Wealthy Landlord wants sympathy

[countmeout]

The alternative is to move more toward socialist and/or communist practices.

Oh, how much fun would that be! Imagine trying to get people to build and maintain rentals when everything is shared and everyone is perfectly equal.

Would love to hear the same complaining that their state-sanctioned 300 sqft apartment is terrible.

[liisgo]

There is a difference between creating value and extracting value.

One of these things is vampirism.

Those whining about rents and calling the asking prices vampirism (bloodthirsty piranhas) have no idea that things cost money...

They think landlords hold some sort of insane advantage, in reality, landlords are paying for homes to rent to people. The people complaining the landlords are gouging have all ignored my math above, right over their heads it went.

Without landlords, home builders, etc, we'd all be living in huts. Expecting to have "affordable rents" means the property value must align with what is considered "affordable". If the property value is beyond what is considered "affordable" it's hardly the landlord's fault but has more to do with the cost of housing; yet here are some people screaming bloody murder and it's soo greedy to expect 7% on the value of a home.

Keep pushing our politicians, and renters! A couple more years of these restrictive measures and you'll have not much left to rent. Vacancy rate is already dangerously low, below 1% in many BC locations. As more landlords like the one in the article speak out and get out of the business, more pinch will be felt.

Most of us can totally understand and appreciate what your saying. Whether a renter or not, the math is easy to see how inflation, insurance, interest rates, energy cost's all play into it the same for everyone.
The ones fighting so hard in certain areas of life right now, such as those complaining they didn't get into the right line when the rest of us received free houses, are doing so to establish a victimhood claim in order for self benefit. No where does that require an understanding into any thing.
You gotta love how the government did nothing to limit the rents of the most vulnerable in this country at their senior homes. Mom just received another 4.5% increase, and the notice stated it was due to higher costs. The foreign company that owns them is on the stock exchange. Record profits of course. They also donate to the current government. Well that parts a lie, but just makes sense. cheers.

[BC Landlord]

Not sure what to say ... This guy sounds more like he's a boasting about his assets. He also sounds more like a neophyte in this business. I mean, after (allegedly) that much investments in renal business, he realizes there are rent controls here? Really?

[TylerM4]

I mean, after (allegedly) that much investments in renal business, he realizes there are rent controls here? Really?

How did you come to this conclusion?

Reading that article I see nothing that indicates he was unaware of rent controls. I can't even find anything the indicates he believes rent controls shouldn't be in place. What I do see is him saying is "It's not appropriate to have rent controls that are lower than inflation." along with warning potential landlords that they could be in the same situation as him.

I tend to agree with him. Why should we expect landlords to shelter tenants from the impact of inflation on their own dime? I'd also like someone else cover inflation over and above 2%. 17% property tax increase alone this year. Maybe we can get people who have paid off their mortgages to cover the extra 15%? They're wealthier than I am.

[countmeout]

Maybe we can get people who have paid off their mortgages to cover the extra 15%? They're wealthier than I am.

And that's the jealousy portion of it for sure! Don't hear homeowners crying to the BOC that the new rates and declining home values are causing them to not be able to renew.

[BC Landlord]

How did you come to this conclusion?

Reading that article I see nothing that indicates he was unaware of rent controls. I can't even find anything the indicates he believes rent controls shouldn't be in place. What I do see is him saying is "It's not appropriate to have rent controls that are lower than inflation." along with warning potential landlords that they could be in the same situation as him.

I tend to agree with him. Why should we expect landlords to shelter tenants from the impact of inflation on their own dime? I'd also like someone else cover inflation over and above 2%. 17% property tax increase alone this year. Maybe we can get people who have paid off their mortgages to cover the extra 15%? They're wealthier than I am.

The guy is boasting about 20-ish units he owns. I own a few (not nearly that many) but I've never had problems with rental caps, as my tenants naturally move after a year or two. You control that by rent, and that being, set it high up front, and don't miss any increases, to the full amount allowed. Don't take me wrong, rent controls are bad. You just need to learn how to do business in such an environment. And this guy doesn't sound very smart.

