Mayor Nenshi Owning a Rental Property is a Business And That Means Keeping Up With Our Costs As Every Successful Business Must Do!
Landlords in who own rental properties in Calgary know we are running a business. A business requires seed money to start and it took us many years of hard work and careful savings in order to put down the down payment on the property we purchased. Our rental business also means making sure we pay our property taxes and mortgage payments on time.
Calgary landlords know running a successful rental business means learning the skills to rent to good tenants, learning the laws and rules and maintaining our homes. If we mess up in any of these areas our rental businesses can fall on hard times fast.
Running a successful rental business requires hard work and risk
This is why so many landlords in Calgary are unhappy with the comments by Mayor Nenshi this week. According to a report by CBC News the Mayor said he wanted to reach out to Calgary landlords and tell us being a landlord “is not a get-rich-quick scheme.” He also accused landlords of “gouging tenants” with high rents.
More details on the story in Metro News where Mayor Nenshi said he was a landlord himself and hasn’t raised the rent in years and only expects a “decent return” instead of huge profits. He said his mortgage payments and other costs are the same so he hasn’t raise rents as some other landlords have done.
Calgary Landlords Respond
On the Alberta Landlord Forum landlords have pointed out the increase in property taxes and other costs over the past four years.
Other landlords asked they Mayor why they, as business owners, should not follow market prices. A BC landlord asked Nenshi if oil and gas companies should freeze price increases and go back to prices from four years ago.
An Ontario landlord wrote it: “Looks like Nenshi wants Alberta to bring in rent control. You know, like we have were we can only raise the rent by 1.6% in 2015 when taxes are rising much faster and even the local plumber is raising his rates a lot more. Why did you elect this Mayor again?”
Landlords Are Business People
Being a landlord isn’t ‘guaranteed money’ and we face a lot of challenges. After all, renting to one bad tenant can end up costing us thousands of dollars.
Small landlords have the right to follow the laws and raise the rents as the market dictates. After all, if we raise rents too high we won’t have any tenants. Maybe they will all rent from Landlord Nenshi.