Lots of Landlords are selling up!!

[PassingStranger]

Where is everyone going to live who can't afford to buy?

Alot of landlords are selling. Can't be bothered with all the hassle now.
People aren't paying rent and also trashing houses when they do and costing the owners lots of money to put things right.
On TikTok people are being told to trash houses. [Society gone downhill]

I know there are good tenants, but there are alot of bad ones. Family member works for estate agent and says there are more bad tenants than landlords.

You can trash a house and walk away. Nobody ever gets done for criminal damage on private rents.
There is no register of bad tenants legally allowed either. It's all left to the landlord to sort out at their expense.

Where is all the housing going to come from?
The government donthave enough.
People who are trashing houses and not paying rent are actually spoiling it for everyone..
Alot of lls are selling up now.

Most landlords with small numbers of properties do have other jobs you know. Like being teachers. They are just normal people.

These are the people who are not going to keep on.

We could have a system like Singapore or something similar, and maybe that would be better. But there are downsides as well, it also curtails people's freedoms in significant ways, it's not particularly responsive and in state owned housing there can be a real race to the bottom sometimes.

Why any of this makes it ok for tenants to trash apartments, I do not know.

You forget a lot of LLs aren’t just landlords.
Im an architect as well, we have friends that are teachers and also rent property.

Its not one size fits all which you seem to think.
So we’re providing even more services including a place to live. 🙂

Shittier for who?

The people that need to rent and so need properties to rent and therefore landlords?

Um, so are you saying your tenants don’t pay any rent? Why do you let them stay?

I don’t think it’s poor planning that your tenant doesn’t pay their bills, I think it’s poor planning that you’ve

1. included utilities in the rent
2. underestimated the use of the utilities by tenants.

None the less as I have mentioned multiple times now on this thread my issue is not with landlords such as yourself. It’s with slum landlords taking advantage of often vulnerable people, charging people inflated rents to live in cold, mouldy, squalid conditions which affects not just their tenants but neighbours as well.

Agree
Although the thread is about LLs selling up.
Tempests post is relevant because the costs are not adding up……one of the reasons for LLs selling up.

Look let's take this scenario people have mentioned where you are forced to rent in order to take up a new job opportunity.

Perhaps you even own a house but it takes a year to get it sold. What would happen if you couldn't rent? Stay in a hotel for a year? Pass up on the new job?

Absolutely they do

There is no.help when damage is done. Tenants go and leave crap and sometimes their pets?
How would they l8ke it done to them?

There are more bad tenants than.landlords.

No one said that LLs did this for philanthropic reasons. I'm sure the Sainsbury's family didn't start their grocery chain because of some idea of feeding the population brought joy to their souls. Pretty sure it was a business venture....you know, they made money...

There is the deposit scheme .

This is an insane reach. Please do link evidence if you’re going to come away with such nonsense.

Are you meaning to quote me?

I dont have a problem with landlords or the concept of private rentals.

In 20 years I've only not returned full deposit twice. Once because a tenant smashed the glass door on the slider wardrobe door in master bedroom and once when bleach was used by tenant to try to scrub out carpet after dog wee on it and they left it on too long and the colour was bleached out of a patch near to the door and carpet was only 2 years old. I expect to paint every other year and in between tenants to keep it fresh. That's just down to wear and tear.

That's as it should be . You would be surprised how it’s the amount of landlords that expect tenants to paint before they leave . And try to explain that it’s not how it works is hard at times .

A few of my customers are landlords,and all are selling up as the new regulations coming in are going to make it very difficult for them.
At a business finance meeting I attended last month,there was a section on tenanted properties,and the general advice was,that if you had a tenant that you weren't happy with the way they looked after your property ect,to issue a no fault eviction notice now,as one Labour's tenant protection rules came in,the only reasons for eviction would be,if you need to sell,or a close relative needed the house. Apparently,if you ask someone to leave,and they can prove that it was for neither of these reasons,then the landlord could be liable for paying up to 3 years rent to them.
The energy efficiency targets are going to be a huge problem too,a local estate agent at the same meeting stated that sales have fallen through because it is going to cost too much to bring the properties up to the required C level. It made me think,as one of our family member's houses could never be brought up to that level,due to the age and construction of the building. So in future,rather than renting it out,it'll either have to be sold or stand empty.

That is what I said in the post, please read the posts you are responding to.

I am not "letting" them stay, we are not allowed to just kick them out. It can take a year to remove a tenant.

That is what half the post on the thread are about.

That's a year of paying the mortgage/utilities/taxes/snow removal/upkeep, with nothing coming in to pay for it.

Where do you think the money for that comes from?

Still working my way through the full thread. Near me there are loads of high rise flats which have gone up exclusively for renters on a brownfield site sandwiched between major roads in Brentford. Perfect example of what happens if big business is involved:

www.rightmove.co.uk/properties/159404264#/?channel=RES_LET

This is a studio for which the asking rent is the same as you would pay on a much nicer good sized one bed flat with outside space in the centre of Richmond belonging to a private landlord. I know which I would prefer.

You know it's not always possible to have utilities separate? Depending on the property there are all kinds of reasons it may be possible or undesirable to do that.

And I haven't underestimated the utilities, the people who live there are taking the piss. Probably for the same reason they aren't paying, which is to say, they are entitled.

The point of the OP is that these costs are not recoverable by landlords, and they are very common. People can not pay for months, even totally trash a house, and there is nothing to be done. Damage deposits don't even come close to covering these costs.

And realistically you couldn't make them larger, because people would not be able to pay, (and why should good tenants have to put a huge deposit down because of bad people?)

There needs to be some kind of consequence for people who behave that way.

@not4profitWho do you think is going to build homes then? If not larger builders!? Of course it’s larger builders who build high rise because little jobbing builder could never do it. Nor even a medium sized company. It’s very much big business with the skills and putting shareholders money into the developments. Governments haven’t done it for 40 years! They are not going to start now.

The description states there are communal gardens and roof terrace though so there is outside space and presumably all bills are included which probably wouldn't be the case with a private landlord. Plus a gym. I think a lot of people would prefer it.

Yes, you said they weren’t paying rent.

You also said they were nice enough.
You didn’t mention that you’d started the process of removing them?
I do know you’re not allowed just kick people out obviously. But that you’d started the process wasn’t clear from your post.

To address the point you were making in that post: small LL’s do already (typically) set costs to try to cover these sorts of situations. Their tenants are already paying for future / past ‘bad tenants’ in most cases. Rents of tenants of small LLs are still ‘priced to allow for the % or tenants who don't pay or destroy the property’.
That system doesn’t work as well to protect smaller landlords, but it’s not like it doesn’t already happen?

I pay insurance that covers if tenants don't pay the rent, but it's expensive and I have not had to use it. Which is obviously good but I just know if I didn't pay it, I'd end up with a tenant not paying the rent.

The insurance cost would be factored in to rent costs then.

I didn't mention it because it's not relevant to the discussion, that specific example was just an example. The point was that it's nothing like investing in stocks and such as was said. Ifa stock you invest in goes down, you are out the money you spent, but that is it. Because you are continuing to pay the costs of upkeep and such - which are substantial - whether or not the renters are actually paying their rent.

And no, you really can't charge enough for a property to cover all the expenses if you have bad tenants, I'm not sure where you would get that idea, it seems like you are just making stuff up tbh. That's why, when you don't have protections from bad tenants, the market becomes further dominated by corporate slumlords.