I can see how it might make some people less likely to purchase the house, but I wouldn't think it would affect renters too much.
I don't know how to explain the distinction very well but I'll try. With ownership any possible negative connotations would be on the owner for choosing to purchase there, but a renter can brush it off more easily, like an ugly paint color, because it wasn't really his/her choice.
We live near a national cemetery and I like it. There's not a ton of traffic except for holidays, and it's always quiet, pretty, clean, and peaceful. But, when giving directions I always say "turn left at street name" rather than "turn left at the light with the cemetery."