Particularly ironic that this is being framed as "unreasonable" because landlords themselves directly argue that their upkeep of the house justifies the significant upcharge they take from tenants. Like, even if we argued that landlord as a career is 100% acceptable and valid, that would literally be your job, would be like a professional chef complaining about people saying "make me food!"
My old landlord refused to fix our water heater, the leaking roof causing mould and water damage, the outlets that were falling off, the broken light switches that didn't work, the ceiling light that was flickering and and literally hanging by the wires. All for $2000/month + utilities. Then he kicked us out because he wanted to sell the place, but now he can't sell it because no bank will touch it with the amount of water damage it has lmao.
Oh ya, can't forget the 5 times he's banged on our door threatening us with his lawyer because he stole $100 from us, we asked for it back, but he refused to answer our calls, so we had to wait 12 fucking months before our lease was up and we started paying month to month for us to subtract the $100 he owed us for 12 months from the payment.
Your know, I guess experiences vary widely, but the landlords I know don't fit all the hate. For instance, one of my employees decided to rent her house instead of selling it when her family needed a bigger one. They've been renting to the same family for a decade or more without ever raising the rent. The family could not afford to buy any house, let alone the one they're in, so renting allows them to live in a kind of place they couldn't afford otherwise. My employee has let them skip rent a few times when times were hard.
I know a few similar stories. Maybe it's different with people who own apartment buildings or whatever, but I just don't see being a landlord as inherently bad. Like anything else, you can do it ethically or unethically.
I run a small senior living complex in a rural town. We have the cheapest rent in town. We scrape by, trying to make improvements here and there. They are maintained though. We seriously charge hundreds of dollars less than the next closest complex in the area. We refused to raise our rent in the past 4 years dispite rising taxes and utility bills. Most our tenants are widows/widowers living off a fixed income. We are either too nice or bad business owners because that "fix my AC" One always stings and reaches into my personal budget. And by "personal budget" I mean I eat ramen for a couple weeks.
Anyway, I actually feel like this meme. Other than my tenants are usually happy. Occasionally we get someone who is just never happy no matter what you do. I know all the other complexes are owned by one company essentially creating a monopoly and they have exploited this town. We get calls from people crying because they will be homeless.
Ours put our rent up 25% so just because I was upset I paid this month's rent a week late and they were complaining they needed the money to pay their montgage... Bitch please I don't wanna hear about your financial problems
I'm a landlord. I'm priced WELL below the market because my tenant is state patrol and is a great guy and a good family. I haven't raised his rent ever. I will raise it when my HOA goes up next year, but that's only to help cover my fees. If keep the rent so I can pick the right renters that is compatible with me. I rather have a good renter than a few bucks more a month.
Oh, the hard, hard life of the rent-seeker who is stupidly greedy and unwilling to lose a little bit of profit to pay somebody else - like an agency - to take care of all the work and manage their assets, so instead of making money purely from having money without lifting a finger, they have to suffer the indignity of actually working a few hours a week like poor people.
A drawn picture of a woman with shoulder-length blue hair and purple suit jacket over a darker purple long-sleeve button-down shirt, hanging her head dejectedly while a semicircle of fingers ring her head, accompanied by the words: "Parasite!", "Fix my AC!", "Tenants have rights!", "Leech!", "Hope you get Mao'd!", "Let me live here for free!", "Rent control!", and "Rich Scum!".
Below the picture is a caption reading: No one understands the landlord struggle...
[I am a human, if I’ve made a mistake please let me know. Please consider providing alt-text for ease of use. Thank you. 💜]
Tenants do have rights. If the AC is owned by the landlord and part of the lease is on the landlord to fix it. And rent control is to keep rent from reaching New York closet for $6K levels.
I remember being so disgusted when Reddit had a sub Reddit start for "landlordlove" or similar. So ridiculous. No I don't give a fuck if your life is hard while you're making everyone else's life twice as hard. Not my fault you chose this as a living. Get out if you don't like it.
I have the first good landlords I've had in my entire life. We have a clean, decent townhouse - two stories w/ unfinished basement. It's in a safe residential/school zone, right behind my work, and he's renting it to us for several hundred less than he could be getting based on other similar rentals. I guess he grew up here and has sentimental attachment, and just wants it taken care of. He purchased the connecting unit and is renting it equally low to other great tenants who take care of it. Guy is a defense lawyer and doesn't need to squeeze every drop out of it I guess.
