Renting is on the Rise but it Comes with Pros and Cons

Our row of apartments
Creative Commons License photo credit: stangls

Landlords and property managers have noticed a trend over the past few years that they generally see as a benefit: there are more renters on the market these days. That’s because many home owners have lost their homes to the subprime mortgage bust and the general decline in the housing economy. These people can’t afford to buy another home so they end up getting back into the renting pool.

Typically, we consider it a good thing when there is a swell of renters. Rental prices can be increased and landlords can be more choosy in determining who they want to live in the places that they own. However, this rush of new renters isn’t necessarily entirely positive for the people who own rental properties today.

The negative aspect of this trend comes from the fact that most of these new tenants are bitter about having lost their homes and being forced to rent again. This can make them difficult as tenants, asking for repairs on every little thing and filing complaints on a regular basis. They’re angry that they lost their homes and they’re going to take it out on the landlord who is taking their rent money away from them.

The best way to deal with this situation is to work hard to establish a positive relationship with the new people who become your tenants. Ask them about their personal housing history and show that you have some empathy towards them if they have lost their home owner status. You don’t have to let these tenants walk all over you but being understanding in the beginning can make the situation run more smoothly.

It is even possible to use their situation as a benefit in working with them on the home. If the repairs they seek seem unreasonable, conversationally reminding them that this isn’t the home they want to live in for the rest of their lives can put a hold on their demands.