Landlord-Tenant Issues

Social, economic and environmental issues in our ever-changing world.
1669
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Re: Landlord-Tenant Issues

Post by 1669 »

JLives wrote: Dec 8th, 2023, 6:09 am
vegas1500 wrote: Dec 7th, 2023, 12:24 pm

They are “covering” the investment. If they don’t, it’s pointless. :up:
No. I'm old enough to know that's a new mindset. Renters in a home were intended to subside an investment. How awesome you got to buy a house and only cover 40% of the cost instead of 100% for example. Expecting renters to cover 100% of costs plus profits is what's new. And unsustainable.
My grandfather was investing in properties almost 100 years ago, and was very successful doing so. He was a farmer and a businessman, and he wouldnt sell any of his product below cost, whether it was produce or accomodation. Ive been in the rental business for over 40 years, and the idea that any rental business should operate at a loss to subsidize tenants lifestyle is absurd, and has never been the norm. Our tenants have always paid market rent, make at least 3x the rent, and can easily afford market rates. We have stable mutually respectful relationships bc they understand how business works. Many of them go on to buy their own homes and become landlords themselves.
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Re: Landlord-Tenant Issues

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1669 wrote: Dec 10th, 2023, 1:17 pm Tenants pay rent, thats it thats all. They aren't investing in anything.
And this is a very important starting point in every business relationship (landlord-tenant including), that parties involved understand what their roles and responsibilities are. I often hear that "tenants paying landlord's mortgage" nonsense in social media. This sours that relationship right there, as it implies tenant's greater rights than those prescribed by The Act and the contract. In some cases, it might be just harmless, but I am pretty sure that there are quite a few of these activists out there who mean it, and in a harmful way.

Bottom line, landlords accounting is not a subject for discussion with their tenants.
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Re: Landlord-Tenant Issues

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JLives wrote: Dec 8th, 2023, 8:36 am
FmosaMD wrote: Dec 8th, 2023, 8:35 am

Here is a random rental property:
https://classifieds.castanet.net/detail ... e/4940560/

$4,100 per month, ~ $50,000 per year.


Value of the home:
https://www.bcassessment.ca//Property/I ... A0MlYySA==


Rent is 4% of the value of the home.

Not a great time to be a landlord for this house.

Next
https://classifieds.castanet.net/detail ... h/4590212/

$2,900 a month, ~$35,000 a year.

House value:
$700,000

Rent is 5%

Give it a try!!!
Except none of that matters. Renters pay what landlords charge them. Period.
That's never been how business works. Period. Landlords cant just pull some number out of thin air and expect to get it. Any first year economics or business student knows supply and demand dictate market rates. Any property priced above market value, above the competition, simply wont rent. Period. Tenants have choices, especially good tenants. Good tenants know what market value is and dont have to pay above market rate. My tenants are happy to rent for market rate, and appreciate that market rate enables the landlord to maintain the property as it should be. They dont want to live in a rundown property to save a few bucks.
Last edited by 1669 on Dec 11th, 2023, 4:45 pm, edited 1 time in total.
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Re: Landlord-Tenant Issues

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1669 wrote: Dec 11th, 2023, 2:35 pm Any first year economics or business student knows supply and demand dictate market rates.
Many people don't, as evident here. :biggrin:
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Re: Landlord-Tenant Issues

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Another landlord-tenant issue would be when tenants become overly demanding into their tenancy. I respond to all reasonable requests. However, those unreasonable indicate a bad faith, often reflecting their struggling to pay rent on time.
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Re: Landlord-Tenant Issues

Post by 1669 »

JLives wrote: Dec 8th, 2023, 8:51 am
FmosaMD wrote: Dec 8th, 2023, 8:42 am

It's been valued this way for 30+ years...

Good luck trying to be a 10%+ value of the land landlord. Nobody will rent your unit...

