> If I rented all it costs me is a phone call to my landlord.
Do you think your landlord would be fine staying in the red when all of these expenses creep up? Why wouldn't they just increase your monthly rent by 1/12th what they've spent upon lease renewal? Or is is that they actually get their Homeowner's Insurance claims taken seriously because they have n > 1 insured homes with the same provider?
A landlord increasing rent is capped by comparables in the area. It's not realistic for a landlord to increase rent by over $3,300 a month. They would never be able to rent it. So while they can increase rent it still has to be competitive with comparable rentals.
If you're already in a lease, chances are they will try to rent it for a few percent more than what they'd list it for on the open market. Many people are not attune to moving every year, especially if it's a house instead of an apartment, and will weigh the costs (incl. mental) of moving with the money they have left in their budget.
Sure, but in the meantime all of the repairs have been completed vs the renter being unable to come up with 40k and their house remains flooded and damaged.
Even simple maintenance likely covers the increase. I spend at least a $1000 a year just on ac maintenance. Add in lawn care and that's another $1500 (you could of course do it yourself). Need trees trimmed $2000 or 1 fell into your house?. Roof leak, $5000? Water heater, $3000? AC needs to be replaced, $8000? Someone backed into your mailbox? These are all large bills that many renters could not cover. Many of these happen in the same year.
Do you think your landlord would be fine staying in the red when all of these expenses creep up? Why wouldn't they just increase your monthly rent by 1/12th what they've spent upon lease renewal? Or is is that they actually get their Homeowner's Insurance claims taken seriously because they have n > 1 insured homes with the same provider?