Renting out a flat is not always a profit making exercise, as I have found out
Andrew Johnson is selling his flat as it was costing him money to rent it outYet somehow we don’t build enough homes for rent, or affordable homes for those just starting out.
You’d think therefore, with rents being what they are, landlords would be making a killing. But I know, first hand, this isn’t true. Firstly, there are lots of expensive start-up costs – electrical safety certificates, carbon monoxide alarms, gas safety certificates. This is fair enough. You shouldn’t rent out a death trap. But I was surprised that the start-up costs came to the exact amount of the first month’s rent.I’m not actually in it for the money. I don’t want to fleece a young couple who can’t afford to buy and need to rent. I believe that landlord-tenant relationship needn’t be so fraught.
But really, we all need somewhere to live that we can afford. If tenants are paying a fortune, and landlords are still losing out, where is all the money going? It’s not going into the economy that’s for sure.
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