> Earlier this year, Mr. Verma experimented with raising rents enough to cover the cost of spiking wages, property taxes, insurance and maintenance. Turnover doubled in the properties where he tried it, as people left for nearby buildings.
> “It’s crushing our margins,” Mr. Verma said. “Our profits from last year have evaporated, and we’re running at break-even at a number of properties. There’s some people who think landlords must be making money. No. We’ve only gone up 12 to 14 percent, and our expenses have gone up 30 percent.”
Umm yeah...that's called capitalism.
EDIT: I am getting downvoted, probably by the tech people that own airbnbs on the side. Keep em coming, cupcakes.
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[ 3.2 ms ] story [ 24.2 ms ] thread> “It’s crushing our margins,” Mr. Verma said. “Our profits from last year have evaporated, and we’re running at break-even at a number of properties. There’s some people who think landlords must be making money. No. We’ve only gone up 12 to 14 percent, and our expenses have gone up 30 percent.”
Umm yeah...that's called capitalism.
EDIT: I am getting downvoted, probably by the tech people that own airbnbs on the side. Keep em coming, cupcakes.
(a number of other properties are still going like the clappers, with fat margins that'll keep the landlords happy)