The number of new condominium and homeowners associations is expected to increase by 4,500 this year, according to projections by the Foundation for Community Association Research, an affiliate organization of Community Associations Institute (CAI).
\nRepresenting nearly 25 percent of the housing stock in the U.S., community associations, also known as condominiums, housing cooperatives, and homeowners associations, are home to more than 73 million Americans, according to CAI. The 2021 projections reflect a 1.3 percent increase in new communities.
\n\u201cCommunity associations, much like millions of businesses, continue to face difficult financial and operational challenges due to the COVID-19 pandemic, but the new research is a positive sign that the housing model remains strong,\u201d says Dawn M. Bauman, CAE, executive director of the Foundation and CAI\u2019s senior vice president of government and public affairs.
\nSince the 1970s, community associations have been a popular housing choice for people around the world\u2014especially condominium buyers seeking close proximity to city centers, public transportation, and schools. Planned communities provide owners the benefit of shared amenities such as pools, walking trails, and other recreation facilities that may otherwise be unattainable.
\nAccording to the National and State Statistical Review for Community Association Data, published by the Foundation, planned communities give local municipalities the ability to transfer the obligation to provide services\u2014trash and recycling removal, snow removal, streetscape beautification, sidewalk and street maintenance and lighting, stormwater management, and more\u2014to homeowners.
\nIn a 2020 Homeowner Satisfaction Survey, a biennial, nationwide report conducted by Zogby Analytics, residents said the following about their community association experience:
\n\u2022 89 percent of residents rate their overall community association experience as very good or good (70 percent) or neutral (19 percent).
\n\u2022 89 percent say members of their elected governing board \u201cabsolutely\u201d or \u201cfor the most part\u201d serve the best interests of their communities.
\n\u2022 74 percent say their community managers provide value and support to residents and their associations.
\n\u2022 94 percent say their association\u2019s rules protect and enhance property values (71 percent) or have a neutral effect (23 percent); only 4 percent say the rules harm property values.
\n\u201cThe foundation\u2019s research is essential to the future of the community association housing model, as a trusted source for industry leaders, developers, legislators, and other housing stakeholders,\u201d says Thomas M. Skiba, CAI\u2019s chief executive officer. \u201cWe are optimistic that the 2021 housing growth reinforces that comfort, convenience, and community\u2014three attributes of community associations\u2014remain essential to today\u2019s homebuyer.\u201dAbout Community Associations Institute
\nSince 1973, Community Associations Institute (CAI) has been a provider of resources and information for homeowners, volunteer board leaders, professional managers, and business professionals in the more than 350,000 homeowners associations, condominiums, and housing cooperatives in the U.S. and millions of communities worldwide.
\nIts website is www.caionline.org.<\/p>\n","protected":false},"excerpt":{"rendered":"
The number of new condominium and homeowners associations is expected to increase by 4,500 this year, according to projections by the Foundation for Community Association Research, an affiliate organization of Community Associations Institute (CAI). Representing nearly 25 percent of the housing stock in the U.S., community associations, also known as condominiums, housing cooperatives, and homeowners […]<\/p>\n","protected":false},"author":196,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-35824","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\r\n