It's not what can be changed, most investments make 6-11% each year on the value invested.
No. Most landlords are googling current listings and going with that. Landlords like me pick a sustainable number that subsidizes their investment understanding the big payoff is when you sell. As it's actually been for decades.
It hasn't been that way for decades, and we aren't looking for a big payoff. We dont sell our properties, that is not part of our business plan at all. All family property will remain in the family and passed to the next generation.
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Re: Landlord-Tenant Issues

Post by 1669 »

JLives wrote: Dec 8th, 2023, 9:20 am
FmosaMD wrote: Dec 8th, 2023, 9:18 am

Do you also reject commercial rentals?

What about car rentals? You're getting a pretty damn good deal to buy an asset for 40% of its value if you have travellers looking to rent cars!

This is life, housing isn't special. Being in construction you know how much it costs, its certainly not free nor cheap!

Agree, we need more homes, stopping investment in them will not get more built...
Housing is absolutely special. Maybe that's where the real issue is. People not giving a crap that we actually need people to live in homes in our communiities
Not giving a crap? Who? Landlords dont want vacancies, they want tenants to live in their rental properties, that's the whole point of this business. Our communities are not empty. This is one of the fastest growing areas for population growth in the country, and many tenants are moving here.
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Re: Landlord-Tenant Issues

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Expecting couple facing $600 rent hike for baby

https://globalnews.ca/video/10163609/ex ... e-for-baby

Landlord wants $600 more per mth because they are having a baby- and he can request it since their Tenancy Agreement states if there's more occupants he can raise the rent-

now to me this is pure greed !! sure raise the rent but $600 for a baby is ridiculous !!
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Re: Landlord-Tenant Issues

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Patron wrote: Dec 12th, 2023, 10:11 am Expecting couple facing $600 rent hike for baby

https://globalnews.ca/video/10163609/ex ... e-for-baby

Landlord wants $600 more per mth because they are having a baby- and he can request it since their Tenancy Agreement states if there's more occupants he can raise the rent-

now to me this is pure greed !! sure raise the rent but $600 for a baby is ridiculous !!
Apparently, it's not just a baby, but grandma (to be), as well. Also, it's not clear who pays for utilities. With babies, there is a lot of washing/drying, plus increased wear and tear.

The video is extremely short on details. Doesn't even say in which city is that, nor what rent they are currently paying. Let alone presenting the landlord's side of the story. It's clearly meant only to stir emotions.
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Re: Landlord-Tenant Issues

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BC Landlord wrote: Dec 12th, 2023, 11:08 am Apparently, it's not just a baby, but grandma (to be), as well. Also, it's not clear who pays for utilities. With babies, there is a lot of washing/drying, plus increased wear and tear.

The video is extremely short on details. Doesn't even say in which city is that, nor what rent they are currently paying. Let alone presenting the landlord's side of the story. It's clearly meant only to stir emotions.
Last edited by 1669 on Dec 12th, 2023, 11:29 am, edited 1 time in total.
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Re: Landlord-Tenant Issues

Post by 1669 »

BC Landlord wrote: Dec 12th, 2023, 11:08 am
Patron wrote: Dec 12th, 2023, 10:11 am Expecting couple facing $600 rent hike for baby

https://globalnews.ca/video/10163609/ex ... e-for-baby

Landlord wants $600 more per mth because they are having a baby- and he can request it since their Tenancy Agreement states if there's more occupants he can raise the rent-

now to me this is pure greed !! sure raise the rent but $600 for a baby is ridiculous !!
Apparently, it's not just a baby, but grandma (to be), as well. Also, it's not clear who pays for utilities. With babies, there is a lot of washing/drying, plus increased wear and tear.

The video is extremely short on details. Doesn't even say in which city is that, nor what rent they are currently paying. Let alone presenting the landlord's side of the story. It's clearly meant only to stir emotions.
Its now "pure greed" when landlords and tenants are expected to live up to their written word in a lease?? Doesn't a mans/womans word mean anything anymore? Used to be that a man would be ashamed to pull a stunt like this. The landlord clearly intended to rent to 2 people only, and the tenants signed the lease knowing that any increase in occupancy would result in an increase in rent.

