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.
Yeah, for sure - I live in southern California, which has about as high a cost of real estate as you’re going to find, but that isn’t caused by landlords. I mean, if you bought a new car and were selling your old one, you’d probably sell it for whatever the market would pay, right? Maybe if you’re really well off you’d just give it to someone, but most of us are going to sell for the going rate. It’s the same with houses. If I can easily get $500k for my house, I’m not going to list it for $400k just to be nice - I could use the money.
Do people feel like it’s inherently more laudable to sell their house than to rent it? It seems like, as long as they’re not gouging, they’re doing more of a service by renting to people who can’t afford to buy, and also covering all the costs of repairs and risk of damage that renters don’t have to worry about.
I just don’t get the hate broadly, though the management company who ran my daughter’s apartment complex were assholes.
I work in a real estate adjacent field, part of the housing issue IS very much because of big companies and people just buying up all the houses to rent them for passive income.
I don’t care if people have 2 or 3 houses but when they own 8 or 9 or hundreds then yea we have an issue.
Yeah, I agree a hundred percent. In every business, it’s possible to be predatory. Big companies are doing some really shitty things, and we should try to figure out how to stop that.
But some people are saying that being a landlord is inherently unethical - the moment someone rents a property, they’re a vile leach. I just think that’s wrong.
My last land lord raised rent by 2.5x after the first year. When we moved out he kept the full security deposit because “the inside of the oven was dirty”
Doesn’t matter either way. My landlord is an asshole who never fixes anything he says he will (even things he’s legally supposed to.) Can’t use the law against him because he’s allowed to raise the rent any time he wants with a few simple changes to our lease.
I’ve never had a good landlord. Most of them are greedy trash.
I’m a land lord, did exactly what people say we all did. 15 years ago I bought two 200k homes for 30k each (30k was the down payment) the houses are worth over 600k each now… they are an income plan for my kids so they don’t have to necessarily worry about taking a better paying job instead of something they want to do. Probably a little naive now. But I run the houses at a bare minimum profit just so the government won’t come after me due running a loss on my taxes. I have raised rent only enough to do that. I pay for a property management firm to take care of the properties so that the tenants have 24 hour response to issues. I’ve had the same tenants for 12 years in both properties. Every 4 years or so I have one of the rooms that the tenants want renovated. It’s a right off so doesn’t costa fortune ava the house gets slowly updated. Not every landlord is an asshole. Some of us play the long game without screwing people. But I realize that I am part of the problem. I am part of the reason for less supply in the market. But selling my properties will make my children’s lives less secure and I’m not willing to do that. So i do partially deserve some of the blame.
This shows one of the most common things landlords tell themselves to justify it.
But I run the houses at a bare minimum profit
You tell yourself this, to make you feel better, but you don’t acknowledge that almost all the money your tenants pay you is profit, since they are paying for the mortgage. Even if you rented at 0 immediate profit, for the entire time until you paid off the houses, you would have actually made 1.2million in profit, since you now own 2 houses at 600k each.
And those families, instead of paying a mortgage and ending with hundreds of thousands of dollars in equity, that they could refinance, or use to buy a better house or leave as inheritance for their kids, now have nothing, as all that money has gone to you.
There is no such thing as an ethical landlord. Even the “”“good”“” ones are still exploring people’s basic need for shelter to make them rich.
If you really wanted to be a “good” landlord offer those families the chance to buy the house with the 15 years of down payments they already made to you to start it off. But as you said they’re an “income plan” for your kids I don’t think you would do that.
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.
Sounds like a problem with the price of housing, which is a not entirely unrelated issue.
Yeah, for sure - I live in southern California, which has about as high a cost of real estate as you’re going to find, but that isn’t caused by landlords. I mean, if you bought a new car and were selling your old one, you’d probably sell it for whatever the market would pay, right? Maybe if you’re really well off you’d just give it to someone, but most of us are going to sell for the going rate. It’s the same with houses. If I can easily get $500k for my house, I’m not going to list it for $400k just to be nice - I could use the money.
Do people feel like it’s inherently more laudable to sell their house than to rent it? It seems like, as long as they’re not gouging, they’re doing more of a service by renting to people who can’t afford to buy, and also covering all the costs of repairs and risk of damage that renters don’t have to worry about.
I just don’t get the hate broadly, though the management company who ran my daughter’s apartment complex were assholes.
I work in a real estate adjacent field, part of the housing issue IS very much because of big companies and people just buying up all the houses to rent them for passive income.
I don’t care if people have 2 or 3 houses but when they own 8 or 9 or hundreds then yea we have an issue.
Yeah, I agree a hundred percent. In every business, it’s possible to be predatory. Big companies are doing some really shitty things, and we should try to figure out how to stop that.
But some people are saying that being a landlord is inherently unethical - the moment someone rents a property, they’re a vile leach. I just think that’s wrong.
My last land lord raised rent by 2.5x after the first year. When we moved out he kept the full security deposit because “the inside of the oven was dirty”
Your mileage may vary
Your landlord is allowed to raise it by that much? I’m Dutch and we have limits on how much rent can increase, which was a maximum of 4.1% in 2023.
Yes. My landlord is literally a corporation.
Doesn’t matter either way. My landlord is an asshole who never fixes anything he says he will (even things he’s legally supposed to.) Can’t use the law against him because he’s allowed to raise the rent any time he wants with a few simple changes to our lease.
I’ve never had a good landlord. Most of them are greedy trash.
This is the whole “not all cops are bad a guy I know is a cop and he’s nice” argument just for landlords.
Or you could phrase it about slave owners “my freind owns slaves, but he just owns the one and he treats them really well!”
Landlording is inherently immoral and explotative, not matter hoe “”“ethical”“” the landlord is.
I’m a land lord, did exactly what people say we all did. 15 years ago I bought two 200k homes for 30k each (30k was the down payment) the houses are worth over 600k each now… they are an income plan for my kids so they don’t have to necessarily worry about taking a better paying job instead of something they want to do. Probably a little naive now. But I run the houses at a bare minimum profit just so the government won’t come after me due running a loss on my taxes. I have raised rent only enough to do that. I pay for a property management firm to take care of the properties so that the tenants have 24 hour response to issues. I’ve had the same tenants for 12 years in both properties. Every 4 years or so I have one of the rooms that the tenants want renovated. It’s a right off so doesn’t costa fortune ava the house gets slowly updated. Not every landlord is an asshole. Some of us play the long game without screwing people. But I realize that I am part of the problem. I am part of the reason for less supply in the market. But selling my properties will make my children’s lives less secure and I’m not willing to do that. So i do partially deserve some of the blame.
Edited to add down payment info.
This shows one of the most common things landlords tell themselves to justify it.
You tell yourself this, to make you feel better, but you don’t acknowledge that almost all the money your tenants pay you is profit, since they are paying for the mortgage. Even if you rented at 0 immediate profit, for the entire time until you paid off the houses, you would have actually made 1.2million in profit, since you now own 2 houses at 600k each.
And those families, instead of paying a mortgage and ending with hundreds of thousands of dollars in equity, that they could refinance, or use to buy a better house or leave as inheritance for their kids, now have nothing, as all that money has gone to you.
There is no such thing as an ethical landlord. Even the “”“good”“” ones are still exploring people’s basic need for shelter to make them rich.
If you really wanted to be a “good” landlord offer those families the chance to buy the house with the 15 years of down payments they already made to you to start it off. But as you said they’re an “income plan” for your kids I don’t think you would do that.