A young landlord who owns multiple properties has revealed why he thinks it’s completely “understandable” for landlords to increase rents.
Grace, 26, built her wealth empire by creating content on OnlyFans. She owns her two apartments and her one house and is looking to buy her fourth apartment.
She lives in an apartment in Melbourne, and her home in another part of Victoria, listed for $396 a week, is currently waiting for a tenant.
The creators are still waiting for their second apartment in Brisbane to be built, but plan to rent it out once construction is complete.
The young Australian, known online as Grace Wares Race, explained that each property still had large mortgages outstanding, ranging from $429,445 to $462,479.
Australia is currently facing a major housing crisis, with the Reserve Bank of Australia’s cash rate sitting at 4.35% and vacancy rates at an all-time low of 0.7%, causing mortgage debt to balloon.
That’s expensive for people with mortgages, and frightening for renters who are paying soaring rents and struggling to find a place because housing options are limited.
Ms Grace told news.com.au that she believed it was OK for landlords to increase tenants’ rents if they were just trying to cover their costs.
“Honestly, I think it’s completely understandable that you’re trying to cover your expenses as a landlord and your rent might go up because of that. Not just the mortgage, but other expenses like corporate fees. Interest rates are also sky high,” she said.
Grace made it clear that she doesn’t think landlords should raise prices unreasonably.
“It’s completely wrong for you, the landlord, to be unreasonable and raise the rent too much or kick people out for no reason. It depends on how honest and good a person/landlord you are,” she said. said.
Grace wants to do the right thing for her future residents.
“My approach as a landlord is to be decent. I want my properties to be well looked after by my tenants, and of course in return I intend to be respectful and attentive. ” she said.
“I have had too many bad experiences with dodgy landlords and always want to be fair and honest.”
The young homeowner said he was surprised at how much it cost to become a homeowner and maintain three homes.
“I swear the corporate fees are exorbitant and there are a lot of costs that I wasn’t aware of at first and that no one told me about. Thankfully, I can survive financially and have no problems.” she said.
Grace said she was “delighted” to have entered the property market at such a young age and plans to buy more properties.
“I am very happy to be in the real estate market and I look forward to continuing to grow my portfolio,” she said.
“Never in a million years would I have imagined that I would be the landlord of three properties by the time I was 24.”