[TylerM4]

The guy is boasting about 20-ish units he owns. I own a few (not nearly that many) but I've never had problems with rental caps, as my tenants naturally move after a year or two. You control that by rent, and that being, set it high up front, and don't miss any increases, to the full amount allowed. Don't take me wrong, rent controls are bad. You just need to learn how to do business in such an environment. And this guy doesn't sound very smart.

Agreed, but that's not the part I quoted. The part I quoted was suggesting the landlord was unaware of rent controls.

[countmeout]

as my tenants naturally move after a year or two.

How exactly does your tenant's moving every two years make you smart? What would you do in a situation where someone decided they like the place and lived there for 20 years?

[BC Landlord]

The guy is boasting about 20-ish units he owns. I own a few (not nearly that many) but I've never had problems with rental caps, as my tenants naturally move after a year or two. You control that by rent, and that being, set it high up front, and don't miss any increases, to the full amount allowed. Don't take me wrong, rent controls are bad. You just need to learn how to do business in such an environment. And this guy doesn't sound very smart.

Agreed, but that's not the part I quoted. The part I quoted was suggesting the landlord was unaware of rent controls.

Perhaps, in the lights of rent controls, he needs to rethink his operations then. As bad as rent controls are, there are ways of circumventing that problem. And that's not complaining to media.

[TylerM4]

How exactly does your tenant's moving every two years make you smart? What would you do in a situation where someone decided they like the place and lived there for 20 years?

That's a good point. I rented out a basement suite to help pay the mortgage and my experience was similar (average of 12-18 months average before they chose to move out) but I have a good friend who owns a property management company.

What he told me: It's a long game. Units start out as 1-2 years average between tenants, until you get someone who stays for 10+ years. Seems there is very little middle ground - either they're there for a year or two or they're there for a decade or two. Over time, all of his units would eventually end up with someone who had been there 10+ years. Those were the units he made good money on as he didn't have to do much to earn his fees.

Regardless - I think it's a stretch to identify someone as "not very smart" for not planning for inflation rates that haven't been seen in 40 years.

[TylerM4]

Perhaps, in the lights of rent controls, he needs to rethink his operations then. As bad as rent controls are, there are ways of circumventing that problem. And that's not complaining to media.

Really? Perhaps you can share some of those ways? RTB has worked hard to prevent just what you're proposing and it's pretty much the definition of "scumbag landlord".

For the record, I personally don't think rent controls are horrible. But I do think that rent control rates below inflation are. Policy should be annual inflation rate as a starting point. Anything less and it's annual rent reduction not rent increase as the value of the dollar erodes over time.

[BC Landlord]

How exactly does your tenant's moving every two years make you smart? What would you do in a situation where someone decided they like the place and lived there for 20 years?

They move for many different reasons (jobs, family, school ..). However, I don't give them any incentives to stay longer by providing them with rent slacks. It works so well. I wouldn't call that "smart", just prudent.

[TylerM4]

They move for many different reasons (jobs, family, school ..). However, I don't give them any incentives to stay longer by providing them with rent slacks. It works so well. I wouldn't call that "smart", just prudent.

Mind sharing what "rent slacks" are? Google returns links to pants.

[BC Landlord]

Mind sharing what "rent slacks" are? Google returns links to pants.

Some landlords do not exercise the allowed annual increase every year. That's what I referred to as "slacks". A bad mistake.

[BC Landlord]

Really? Perhaps you can share some of those ways? RTB has worked hard to prevent just what you're proposing and it's pretty much the definition of "scumbag landlord".

I've already explained that many times here. And I'll repeat it again ... In this economy, there is absolutely no way a landlord would keep a tenant for such a long time that causes him financial loss. He would first try to renegotiate the rent, and if unsuccessful, he would evict for personal use, leave it empty for 6 months, and re-rent at market price again.