bitwolf@lemmy.one 1 week ago
Are they renting out for as cheap as they can afford? Modest profit aside is fair.
If they’re like “oh wow. I can raise from 1800$/mo to 2500$/mo bc everyone else is”. That’s where it’s concerning.
Personally, if I was in their shoes, I would interview and find a struggling family and subsidize their rent from the other tenants for two of the 5 houses for as long as I could afford to.
IDKWhatUsernametoPutHereLolol@lemmy.dbzer0.com 1 week ago
Listings typically start at $1600/mo with aversge looking at around $1800 and there are even some at like $2000 up to $2400 all the same 3 bedroom 1 bathroom houses.
I think her properties (again, I only heard her and my parents talking, a young adult like me don’t typically talk about these stuff) are from $1300-$1500; with tenants that started renting maybe 2-4 years ago at the lower end of that range, and the tenants that started renting eaelier this year in the higher end of the spectrum. I think I heard her saying she had a tenant at around $950 when she stsrted doing this like maybe 7 years ago, and she didn’t really raise rent much because she didn’t want to lose tenants, and they oay on time, so she kept it at $950 while everyone else raise their rent. Then like 5 years after their lease, she raised it like like $50, then a year later raised it another $50. So at like $1050, meanwhile, the starting price that year was $1400 with some at $1600 or even higher. I mean, the new tenants she got that year, she priced it at $1300, but she didn’t raise those old tenants.
I don’t know if she did this because out of the kindness of her heart or not, but mostly because she didn’t want to lose tenants so she priced it about $100-200 below the market’s lowest price, then keep the price mostly unchanged until the tenants decide to move out. Then start the new lease at $100-$200 below market’s lowest price of that year. That seems to be her MO.