people really out here thinking houses maintain themselveshttps://twitter.com/Alysonesque/status/1005989848577073152 …
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Replying to @380kmh
If rent only went toward covering building maintenance and wasn’t a way for landlords to generate profits from their “investment,” we’d all be paying a hell of a lot less (esp in high-demand cities where rents rise w/o corresponding improvements in building quality)
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In a slightly better world, we’d only have to cover the costs of maintenance and utilities, but so long as housing is sold for profit and humans need to live somewhere, landlords have no incentive *not* to suck us dry
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Like let’s be real here, none of the four-bedroom apartment I’m looking at in Camberville for the fall cost $48,000+ in yearly maintenance costs. Most of that money is going straight into some rando’s pocket.
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Replying to @drooliet
....are you sure? I have a friend who owns a house, he rents rooms in it but also lives there himself, and the costs of keeping it from falling down (and keeping up with town regulations!) frequently astonish me
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I think rents are probably diverging from costs rapidly in high-cost cities, but I think it also falls off quickly in lower-demand places...I don't think my landlord was making much off my $800 monthly rent in Albany.
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yeah, as demand outstrips supply, the potential to make HUGE margins goes through the roof
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FWIW, it's pretty much common wisdom now in real estate investor circles that the only place to make $$ from *rent* (as opposed to speculation) is non-Coastal, non-HCOL type places now.
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That's fascinating to me. I imagine that in lots of markets the only way you can make money off of rent alone is by letting buildings deteriorate...
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would explain a lot
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