Dave has a question from a current landlord who feels terrible about raising the rent on his tenants. The Landlord owns multiple properties gained through wise investments, but with the rising cost of taxes and services to take care of his properties, it’s inevitable. He is worried about some of his tenants who barely make ends meet and even those who have been long-standing renters because it’s a disservice to them.
Dave understands his issue and believes the landlord’s heart is in the right place. The troubles you will find in business, which being a landlord is, balancing your beliefs and business. Treating those like you want to be treated, and so far, it seems like the letter’s author is doing that.
Raising rent to the market rate does not make you a bad person. It is not you as a landlord who displaces people from their house if they cannot afford the rent price. It is the market for not increasing wages to meet the living demand in the area. The economy has failed them, not a landlord who controls tenants’ careers. Dave suggests working with those tenants who may not be able to pay. Help find out why they can’t and come up with a reasonable solution to meet the needs of both parties. There are many ways around this, but it ultimately does not fall on the landlord.
5 Things You Can Do Right Now To Ensure Financial Success
More Money Talk 1010 Highlights From This Week