Rent Bank

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JLives
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Re: Rent Bank

Post by JLives »

No. You list the property for a rate people can afford in general. It's really not rocket science.
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normaM
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Re: Rent Bank

Post by normaM »

ok, well J Lives I can only afford $400 a month - because I spend all my money on material things that give me a short time high. Anyone??? I'd like a whole house if possible
Rentals are not like a kind restaurant Owner who sets a " pay what you can" for his menu
Notice there isn't one of those here in Kelowna
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Even Steven
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Re: Rent Bank

Post by Even Steven »

JLives wrote:No. You list the property for a rate people can afford in general.
But everybody can afford different things - some people can only afford a room, some people can afford to pay normal rates.

What a landlord supposed to do?

If somebody can afford normal market rates then...that's what it's being listed at right now. What's the problem then?
BC Landlord
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Re: Rent Bank

Post by BC Landlord »

Vacancyrate wrote:As a landlord you should know that the rents you charge are directly tied to local wages.
And I am aware of that. That's why, when I advertise my units on the market, I expect inquiries from people who can afford it. It is not on me to decide what is affordable to them. Affordability is a personal thing. Not everyone can afford everything. There are so many things I cannot afford myself, but I don't ask for them.
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Re: Rent Bank

Post by BC Landlord »

JLives wrote:No. You list the property for a rate people can afford in general. It's really not rocket science.
No, you list the property for a rate the market can bear. Individual people's affordability can only influence that market. Landlords play along. It's always been like that. I don't understand why would be any contention points here.
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JLives
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Re: Rent Bank

Post by JLives »

BC Landlord wrote: No, you list the property for a rate the market can bear. Individual people's affordability can only influence that market. Landlords play along. It's always been like that. I don't understand why would be any contention points here.
What's the title of this thread? Do you think it's good for our communities that the people who live in them may require a loan to cover rent? And if landlords keep being greedy like this, it's going to get worse. My last listing had almost 400 responses of people telling me how bad their current situations are. I found a good family that will be able to afford the home they live in. That's my goal just as a human being who doesn't want to be a rich person in a poor community.
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BC Landlord
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Re: Rent Bank

Post by BC Landlord »

JLives wrote: What's the title of this thread? Do you think it's good for our communities that the people who live in them may require a loan to cover rent? And if landlords keep being greedy like this, it's going to get worse.
The title is "Rent Bank", and it's about a measure (good in my mind) to help people in need to keep a roof over their head. I have no idea how it descended into a "greedy landlord" diatribe. Have you?
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vegas1500
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Re: Rent Bank

Post by vegas1500 »

JLives wrote:
BC Landlord wrote: No, you list the property for a rate the market can bear. Individual people's affordability can only influence that market. Landlords play along. It's always been like that. I don't understand why would be any contention points here.
What's the title of this thread? Do you think it's good for our communities that the people who live in them may require a loan to cover rent? And if landlords keep being greedy like this, it's going to get worse. My last listing had almost 400 responses of people telling me how bad their current situations are. I found a good family that will be able to afford the home they live in. That's my goal just as a human being who doesn't want to be a rich person in a poor community.
Good on you then. I hope you single handily reform the rental market (sarcasm). Owning rentals is a business...plain and simple. Running a business, not a charity. No one is looking out for me, except me...,, going to get every dime I can. If wanting to get a head by taking risks, and making Investments is greed.....then I guess I’m greedy. And I am 1000% ok with that.....as every smart landlord is.

The “greed” argument usually stems 100% from renters......weird how that is.
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JLives
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Re: Rent Bank

Post by JLives »

vegas1500 wrote: Good on you then. I hope you single handily reform the rental market (sarcasm). Owning rentals is a business...plain and simple. Running a business, not a charity. No one is looking out for me, except me...,, going to get every dime I can. If wanting to get a head by taking risks, and making Investments is greed.....then I guess I’m greedy. And I am 1000% ok with that.....as every smart landlord is.

