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RE: Carrot and Stick .:. WorkerBee PH-Pool Week 183
A few months ago I received the "great news" that my rent will go up significantly 🙄, and when I say it, I mean over 20% of the current price... To be honest, that didn't surprise me as I knew that tourists in my area are paying much, much more... But, there is a big difference... They are TOURISTS and they pay that price for 2-3 weeks of vacation and go back to their homes... I'm LIVING here and I have to pay the price 365 days per year...
What I don't understand... are tourists renting almost the full year (different tourists at different times), to justify the increase in price? Otherwise, isn't it more profitable to have a long term renter who isn't a troublemaker?
0.00077838 BEE
The thing is that the part of Spain where I live isn't only a "summer holiday" place, and we have tourists all over the year... The top season is summer, and it takes 4-5 months, but even in winter times, we have many tourists from Norway, for example, that come to Spain to live in mild winter compared to the hard winter in their country...
In general, it is more profitable to rent an apartment to tourists for 4-5 months and leave the apartment empty (if that happens), than to rent for a long term... It's not a problem for my place, it is a big problem in Ibiza, Mallorca, Barcelona, etc.
Ok, I get it now. If it's an all-year business, they can get more money renting to tourists.
Maybe it would be better to have your own home then... Hopefully, this bull market could change something for the better to the bottom line when you make the calculations for a mortgage.
I guess having your own place has its advantages too. But it also comes with recurring costs (maintenance, improvements, property tax) that otherwise the landlord probably takes care of.
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