So who decides what ones property is worth when it comes to rental and what they can charge, the government?
About 15 years ago my city forced all landlords to have an apartment inspection before renting to any new tenant. They've changed the fee as time went on, but it was around $200.00, and then if it passed, another $50.00 what they call an occupancy license.
They found all kinds of problems with my rentals because they haven't been kept up to federal, city and state codes. It cost me thousands. Where do you suppose I should have gotten that money from?
In any case I complained to my Councilman who happened to be a friend of mine. He forwarded my complaint to the Mayor. Off the record he said, the Mayor claimed that landlords are making too much money in his city, and it's time for us to share.
So I told him to relay a message to the Mayor for me. I told him I want to set up an appointment with him, have him go through my tax records which are done by a certified tax preparer, and tell me where all this money is I'm supposed to be sitting on. Why is it I get an income tax refund every year? The Mayor never responded.
You know, it's easy to sit back and count all that rental income, but try paying all the bills sometime. Try waking up at 4:30am to plow the parking lot and drive while your tenants are still comfortably in their warm bed. Let me know how it feels to be doing work around the place in summer and your tenants are off on a weeks vacation to Florida while you haven't been anywhere on vacation in 30 years because you spend all your vacation time at home catching up on projects you were able to put off. Then tell me how I should be shot for charging too much rent.