Types of Housing

Housing, or in more specifically residing spaces, refers to the arrangement and assigned use of private homes or residential buildings together, for the explicit purpose of housing individuals within a community or town, for the intent of sheltering the population as a whole. There are various kinds of housing that exist depending on their functions and uses. The most common types of housing are single-family residences, condominiums, apartments, townhouses, mobile homes, row homes, condos, coops, and others. The different housing types have varying costs as well depending on the design, size, and features of the particular housing unit. Housing is categorized based on how people can access public and non-public services, how easy it is to maintain, and how safe the housing is.

Voucher housing is also commonly known as rent-to-own” housing. This type of housing allows tenants to buy a home, and at the same time, let the home go to an investor who will then resell the house to tenants upon the end of the contract between the owner and tenant. Vouchers allow tenants to own their own home in exchange for a monthly rental fee known as the voucher amount. This amount is then subtracted from the monthly rent paid by the tenant. A profit is then made from the rental fees by the investor.

Most rent stabilized apartments are privately owned housing, while cooperative apartments are owned by a local housing agency, townhouse rentals are offered by a number of different property owners, and condominiums are owned by a number of different condo associations. All rent stabilized housing contracts must adhere to local, provincial, and national laws, and any violation can result in immediate eviction. The rent stabilized option is an attractive option to those seeking to own their own home, yet do not wish to enter into financial debt. Rent stabilized leases often include reasonable rent amendments that can be tailored to suit individual tenants.