levels. The impact many times means resident displacement,” Ken says.
As 2019 approaches, we can expect this trend to get even worse. In the past six months several apartment buildings have been sold in the western suburbs with the new owners upgrading the property and raising rents accordingly. “There is one resident development in our community that recently sold,” Ken illustrates, “and I would not be surprised to see the rents go up $300 to $400 per month.” Ken frowned and added, “I would envision 80% of those residents – families and kids – are cast into an unforgiving housing market.”
While we think about the families being displaced, think of police officers, teachers, fire fighters, and retail and food service staff who live in our community and cannot afford these high rent increases on a modest income. Every unit of housing that is converted to market rate rent results in one more person or family put at risk. But the community can help! The Sleep Out provides opportunities to become educated about what affordable housing is and why it is important. You can help by donating or participating in upcoming Sleep Out activities.
Ken Dayton is a member of Interfaith Outreach’s board of directors and is the chair of the Outreach Development Corporation (ODC). He works at Jones Lang LaSalle Incorporated (JLL).