Did you guys know most rental properties are made of wood?
Unrelated but apparently worker termite colonies will molt into reproductive adults in the absence of a queen and many hobby sources supply worker termites to most US states! It can be a fun and fulfilling hobby for those of all walks of life.
Lemmings continue to vastly underestimate who landlords are.
In fact, fewer than one-fifth of rental properties are owned by for-profit businesses of any kind. Most rental properties – about seven-in-ten – are owned by individuals, who typically own just one or two properties, according to 2018 census data. And landlords have complained about being unable to meet their obligations, such as mortgage payments, property taxes and repair bills, because of a falloff in rent payments.
Individual investors owned nearly 14.3 million of those properties (71.6%), comprising almost 19.9 million units (41.2%). For-profit businesses of various sorts owned 3.7 million properties, or 18.8%, but their holdings totaled 21.7 million units, or 45% of the total. Entities such as housing cooperative organizations and nonprofits owned smaller shares of the total.
only about half of individual landlords reported net income in 2018, with the rest losing money on their properties. Such losses can, under certain conditions, be used to offset other taxable income.
Ok, now what conclusions do you want people to take away from this information?
Possible takeaway: There are worse people / entities that could own the apartments and houses that are being rented out.
If that's the only takeaway, it's still not going to make me feel sad for landlords.
If they created an LLC, then whatever happens to their business, they can always just get a different job and their own housing situation will remain stable.
If they didn't, maybe because they couldn't get a large enough loan to buy property without putting up their own collateral, that was presumably their choice.
I don't want anyone to lose access to housing (or food, or healthcare), but I'm much more worried about renters ending up unhoused than landlords.
I'm glad to see some actual numbers. I am curious how quickly that is changing. I was a social worker for ten years until the last few months, and I would help people find housing all the time. It feels like there used to be more "mom and pop" landlords when I first started compared to now. Now I see this corporate players for the majority of rental listings.
Story time: back when I lived with my parents and siblings, my "room" was a loft above the open concept living + dining + kitchen room, covering most of the living room part. It was a 30sqm room with 4m ceiling height mind you, so even the loft was pretty spacious, giving me about 1.8m height (plenty for me) and 10sqm living space.
The fridge and kitchen was in the opposite corner of the stairs leading up to my loft. Since warm air rises, I'd get all the nice smells stuck in my loft area, unless I opened the small window installed for the express purpose of ventilation.
Since my family members would sometimes come up to the loft to the dresser containing most sheets, or to bother me while playing vidya, on the way up they've started making remarks like "Eww Dubya Kay. Open the window and go and shower already!" I've noticed a particular, rotten milk smell as well, so I've complied, reluctantly. However the smell did not go away.
This went on for about two months, during which time we've established that the smell did not emanate from me, but it was indeed strongest opposite the fridge in the corner, on top of the stairs leading to my loft. There were a bunch of books on a shelf there, so we went through them but nothing. Then we looked under the stairs with the couch, but again nothing. So we thought it must come from our fridge. We've defrosted and cleaned it out. Voila!
This lasted for a day or two until the smell was back with a vengeance. Strong rancid cheese smell, slightly burnt undertones. We were certain now that it's the fridge, so we figured something must have gotten onto the mechanics part of it. We unplugged it again and then pulled it away from the corner it was in.... and lo and behold, there was the nastiest orange cheese-like substance covering some of the heat dissipating parts on the bottom, along with some stuck on one of the caster wheels and some on the motor housing as well. We figured it must have been some milk that somehow spilled from the top.