So now when the landlord follows the agreement, the tenants phone the news and drag him through the mud. Not a bright idea of the tenants, as most landlords wont want to rent to them now. They have no morals. I would want them gone.
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Re: Landlord-Tenant Issues

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1669 wrote: Dec 12th, 2023, 11:28 am
BC Landlord wrote: Dec 12th, 2023, 11:08 am
Apparently, it's not just a baby, but grandma (to be), as well. Also, it's not clear who pays for utilities. With babies, there is a lot of washing/drying, plus increased wear and tear.

The video is extremely short on details. Doesn't even say in which city is that, nor what rent they are currently paying. Let alone presenting the landlord's side of the story. It's clearly meant only to stir emotions.
Its now "pure greed" when landlords and tenants are expected to live up to their written word in a lease?? Doesn't a mans/womans word mean anything anymore? Used to be that a man would be ashamed to pull a stunt like this. The landlord clearly intended to rent to 2 people only, and the tenants signed the lease knowing that any increase in occupancy would result in an increase in rent.

So now when the landlord follows the agreement, the tenants phone the news and drag him through the mud. Not a bright idea of the tenants, as most landlords wont want to rent to them now. They have no morals. I would want them gone.
yeah, to me $600 for a baby and another $600 for grandma to stay a few weeks to help- I also said yes they should have to pay something because it's in their tenancy agreement but $600 for a baby is a tad too much in my opinion- just pure greed :up:
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Re: Landlord-Tenant Issues

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1669 wrote: Dec 12th, 2023, 11:28 am So now when the landlord follows the agreement, the tenants phone the news and drag him through the mud. Not a bright idea of the tenants, as most landlords wont want to rent to them now. They have no morals. I would want them gone.
No, it's not really a smart thing to do. I'm pretty sure, the landlord in question will not cut them any slack after this, on anything. If I were them, I would have tried to negotiate a deal first, but it's too late for that now. And if they really signed that in the contract, they have no recourse whatsoever.

Secondly, we also don't know if they had some run-ins with the landlord in the past. In that was a case, then I would enforce the contract to its fullest extent. No deals!
Last edited by BC Landlord on Dec 12th, 2023, 12:02 pm, edited 1 time in total.
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Re: Landlord-Tenant Issues

Post by 1669 »

Patron wrote: Dec 12th, 2023, 11:43 am
1669 wrote: Dec 12th, 2023, 11:28 am
Its now "pure greed" when landlords and tenants are expected to live up to their written word in a lease?? Doesn't a mans/womans word mean anything anymore? Used to be that a man would be ashamed to pull a stunt like this. The landlord clearly intended to rent to 2 people only, and the tenants signed the lease knowing that any increase in occupancy would result in an increase in rent.

So now when the landlord follows the agreement, the tenants phone the news and drag him through the mud. Not a bright idea of the tenants, as most landlords wont want to rent to them now. They have no morals. I would want them gone.
yeah, to me $600 for a baby and another $600 for grandma to stay a few weeks to help- I also said yes they should have to pay something because it's in their tenancy agreement but $600 for a baby is a tad too much in my opinion- just pure greed :up:
The landlord clearly intended to rent to 2 people only. $600 is greedy?? My plumber charges me $900 per day, and I dont think he is greedy. Babies mean a lot more wear and tear on appliances. Appliance repairman charges me $120 for a service call, and $2 per minute while he is there. My tenants below me had a baby, and I had to replace the laundry. Cost $2,500. This isnt 1980. The time to negotiate is before you make a deal, not after.
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Re: Landlord-Tenant Issues

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https://globalnews.ca/video/10163609/ex ... e-for-baby

Landlord wants $600 more per mth because they are having a baby- and he can request it since their Tenancy Agreement states if there's more occupants he can raise the rent-

now to me this is pure greed !! sure raise the rent but $600 for a baby is ridiculous !!
So the tenancy agreement which both parties voluntarily signed and BC Law governs should be thrown out or only applied if it benefits the tenant in some way?
By law landlords in BC are not allowed to discriminate based on such things as ethnic back ground, sex, religion or AGE. If the tenant wants to add another occupant to the lease then they must pay the extra fee they voluntarily agreed to no matter the additional occupants age.

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