Him and his wife are super considerate of our time and our needs, get us nursery/greenhouse gift cards in the spring and Christmas baskets every year. They're fucking anomaly and it's absolutely perplexing after two decades of shitty landlords.
Friend tried renting some property in FL. It was a miserable experience with tenants who constantly trashed the places, having to hound them for rent while she had to pay the mortgage on time, etc. She eventually sold it and said "Never again."
Pretty much. I will say, although it’s extremely rare to find, but does exist (I know a landlord like this): some landlords get into landlording to try to make places affordable for others, meaning they barely take a cut for themselves. These are not the people you see raising rent at every opportunity. I’m also not refering to any landlord who decides to take “section 8” housing, as some of them are also predatory. To that end, her struggle is the same struggle as her renters, trying to make ends meet, herself. She owns her own “place” but her “place” is on wheels, making her technically a homeless landlord. I doubt that she is the only landlord like this in the US but as a long-time renter, I’m well aware she’s in the minority of landlords. Most landlords do so to earn a profit, the worst offenders being for-profit corporations who own many properties. Some landlords do try to help others, and I really wish there were more like them. I think the majority of landlords simply try to “price what the market will bear” which is usually “increase rent as much as we can by law” with the excuse that “we, the landlords take on all the risk so we need all the profit”.
I would love to see more “worker co-op” style landlording, although I don’t know how that would work techncially.
The problem is landlords who don't give a fuck about their tenants and are fixated on squeezing the most out of them. I currently own my house, but my previous landlords were very diligent with repairs and kept rent increases to inflation. They knew we were dependable tenants who paid rent on time and were going to leave the place in decent shape.
But yes, renting can absolutely have unscrupulous landlords. Large investors especially use rental pricing software to press tenants to their absolute limit. It becomes a form of price fixing.
We rent our starter home out because we want to eventually move back in when we retire. We keep the rent affordable and fix anything that breaks. Only rent increases that happen are due to HOA and property tax increases.
Thipical landlord in my country let you live in the shit with black wall full of humidity and no heater with an high price. And then they will also have the habits to Evict you if they don't want to pay taxes. And prefer to leave you in the street.
So I think that good landlord exists but most of them are just people that want money without give to you the bare minimum to live.
So I don't think you did anything wrong, and I'd even go so far as to say selling to anyone but the renters would be tantamount to leaving them to the wolves, but let's lay out some points
They've lived there for over a decade - by all rights except property rights, the house is theirs. At the same time, you played by the rules and built up the slight amount of generational wealth it'll take to give your children a free pass into the rapidly shrinking middle class
From what you've said, your position is not unethical or exploitative - if anything, owning a few properties and renting them at below market value does more good than harm
It's entirely unfair that you get to essentially tax them for the right to survive, but that's the only offer on the table. Ideally, you charge a rate near or below your costs over the long term and only make a profit through equity - they are already paying for the mortgage and you take care of sudden large expenses like appliances and repairs... Double dipping and also squeezing them for an ongoing profit is where it goes from potentially fair to profiteering. You get long term wealth, they get stability
Now where it gets dicey is with the pressures of the situation - management companies are getting real cozy with corporate property investors. When they inevitably ratchet up the prices or drop you to focus on bigger fish, will you pass the costs on to them or look at other options? If someone offers you something way over market value, will they have a seat at the table? When you pass it on to your children, will they end up left to the wolves then?
I think you should put thought into these questions, maybe attempt to get to know your tenants enough to feel emotionally connected to them (if they're amenable to the idea obviously).
And personally, I think you should just do right by them and hold out. Our system is untenable, we've reached the limits of easy growth and our economic systems are cannibalizing themselves - if you provide stability at fair rates until we reach the point of transition, I think at that point you can look back and say you did right by them
I have to rent out my basement, otherwise I literally couldn't afford my house plus food for my family of 4 (single income). We're living pay cheque to pay cheque, so I feel a certain amount of "fuck you" to this (assuming) sarcastic post.