The “greed” argument usually stems 100% from renters......weird how that is.
No it isn't. It's a social contract. Get a real job and don't gouge people who just need a home. I work. I invest. I have rentals. And I do whatever I can in those processes to make society better. I live by my signature "Every dollar you spend is a vote for what you believe in." I believe in community.
"Every dollar you spend is a vote for what you believe in."
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W105
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Re: Rent Bank

Post by W105 »

I can see Jlives point about charging only what she needs to up keep her rentals..why ?? because chances are she will have very long term Tenants who will treat her rentals like their own home...and that's priceless...just ask a Landlord that has a huge amount of turnover with their Tenants and has to constantly weed out the bad ones..it ain't fun and it usually costs them more in the long run..
Even Steven
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Re: Rent Bank

Post by Even Steven »

vegas1500 wrote: Owning rentals is a business...plain and simple. Running a business, not a charity.
See, this is the beauty of a free country. You can run your rental like a business, or you can run it as a charity. We also have renters that have no problems paying the market rates for a place to live, and some people who don't. So, we have both types of tenants for both types of landlords.

Everybody wins.
W105
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Re: Rent Bank

Post by W105 »

you are not acting like a charity if you ask for reasonable rent to maintain your investment..if you want to gouge people go ahead..but don't be surprised if you have trouble keeping good Tenants..and/or have real fussy Tenants that call you about every single thing..

having a good long term Tenant is so much better in the long run..I mean you're not losing anything except for maybe a small amount of profit that could easily be chewed up by one really bad tenant...at the end of it all you will still own your property that basically someone else paid for...
Even Steven
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Re: Rent Bank

Post by Even Steven »

W105 wrote:you are not acting like a charity if you ask for reasonable rent to maintain your investment
What's reasonable though? To some tenants it's way below market value, to some people market value is just fine. I for example was an excellent tenant back in my day, and it wasn't because I was charged below-market value. I was paying market rates just like anyone else. I'm just a responsible kind of guy. And I didn't stay there for years and years because of lower rent, I stayed there because it made sense to me, and I left when we had to move for our own reason, no because of the rent amount.

So, what is reasonable to charge? Reasonable rent is what will bring lots of interest to the point where you can pick and choose a good responsible renter as opposed to somebody desperate. And that's how most landlords operate - they market their places at market values, get a ton of applications, and pick and choose a good one. To me that's reasonable. To some, it's "gouging". It's all relative.
having a good long term Tenant is so much better in the long run
Yes, but it doesn't mean you have to lower the rent to get a good tenant. Cheap rents don't' attract responsible renters. It just attracts renters, and you pick a good one.
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

If money is free and we have "rent banks" then we should just create a national-house-loan-program.

The Federal Government puts up the down-payment and holds your house as collateral (just like CHMC) and then ANY CANADIAN that wants to can buy a house or condo. They pay their rent to the federal Government because at this point the banks are not even charging interest. Yesterday a Canadian bank came out with a 0.99% mortgage and we're a hair away from 0% and going negative.

This way Canadians can cut out landlords and their "market rates" and have more money in their pocket at the end of the day to spend in the economy. Win/Win. Once the house is paid for then they can actual SAVE money and spend more money in the economy instead of throwing it down the landlords hole. No more student loans, much higher savings rates - no need for CERB cheques if the crap hits the fan again.

The Canadian taxpayer already holds the deeds of 60% of the people who have mortgages in Canada - if these people default its that Canadian taxpayer that pays the commercial bank for their loss. The bank is just a useless middleman! Just cut the middle man out.

If you landlords really want a "rent bank" we can go that way sure.

We can eliminate the need for landlords completely!
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Omnitheo
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Re: Rent Bank

Post by Omnitheo »

A government employee might only take 2 weeks to address your complaint about a broken front door, or dishwasher, or refrigerator, or washing machine or several years worth of pineneedles accumulated on a roof across multiple fire seasons, or plumbing issues or hazardous trees on property or insect problem.

Instead of several months to several years all the while continuing to demand 6 months advance rent cheques.

Just a few examples taken across 4 different landlords in the past, who also thought that being a landlord was their "job"
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