Joined: Nov 2009
Posts: 1022
Not really shocking news...
11/30/2018 at 12:02 PM
I knew through people way back during the Kingsway trailer court fuss that those first few rows on the other side of Eighteenth were going to change over to Commercial zoning. Back then, with all that was happening at that time with public opinion being negative about the evictions there, Brentwood decided to 'hold off' their frontage changes for a later date. Well that later date is here. Look, I understand that people and homes are about to be displaced, but the rental business doesn't work well anymore with long term tenants. In the long run, the costs will eventually outpace and strip away the profit and eventually turning it into a money loosing venture. Taxes, utilities, maintenance and cost of living will outrun the Tenancies controlled guidelines set for rent increases in a matter of years. The only way to keep up with costs is to rotate the vacancy for each unit every few years so that us landlords can balance the books by adjusting the proper rent amount with new tenants. Trailer courts are at their worst right now where the same tenants can remain for an entire generation. ...That sucks, when our overhead costs has doubled these past fifteen years and will probably double again by 2030's. Long term residential tenants don't work anymore. So what is a landlord to do, especially with mobile home parks? ...Well, it's either end the business and sell off the appreciated land (like at Kingsway) to new developers or re-invent and re-invest in the business model yourself by having commercial leases. That's it. Nothing else, other than to lay on your hands and knees an beg from the Rentalsman to be allowed to set for an higher increase. From which I've tried and failed every single time. Even when we open our books to show the loses on certain "long term units" ...they just don't seem to care about the landlords. And when tenant arrangements go sour, we play by their rules and obey the laws only to have empathy trump over us or better yet, they dump the problem back in our laps with the "small claims court advise" ...After they practically assist in the tenants getaway. Because after all, we're always the big bad greedy landlords. *sarcasm*
The problem with these types of residential rental agreements is that over time the business model starts to fall apart because of unforeseen changes and runaway costs. The land has gained too much value and must be re-purposed to sustain itself. It's not the landlords/owners fault... It's the price point brought on by the banks, the city/government and a society lusting for profit to survive. I feel bad for these folks, but it's just business.
The rest of Brentwood will survive, for now. Maybe they can reshuffle to allow some homes to be moved elsewhere within the park itself? But this should be a lessen given to those thinking that renting have the same rights as owning. It's the only trade off when living under someone's management -you don't get the final say to what happens with the land under your feet.
Just my opinion, I could be wrong.