I am a landlord. I charge below market rent because it is enough to meet my financial goals and turning over a new tenant is annoying. I spare no expense on maintenance because I value my assets.
You may have a more reasonable stance than most landlords, but that doesn't change the essence of the transaction.
If you could get higher rent without getting punished by the market (turnover), you would do it. If you could spend less on maintenance without getting punished by the market (turnover and reduced resale value), you would do it.
Many, if not most, landlords push both of these levers to their absolute limits.
The essence of being a landlord is that you've got your name on the title of a scarce resource that is difficult or impossible in some cases to duplicate: real estate in a particular location. The fact that your name is on this title means that you can extract value from people who need a place to live and did not arrive there first so they could buy the cheap property, build the building, etc.
Don't get me wrong, I hope to be a landlord too some day. Ownership is what matters when there's nowhere else to move. I look forward to the rent checks. However, I won't be pretending there's anything noble or fair about what I'm doing. It's just how the rules of our economy are set up.
If you could get higher rent without getting punished by the market (turnover), you would do it. If you could spend less on maintenance without getting punished by the market (turnover and reduced resale value), you would do it.
Many, if not most, landlords push both of these levers to their absolute limits.
The essence of being a landlord is that you've got your name on the title of a scarce resource that is difficult or impossible in some cases to duplicate: real estate in a particular location. The fact that your name is on this title means that you can extract value from people who need a place to live and did not arrive there first so they could buy the cheap property, build the building, etc.
Don't get me wrong, I hope to be a landlord too some day. Ownership is what matters when there's nowhere else to move. I look forward to the rent checks. However, I won't be pretending there's anything noble or fair about what I'm doing. It's just how the rules of our economy are set up.