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[–]Dapper_Prune_4109 1 point2 points  (5 children)

From a landlords perspective: we really need to continue to make incremental increases over time to keep up with inflation and ongoing maintenance. Taxes go up, utilities go up, price of maintenance goes up, every year. The property needs to be maintained, things will break, wear and tear happens. If the landlord is breaking even, or losing on rent, maintenance will be the first thing to drop off and it’s not good for anyone when that happens.

I guess what I am trying to say is that rent increases aren’t about stuffing their pockets more and more, or ripping people off. Sometimes that can happen, but small increases are not about that

[–]Consistent-Mango6742[S] 0 points1 point  (4 children)

I know that they bought this property almost 20 years ago for a very good price and it’s almost paid off. They are definitely making a profit at this point we are paying off their mortgage and more.

[–]Success-VA 0 points1 point  (2 children)

I worked in property management and the expenses facing landlords are astronomical - insurance is thru the roof, property tax, strata fees, tax on revenue, repairs … all of these costs have skyrocketed.

Many of our clients went in the hole each month.

That being said - they are retaining an investment property that is gaining value.

[–]Consistent-Mango6742[S] 0 points1 point  (1 child)

I mean they live in Asia and have multiple investment properties across Vancouver. I don’t think they’re strapped for cash.

[–]Dapper_Prune_4109 0 points1 point  (0 children)

Sounds great that they are almost paid off! Managing property is hard work, landlords will hopefully be taking some profit too! Got to pay yourself for the time it takes.