this post was submitted on 23 Aug 2023
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I run a small senior living complex in a rural town. We have the cheapest rent in town. We scrape by, trying to make improvements here and there. They are maintained though. We seriously charge hundreds of dollars less than the next closest complex in the area. We refused to raise our rent in the past 4 years dispite rising taxes and utility bills. Most our tenants are widows/widowers living off a fixed income. We are either too nice or bad business owners because that "fix my AC" One always stings and reaches into my personal budget. And by "personal budget" I mean I eat ramen for a couple weeks.
Anyway, I actually feel like this meme. Other than my tenants are usually happy. Occasionally we get someone who is just never happy no matter what you do. I know all the other complexes are owned by one company essentially creating a monopoly and they have exploited this town. We get calls from people crying because they will be homeless.
It's the model of housing as a business that is the problem, no matter how benevolent an operator may try to be. The market is designed to eliminate you as competition and reward the exploitative monopolistic company.
More importantly is whether or not you are or would ever act as a firewall against competing (or at this point any) housing development.
Like if a subsidized public housing for seniors opened up next door to your complex offering rates at or below your own: would you support it given this persistent at risk population?
We would support it. We only have 24 units, we field at least 50 calls a day. We would be fine. We have turned down an offer from the company that owns the other complexes. The offer was 3 times what we paid 10 years ago and had a few more zeros on the end of what we still owe. But these tenants have become family. Also from a business owner perspective I would rather have this steady income than the BS of a quick payday then having to reinvest somewhere else and work are butts off to get that sustainable without turning into a scumbag landlord. Landlording is easy if you charge exorbitant prices and pay people to do everything. We do all the work ourselves to keep the cost down. Meanwhile I work another full time job. So does my wife and we have two kids. I don't have time to get another property to this point of sustainability.
For every one good landlord like you there's 1mil slumlords that don't think you even need AC, or think that black mould isnt a health hazard.
Bless you.
Not all heros wear capes
M