A young landlord who owns multiple properties has revealed why she thinks it is totally “understandable” for landlords to raise their rents.
Grace, 26, managed to amass her property empire by creating content on OnlyFans, she owns two apartments and one house and is looking to purchase her fourth.
She lives in her Melbourne apartment and her house in another part of Victoria is listed for $396 per week, but she’s currently waiting for tenants to move in.
The creator is still waiting for her second apartment in Brisbane to be built but plans to rent it out when construction is complete.
The young Aussie known online as Grace Wears Lace explained that each property still has hefty mortgages between $429,445 and $462,479.
Australia is currently going through a massive housing crisis, with mortgages ballooning thanks to the Reserve Bank of Australia’s cash rate sitting at 4.35 percent and coupled with Australia’s vacancy rate being at a record low of 0.7 percent.
It’s expensive for anyone with a mortgage, and it’s terrible for renters who are now paying skyrocketing rents and struggling to find places because of the limited housing options.
Grace told news.com.au that she thinks upping a tenant’s rent is fine if you’re a landlord who is just trying to cover costs.
“I think, honestly, if you’re a landlord trying to cover costs and so the rent might be increased, it’s totally understandable. Interest rates are crazy for mortgages as well as other costs like Body Corporate fees,” she said.
Grace clarified that she doesn’t think landlords should be unreasonable with their increases.
“If you, as a landlord, are unreasonable and trying to raise the rent too high or kicking people out for no reason, this is totally wrong. It comes down to how honest and good of a person/landlord you are,” she said.
Grace is keen to do right by her future tenants.
“My approach as a landlord is to be a decent one. I want my properties well looked after by my tenants and, in return, I will, of course, be honorable and attentive,” she said.
“I’ve had too many bad experiences with dodgy landlords to know I want to always be fair and honest.”
The young landlord said that she was surprised by how much costs are involved with being a homeowner and servicing her three homes.
“Body Corporate fees are crazy and I swear there’s a lot of costs I wasn’t aware of at the start that nobody tells you about. Thank God I’m financially viable and it’s not an issue,” she said.
Grace said she’s very “happy” that she has managed to enter the property market at such a young age and plans to buy even more real estate.
“I’m very happy to have cracked into the property market and I only want to keep adding to my portfolio,” she said.
“I never, in a million years, would have imagined I would be a landlord to three properties by the time I was 24.”
