Development of the Rental Housing Market in Latin America and the Caribbean
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Experience in northern and developed countries suggests that a well functioning rental sector (potentially including both social and private renting) is an important component of a complete and effective housing system, offering more solutions to meet a full spectrum of demands and needs. As such, it is appropriate to explore the opportunities for the Bank to support the rental options alongside the traditional lending and program focus that has generally favored homeownership. This paper seeks to outline the existing tenure patterns across Latin American and Caribbean (LAC) countries, identify the prerequisite features of effective rental sectors- based on experience in developed OECD countries-, and outline the necessary steps to develop and expand the rental sector in LAC countries. This includes consideration of both the private (private investors) and community rental sector (community based nonprofit and cooperative ownership).