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this post was submitted on 14 Jun 2024
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I was thinking about why a small landlord might be better, and I know there are exceptions, but usually a small landlord is is not going to squeeze every penny out of their rentals, sometimes out of the goodness of their heart, but most importantly, a small landlord has other ways to be productive.
A small landlord who has a normal job, if they want to improve the world, they do it through their job or personal projects, they build something or create something or whatever.
A big landlord who does nothing else, they aren't actually creating anything, they're just rent seeking and the most creative way they can imagine to improve the world is to rent seek even harder.
Our economic system gives greater rewards to those who move money around than to those who create things or cure cancer or anything else. The ways of turning a lot of money into even more money are taxed less (usually not at all) than more common ways of earning money like working a job or creating physical goods. The richest people didn't get rich by creating something that improves everyone's lives, they got rich by moving money around.
Small landlords are the cheapest IME, and often act like they are doing you a favour. Big ones are cold, but at least treat people like customers rather than janitors
Small landlords, through ignorance or in a belief that they're too small a fish for government to go after, are often the worst with breaking laws and exploiting tenants.
And also some of the best in terms of tenant/landlord relationship. I loved my last landlord, they took care of things before I bothered mentioning them, were very respectful of our privacy (they'd give several days notice for any maintenance, when only 24 hours was required).
Small landlords can suck or be fantastic, big landlords will almost always suck just a bit. When looking for an apartment, remember, you should be interviewing your landlord as well as them interviewing you. Ask neighbors before signing anything if you can...
You're forgetting: Property Management is a career, and for a reason. Unmaintained properties run into bigger issues until they're so bad a tenant has to move out -- and then a tenant has no place to live without a massive rent increase as the rent is re-based on the prevailing economic rape instead of whatever it was 10 years ago with its 2% yearly increase.
Big landlords are uncaring, but they do manage the property. Good ones manage it well, fixing windows and pipes and pot-holes, etc. Less 'broken-window effect' and more peaceful days between goddamned fire alarm testing.
Only a 2% yearly increase?!? Are you serious? I lived in an apartment for 8 years, and my ending rent was 70% higher than my starting rent. By your number, it should have ended up only about 15% higher.