Growth Rates in HOAs and Condos in 2021
Condominium Associate's ongoing goal is to increase your community's value and experience by meeting every homeowner and community member's expectations. When working with our clients, we always draw on the community's specific needs and address all the details. As associations continue to grow, we can help you develop robust plans for your association's success in 2021 and beyond!
Numbers are Soaring for HOAs
The Foundation for Community Association Research—an affiliate organization of Community Associations Institute (CAI)—expects the number of new condominium and homeowners associations to increase by 4,500 this year.
Community associations are home to more than 73 million Americans and represent nearly 25% of the housing stock in the U.S. The 2021 projections reflect a 1.3% increase in new communities. This percentage is decent considering that community associations, like millions of businesses, continue to face difficult financial and operational challenges due to the COVID-19 pandemic.
HOA's Strong History
Since the 1970s, community associations have been a popular housing choice for people worldwide—especially condominium buyers seeking proximity to city centers, public transportation, and schools. Dawn M. Bauman, CAE, executive director of the Foundation and CAI's senior vice president of government and public affairs, says, "the new research is a positive sign that the housing model remains strong."
Planned Communities
Planned communities provide owners the benefit of shared amenities such as pools, walking trails, and other recreation facilities that may otherwise be unattainable. According 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—trash and recycling removal, snow removal, streetscape beautification, sidewalk and street maintenance, and lighting, stormwater management, and more—to homeowners.
Our complete range of management solutions include, but are not limited to, the following services:
Budget preparation and advice for association planning
Enhancement of property values through community events, recreation, and community leadership
Assistance with planning and goal-setting over the short- and long-term
Maintenance service request, including management of all maintenance-related submissions service
Increased participation and interest from association members from our community managers
Online payment system
Resident's Positive Claims About their HOA
The 2020 Homeowner Satisfaction Survey, a biennial, nationwide report conducted by Zogby Analytics, provides a better understanding of today's condominiums and homeowners associations. Residents claimed the following about their community association experience:
89% of residents rate their overall community association experience as very good or good (70%) or neutral (19%).
89% say members of their elected governing board "absolutely" or "for the most part" serve the best interests of their communities.
74% say their community managers provide value and support to residents and their associations.
94% say their association's rules protect and enhance property values (71%) or have a neutral effect (23%).
Contact Us
At Condominium Associates, we strive to meet our residents' everyday needs. We're here to ensure everything runs smoothly, from financial services such as budgeting and accounting tasks to board meetings management.
We're also dedicated to the utmost attentive care within your neighborhood, including our high attention to detail involving maintenance and cleaning of amenities and common areas and requests from homeowners and board members. Our staff is trained and ready to provide the best in property management, financial and business-related services, and covenant compliance for your community. If you have any questions or concerns, please contact us.