We have subsidized housing here in which the govt is involved. There is one building in my community and it is mostly occupied by low income seniors.
Others are private rentals which are rented for what the market will bear. At this time with at least 2500 houses vacant in a community of 26,000 that is not much. Now many families are living together in crowded situations because of unemployment. A person down the street from me has three families living in a three bedroom rental house.I believe there are 9 or more people in the house.
Those I know who own rental properties say that eviction is hard to accomplish. Also most feel that as long as people are paying some rent, it is better to take what they can get. I doubt that all landlords feel that way though.
One person who I know well has just over 100 rentals and they are only a bit over 30% occupied. He told me a couple of months ago that this is the worst he has seen things in 40 years. He also said that if he had not been in the business for 40 years, and had quit pulling equity out 5 years ago, this would bankrupt him. He used to limit the number of people who could live in a rental for safety and other reasons. Now, if they will let him inspect the property every couple of months, he waives that portion of the lease.
Tenants here have rights which I believe vary from state to state, and most must sign lease agreements. I suppose there are problems but I have not heard of any in the last several years.
Slàinte,
Patch
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