this post was submitted on 21 Jun 2024
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Betty and Bob are in an unfortunate situation, but they're taking a thing of value and charging money to cover all costs, and make a profit. The tenant is therefore paying the mortgage and all repair costs, and then even more to support what amounts to a leech.
It might be a good arrangement for Betty and Bob, but it makes living somewhere more expensive.
Which is the general point. I can be sympathetic to Betty and Bob, but landlords buying houses leaves less houses for everyone else for a 'job' that doesn't add any real value to society. It just props up someone with the economic means to buy multiple houses and make them a living while hanging the rest of us out to dry.
Ok, so we’re going to throw a negative generalization up to support our narrative of ‘ALAB’.
I purchased my home within the last 4 years. Before that my wife rented from the same owner for 10 years. Living in midtown Atlanta, a place that is now full of 1.5 million dollar homes on postal stamp sized lots. That landlord or owner may have had a few properties, we don’t know, but it was a personal rental that was a 2Bed/1bath for 2/3rds the local rate. And they did the maintenance at their expense.
They also have kept up with her afterward, and mentioned that they wish that they could have found another tenant like us. If I rented out a portion of my place while I was living out of town for work? I’d aspire to be as good as they were. Sadly, it’s just me now so maintenance and yard work would have to wait for the weekends.
Let’s just have a little more nuance. Big Corpo is bad, but not everyone who is trying to make a living is.
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?
Just a few thoughts.
So they should pay the same expenses, PLUS extra to support the landlord who could meet the bank's criteria for a loan?
They also don't have to worry about cashing in on the appreciated value of the house since they moved in...
Funny joke. My parents bought a house for $90,000 in 1993 that is worth ~$400,000+ today. What percentage of investments could offer such a yield in the same time-frame?
I still get those same scam calls despite not being a homeowner.
Got anything else?
Obviously there has to be an incentive for Jim-bob to tie up his retirement savings and credit worthiness in a house that he doesn't live in. You may not like the fact that people have to qualify for bank loans to buy property, but this is the world we live in. Especially if you happen to be an undocumented immigrant.
Oh, your anecdotal evidence about your parent's home surely beats my Nobel-prize winning economics study citation. Lucky for your parents they didn't have to sell it in 2010. Because I have anecdotal evidence for someone who bought a house for $400k in 2004 and then later sold it for $280k after the real estate crash.
Also the increasing property value you mention is due to regulatory capture by home owners who prevent the construction of new rental properties for fear it will "hurt their home value." Combined with a mass exodus out of the rural areas into urban areas that are not building homes or city infrastructure fast enough to keep up with the increase in residents in the short run, which results in increased prices for homes in the city until those issues are addressed.
None of these things are "working as intended."
No, you get different scam calls which you assume are the same but are definitely not, since these ones just go out to names on lists of property owners, not random residents.