this post was submitted on 16 Oct 2023
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Yeah and that's the risk you're supposed to take on when you invest in property to rent. The things you mentioned went up max 8% in my area but the rent increase was closer to double that. It's greed, plain and simple. Landlords raise rent because they can.
For better or worse it is unrealistic to expect business to just eat rising costs just because they got into business before the costs were so high. That would be nice but it's just not how the world works. If that were true then entire economies would collapse every time there was an economic shock.
It’s also unrealistic to expect tenants to eat the costs for one our three very basic needs - food, water, shelter.
So what’s the solution?
You'd be right talking about extremely unnecessary shit, like a new bugatti or a rolex or a replacement for a phone you bought less than 12 moths ago, but living space is a necessity that should be affordable if that's what the tenants need - good luck finding much of affordable and liveable living space.
This is an absurd take. There's already an obscene amount of risk in rentals.
Let's look at some real information here.
I purchased my house at ~260k. It's now apparently worth ~400k in the market. So this means a few things. Now my taxes will continue to rise as the county assessor will continuously increase my tax burden until I meet market value. This is a cost I didn't ask for. I purchased my house at ~260 and do not realize ANY gain until 400k (If I even can, shits stupid inflated cutting out a lot of buyers). So year over year tax burden increase is one large source of reason why costs will increase. If I rented to you with the understanding that my costs are X$, and then it magically adjusts itself for Y$ which is significantly higher than X$, all that means is that I could lose the house to the bank... and by extension you wouldn't have a place to live either.
This is compounded by renters who vote to increase tax burden on those with properties because it doesn't affect them anyway. My area is voting on 2 things related to schools right now... To create and sell $500MILLION (about 80% of a years budget for this district, it's a large district) in bonds and to continue a budget override. This is solely paid by property owners in my area. It doesn't affect renters directly. Personally I have no issues with giving the schools money they need. But when you read the bill they're effectively mismanaging their money (literally throwing it away in many cases) and most of the people who just blindly vote yes never look at that. But that is a cost I now have to bear... that I didn't vote for, but a potential renter may have.
Then comes inflationary costs in resources/repairs. If your oven breaks, it has to be replaced... a lot of that stuff has gotten significantly more expensive over the past few years. Handyman costs have gone up too... Someone has to pay it...
For all we know.. 8% IS 500$ for you... or even more likely that rent hasn't gone up in a few years and the 500$ increase represents a compounding 8% increase... Btw inflation of just currency has been quite high... forget inflation of materials like wood for repairs.
Edit: LMFAO So now I know bots follow me. There's no way that I get instant downvoted when I accidently submit a post early like this. What a joke.
Your networth went up merely by living in a house you own. This is not evidence of taking on risk.
I'm in a house that I bought at $175k and is now worth $330k. Yes, my taxes are higher. They're higher because I own a property of higher worth. Using that fact to beat on people who aren't in that situation makes you a douchebag. Hence the downvotes.
And yet you have to pay more taxes that you might not be able to sustain with your actual income. And when you finally make the breakpoint where you can't sustain it anymore... Then you no longer have a house. Remember a $1000 tax lien on your house can literally take away your 330k house.
Those downvotes came before I edited the post to contain all of my text. So no it's not where it came from. But thanks douchebag.
And as that value rises, I can sell it and live somewhere with a lower cost of living, pocketing the difference. You're still a douche for complaining about this. Maybe bots follow you because they're trying to make you go away.
Okay? You're assuming there is a lower cost of living somewhere to go to, and that you can actually sell at what the "market" value is. Or that the same thing wouldn't happen again in this new area forcing you to rinse and repeat in "selling" just to downgrade to "pocket" some magical "difference" that you're actually getting siphoned off of you because of tax increases that people who don't own property will determine that you owe.
In my personal circumstance I would have to leave my job and move at least 100 miles away to find anything "more affordable" in order to pocket the "difference". Forget that the 140k "difference" will get heavily eaten into in order to do that.
Keep complaining about how much tax you have to pay by becoming richer. I'm sure people struggling to make rent love to hear it.
Lmao. Your a moron if you think I'm rich.
Wow. That really sucks. Landlords should just sell their properties, instead of hoarding them all in that case.
The vast majority of renters don't rent because they can't own... They rent because they don't WANT to own.
So if all landlords just sold their properties all you'd be left with is the commercial landlords (apartments and the like).
So who would you rent from then?