What is it like being a landlord in a recession?

4 Replies

What is it like being a landlord in a recession? Do rents fall? Do vacancies and evictions skyrocket?

Do working class neighborhoods do the worst?

For me it was great, sad to say.  I lost a couple good folks to the house buying credit of $8k early on, but as others lost their homes up on the hill or down on the shore, we had a quality applicant pool we'd never seen before.  Rents rose and rose. No one was building and others were losing their homes.  In my area the main industries are agriculture and hydro-power generation.  Those weren't affected much by the downturn in my blue-collar homes and apts, of course.   My brother lived in central OR (Bend) where the main industry was construction.  Bet LLs there had a much different experience!  Good question @Alex Silang .  Would like to hear from others as well.  Come on folks that were still in this pre-2007/8? Let's hear about it!

Depends on your property type. I just had a much better tenant pool to pick from. Former homeowners with good incomes but their credit was destroyed so they stuck around for 4-5 years until they could buy again.

While the world struggled, people feared for their jobs, and millions lost their homes, every 30 days I collected rent. Tough times for many... but not for this landlord.

I got started in 2010 so I don't have earlier days to compare to. But apartments have need relatively easy to fill and tenants hVe been good. I'm able to raise rents every few years. The population in philly as actually growing for the first time in a long time according to the last census.

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