this post was submitted on 22 Sep 2023
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"They might not treat you like shit, but when push comes to shove they will put their income before your wellbeing." Yes, you know, just like any business. Just like you do for them. Would you pay them extra rent to improve THEIR wellbeing? No? Why would you expect the opposite?
Just because you have a more personalized relationship with your landlord than the McDonalds down the street, why would you expect that they let you stay in their house for free when you lose your job? Do you expect McD's to give you a free meal if you walk in after you've lost your job? For a month? For 6 months?
I own a 2nd house across the street from mine that I rent to my parents. After I pay mortgage, taxes, and insurance, I probably lose about ~$100 each month in that arrangement. (This is cash flow. Increasing equity means I'm making money overall, but not a ton). I charge them $3000 per month which is actually below market rate here and they have good retirement savings so they can easily afford it.
If they were a normal tenant and they quit paying mortgage I would lose $3k out of pocket each month. $18k if they didn't pay rent for 6 months. $36k if not for a full year. For my parents I would just eat those costs. It would hurt, but I would get by. Do you all expect that I should do that for any random person I'm renting the house to? Should I also continue working for my boss also if he quits paying me? Do you pay rent for your neighbor if he loses his/her job?
I really don't get the landlord is evil view. The landlord has an asset (a building and property) and they're renting it out. It's a business, just like if they're a restaurant or a construction company. Unless they have a monopoly on the land and buildings in your area, I don't see how they're any more evil than the other businesses you're dealing with every day.
Landlords individually may not be evil, but the landlording class is opposed to the working class. Like you said landlording is a business and they will try to get as much rent out of you as possible, and in turn the tenant will try and pay as little rent as possible. This is class conflict. Any person, or structure or system your in conflict with over basic necessities like housing you may call evil, if your inclined to the good and evil morality view.
The critique of landlords is that they are a small, wealthy and powerful class extracting wealth from a larger and poorer class while not actually producing anything. They don't produce housing, they just use their capital to buy it and then rent it out. McDonald's may be taking money from the poor but at least they're producing the burgers they sell.
Something like 3/4 of houses are getting bought up by instant cash offer corporations who sell in bundles to venture capitalist backed renting corporations.
So yes. They have an effective monopoly. Oh and they've also been caught working together to raise prices. Nobody is mad at the landlord renting out the second place at cost.
Where are you getting your numbers? At best corporations buy up 25% (according to online statistics), but the statistics say "investors" buy up 25%, not corporations. For example, i bought a 2nd house to rent to my parents so that would be considered "bought by an investor" I think. I think the boogieman investor-purchases are overstated from what I've seen. Do you have anything you can point at that can back up your numbers?
I'm not going to pretend that I'm on the side of the landlords here, but I don't think individuals who own and rent out a few properties are part of the problem. In fact, there should be more people like that.
I think it's the large corporations owning tons of properties across multiple cities or even countries that are the issue. Houses shouldn't be treated as financial products or investment vehicles for massive entities, they are places for people to live. It's insane to have more empty houses than homeless people, there is no justifying that. I think requiring companies to have local offices in the cities they have properties would go a long way to address this.
I'm currently trying to convince the company that manages my current place that yes, they do have our insurance and to please stop charging us fees. They want insurance with both my wife and I 's names on it. I've submitted it 3 times over the last couple of months, and I swear they only read the top name on the paperwork and reject it.
Best comment. Thanks 👍