Sky-high rent prices, unmaintained homes, and unannounced visits are but a taste of what some tenants have to deal with. Bored Panda has collected some of the most viral posts from X (formerly Twitter) users who wanted to vent and share just how chaotic and unpredictable some landlords can be. Scroll down to see how tough renting can be. Bored Panda wanted to learn more about tenant-landlord relationships, so we got in touch with personal finance expert Rick Orford, the author of the bestseller, ‘The Financially Independent Millennial.’ He told us how the price of rent is determined and shared some spot-on tips for tenants to get along with their landlords better. Read on for his thoughts. “When pricing properties, I look at comparable properties and offer a slightly lower monthly rent (~5-8%). I’ve found that offering a lower rent allows landlords to reach a wider audience of qualified renters,” he told us in an email. “Similarly, landlords that ask too much will have fewer and less qualified prospects.” According to Orford, properties that show well will attract higher rent. “With that in mind, when a renter leaves, I prefer to have the unit splashed with a fresh coat of paint, cleaned in every nook and cranny, and fix anything that even the most discerning renter might point out.” “For tenants and landlords to get along, expectations should be set before a lease is signed. For example, who pays for the ‘day-to-day’ maintenance of the home, such as light bulb changes or a clogged toilet? And how does the tenant report issues with nearby tenants?” Orford shared that, in his experience, there are three main things that tenants can do to get along with their landlords: pay their rent on time, keep the property clean and tidy, and keep communication to a minimum. “As a landlord, there were times I was ready to throw in the towel. I’ve certainly had my share of ‘bad apples,’” he shared. “By contrast, syndications allow investors to pool their money with others while letting someone else do 100% of the work. The tradeoff from hiring a property manager or investing in a crowdfunded project is reduced profits.” CNN reports that the cost of rent has dropped for the sixth month in a row in the United States. There is a caveat, though. Despite this new downward trend, US rent prices are still more than 18% higher compared to the pre-Covid 19 period. In short, the spike in prices was due to a limited supply of properties and a very strong demand. This means there was greater competition to rent apartments, meaning that landlords had more power. How the US rental market will change this year and in the further future is unclear. For example, in many major cities, rent rose by more than a third between 2020 and 2023, with an average rise of 30.7% across the country. Meanwhile, the rise of remote work means that some Brits have chosen to rent larger homes further away from major cities. As a result, the competition has been fierce to get a hold of properties that have easy transport access to bigger cities. Greater demand means a greater rise in prices. However, it’s the lack of supply that’s the main issue. Bolton-based lettings agent and the managing director at Miller Metcalfe estate, Stuart Matthews, told the BBC that many rental properties have been getting multiple offers. “The price can be put up by £100 a month, and it still goes,” he said, adding that the past year and a half has been “staggering.” Meanwhile, those living in the capital, London, pay around £778 ($992) per month. A fifth of respondents said that they constantly struggle to pay rent, while 65% say they struggle to do so at least some of the time. 7% of respondents revealed that they have experienced homelessness. Meanwhile, one of the main issues that student tenants face is dealing with dampness: more than a third of respondents have had problems with this. Other concerns include inappropriate or unannounced landlord visits (13%), non-working smoke alarms (9%), dangerous living conditions (8%), bed bugs (6%), and break-ins (5%). Follow Bored Panda on Google News! Follow us on Flipboard.com/@boredpanda! Please use high-res photos without watermarks Ooops! Your image is too large, maximum file size is 8 MB.
