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> Smaller landlords who used to just rent out their vacation homes are getting out of the market. This is a really good perspective! I’ve been mentioning to p
by vmception 5y ago
> Smaller landlords who used to just rent out their vacation homes are getting out of the market.
This is a really good perspective!
I’ve been mentioning to people to remember that their local landlords - their neighbors and existing corporations - are just as responsible for gentrification when raising rents and asks to the highest possible rate their market will tolerate. They always had the option to do so but didnt take the gamble, they still dont have to, so there is an opportunity to point fingers at them more than the out of towners signing or moving in. Pressure might actually work for the landlords since they have a local network, compared to the out of towners who often times have nothing to do with what price is offered to them[0]. The landlords didnt have to raise but the speed at which they all are really could be related to trying to have an investment property during a time when their municipality was not a market based economy.
[0](Although there are also many people buying/renting way over the asking price, as well. Most landlords are just jumping on the bandwagon, hoping to see if the market applies to them too.)