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Rents are going up and everyone is crying these days! Why are rents going up? Landlords are too greedy, right? Yes we can all be accused of being greedy. Would you work for $5.00 an hour? Why not? I guess your too greedy if you won't work for a penny less than $10.00 or is your greed minimum $15.00 or $20.00? Wouldn't it be nice if everything stayed the same price? It sure would, its called communisim and we all know it failed. Its funny that for some reason is seems to be the so called well educated sector of the population that suposedly has some knowledge of economics, that cries the loudest and can not understand why rents are going up. I just had tenants in a recently aquired building tell me "I haven't had a rent increase in years and if you give me one I'm moving out." Or "If you give me a rent increase more than X dollars I'm moving out and your going to have an empty building." This puts me between a rock and a hard place. Do I not give rent increases and GO BROKE or do I give rent increases and stay in business? You do not have to be very educated to figure this one out! What might cause rents to increase? The following items: Municipal Taxes Municipal licences Federal taxes Government code changes requiring upgrades Boiler heating inspections Insurance Accounting fees Management fees Gas Heating Electricity Water Sewage Waste removal Snow removal Landscaping / lawn mowing Telephone Communications Internet Advertising Office supplies Cleaning supplies Caretaking Maintenance equipment Renovation repair and repair materials Fire equipment inspections and upgrades Contractors Staff Wages Showing rentals Vandalism Tenants that don't pay rent rent Tenants that damage and do not pay Debt collection costs (Courts do not award damages for time spent to prosecute or time spent to collect rent arrears or rental damages, but consider this as a landlords cost of doing business and should be passed on to all of the landlords other renters by way of higher rents) Court costs Environmental Inspections Mechanical / Electrical inspections Appraisals Legal fees Bank fees Bank morgage placement fees Mortgage insurance Mortgage interest And more!!! www.realestatepays.com
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