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The pros and cons of being a landlord

By: Kelly Leighton on in

How difficult do landlords feel renting their properties are? Is it worth it?

According to 88.3% of landlords, they find it at least somewhat stressful, according to a recent report. However, 80.1% said the income from being a landlord is worth it.

What are the biggest problems with tenants? Nearly half of landlords reported a tenant asked to break a lease early, while 44.7% had to evict a tenant and 40.6% had a tenant suddenly stop paying their rent. Overall, on average, landlords reported rent checks were late 25.1% of the time.

Landlords also have to deal with typical household issues. Landlords reported, on average, being contacted six times a year by their tenants about repairs. The most common is a broken appliance, like a refrigerator, at 86.8%, followed by a broken window at 86.1% and a broken toilet at 84.5%.

While the majority of landlords (61.5%) trust their tenants with taking care of the property, that’s not always the case. More than a quarter of tenants (26.2%) lied about having a pet, while 25.7% broke the terms of the lease. Others (22.5%) didn’t report broken items in the home and 20% had someone else living in the home who was not on the lease.

Despite some of these hiccups, 63.9% of renters received some or all of their security deposit after their lease was up.

Ultimately, the majority, 90%, of renters, said they want to own a home in the near future, but 20% said they do not think they can afford to ever buy a property. Nearly two-thirds said they rent because they can’t afford a home, while 46.5% said they rent because they are not sure where they want to live full time and 30.4% don’t want to be tied to a place for too long.

Rent Prices Shift as 2020 Winds Down

“These numbers reflect an emphasis on either studio or two-bedroom units in bigger cities and potentially more interest in smaller cities overall,” said Kelli Francis, senior content strategist for Apartment Guide. “We believe it’s possible that single renters in big cities may be looking to downsize or take on roommates, and that more people may be considering life outside of big cities.”

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