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this post was submitted on 09 Dec 2024
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No Stupid Questions
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No such thing. Ask away!
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By your logic, what happens when the roof needs to be replaced and it costs $15,000 to do that? The rent goes up by $15,000 that year? That's ridiculous.
This is why rent is higher than a particular year's costs -- it includes capital costs over a period of time. $15,000 over 15 years is $1,000/year or about $84/mo. Add that to the cost of landscaping, utilities, turnover costs, plus a wage for the owner. Why is the wage $25/hour? Why not $100/hour? It's a skilled job.
I was including predictable ongoing building maintenance costs spread over time as part of operating costs.
Lmao, no it's not. It does not require a degree or any kind of specialized training. And tell me what landlord actually spend 10 hours per month working on an individual property, every month. If you want to nitpick the example we should lower that to probably 1.
How long have you been a landlord to know exactly how many hours a landlord works in a month?
I've been in contract with them for 15 years and have a pretty exact idea of how much work they put in and how much they spend, read: far less than their own house, because they care more about keeping themselves comfortable than their literal job of providing housing for others.
Let's list the total major repairs that our landlord has had to do in 15 years:
Over 15 years that is on average 1-2 hours of work a month, and those expenses do not even come close to adding up to the difference between his property taxes and what he charges us for rent.
It's really not complicated. If landlording was an actual job that paid appropriate hourly wages, than OP's aunt wouldn't be able to landlord SEVEN houses while still working a full time job. The fact that she can and makes significant money off those houses means that she is essentially giving herself houses that are paid for by her tenants.