this post was submitted on 21 Jun 2024
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I'd say there's a difference between renting out a portion of a house the landlord also lives in and purchasing whole other homes and renting them out.
Besides, no matter how nice the multi-home-owning landlord is, the reality is they don't purchase homes and rent them out without making a profit on all expected costs, maintenance included. The better deal for the renter renting a whole home would be to own the home and maintain it, because then they're saving the profit the landlord charges.
A nice polite leech is still a leech.
Sure, everything you purchase in a capitalistic society has profit added to it, but normally there's also added value. You pay more in the brick and mortar store vs buying online because the added value is getting the item immediately. You pay more for the car part at the mechanics shop vs doing it yourself because having a professional install it adds value.
What value does Jim-bob owning 5 homes and renting them out to make a living add to the tenants?
A place to live without having to handle maintenance/upkeep themselves, to be approved for a mortgage, save up for a downpayment, or to have to sell (and navigate all the mess of that process) when they need to move.
Admittedly, some of the above rely on you having a landlord that isn't shit.
I know a few people who could afford to buy a rather nice home, who instead seek out short term lease rentals to live in, so they can travel more and not need to be tied down to a specific place.
Edit: Also, the maintenance costs passed to the renter are dispersed across time as well, so they aren't having to foot the full cost of say, a new fridge suddenly. In multi-tenant situations, the costs are dispersed across all tenants, so a person needing a laundry machine replaced is somewhat subsidized by everyone else paying in who doesn't, kind of like insurance.
And you end up paying for all of those anyway, plus extra. Minus the equity increase as the house appreciates in value over time. The only party it makes long term financial sense for is the Landlord.
But the landlord charges enough above the mortgage payments to cover that cost, on top of the extra added for profit. The renter could save that extra money, cover the sudden cost of a fridge or washing machine, and have money left over vs renting.