I don't have a lot of experience renting, although many of my friends rent their units out. Seems like they prefer to rent at the average rate as opposed to gouge as long as the renters are good. Bad renters are not even worth gouge rates is what I see.
My only experience with renting is when my wife and I tried to rent our Eau Claire condo out during the downturn in 2009. At that time we were asking $1800/mo for a 1 bedroom. On its face, that is a lot. However after mortgage (which was $1100), condo fees ($500/mo), taxes we barely cleared any profit. God forbid a repair was needed and we would lose money.
I just remember the entitled perspective renters we got in the first week. One asked if there was a gym in the building, I said no, and she demanded we throw in a membership or she'd walk. Plus free cable and phone too boot.
Ya, once she left we pulled the rental ad, and put it up for sale. Never looked back. Renting is just not worth it to us.
So maybe Nenshi is speaking of the skezzy land lords who buy a bunch of property and rent it out as their business. Who knows. All I know is many people trying to do it on the side are not making a lot if anything, many do charge a lot on the face but being a PT land lord is not a easy gold mine by any means.
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