The Hidden Risks Renters Face in the Age of Climate Change

Did you know that wild weather and climate changes are affecting not just homeowners but renters, too? 

Last year was a doozy, with the U.S. getting hit by 28 weather and climate disasters. These weren't just minor storms; we're talking about events that caused a jaw-dropping $92.9 billion in damages. That's billion with a “B”!  

Renters in the Eye of the Storm 

You'd think our rental homes are fortified castles when it comes to natural disasters, right? Well, not quite. 

It turns out over 18 million rental units are sitting ducks for these environmental tantrums. 

Harvard University's brainy folks at the Joint Center for Housing Studies dove deep into this and found some pretty concerning stuff. They mashed up data from FEMA and the American Community Survey, and guess what? A huge chunk of rental properties are chilling right where Mother Nature likes to unleash her fury, from wildfires to hurricanes.

Many of these buildings are like grumpy old men; they're the oldest they've ever been and not exactly in fighting shape to deal with our increasingly moody climate. Sophia Wedeen, a research analyst, pointed out to CNBC that we're seeing more frequent and severe environmental hissy fits, and our rental homes just aren't ready. 

The Price Tag of Disruption 

To give you an idea, 2023 was a record-breaker, with those 28 disasters each clocking in over a billion dollars in damages. Jeremy Porter from the First Street Foundation reminds us that these aren't just random events happening in the middle of nowhere. They're going down right where we live, pushing damage costs higher and higher.

And get this: Twice as many properties are at risk of flooding than FEMA's got on their radar. But, only properties in official flood zones are required to have flood insurance. That means a whole lot of building owners (and, by extension, renters) might not even know they're one heavy rain away from an indoor swimming pool.

It's especially tough for folks in single-family rentals or those quirky manufactured homes like mobile homes and RVs. They're more exposed to extreme weather, and with the rental market tighter than a drum, finding affordable options is like searching for a needle in a haystack. For many, packing up and moving to safer ground just isn't in the cards. 

Empowering Renters: Knowledge is Power 

When disaster strikes, the recovery effort favors homeowners, leaving renters and rental property owners to fend for themselves. This often leaves renters in a tough spot, scrambling to find new digs in the aftermath.

A big part of the problem is that many low-rent units need a makeover to stand up to these challenges. The Harvard study shows that the cheaper the rent, the more likely the place will fall apart, making it even less equipped to handle Mother Nature's mood swings.

So, what can you do if you're renting? 

First off, get clued up about renter's insurance. It's a lifesaver for protecting your stuff. And don't just sign on the dotted line; make sure your policy covers the disasters most likely to hit your area. Before moving, do your homework on the local floodplain and look for buildings designed to weather the storm.

In the end, it's all about being prepared and informed. Whether you're a renter, a landlord, or just someone concerned about our changing climate, understanding the risks and taking proactive steps can make all the difference.