Condos in downtown St. Petersburg are a hot commodity. Consequently, as an owner or potential owner it is important to know what percentage of the units are rentals.
From a value standpoint, the owner : renter ratio is very significant to a lender. If you are buying a unit, you will not be able to get a conventional mortgage on the property if there is a higher percentage of rentals than the lender will allow. Conversely, if you own a unit and want to sell it, if prospective buyers cannot secure a mortgage, then the number of potential buyers decreases and the value of your unit decreases.
From a lifestyle perspective, there is a different feel to a building that is primarily owner-occupied and one that is primarily renter occupied. In a survey of more than 3,000 adults conducted by Harris Interactive on behalf of Trulia in 2013, 35% of respondents said it was important to them to have an owner as a neighbor; and 51% said they prefer to have other homeowners as neighbors.
Lastly, knowing the number of owner : renter ratio is important because owners living in the building and absentee owners who are renting their units often have different points of views and votes on issues from building reserves to rental policies.