I invite all the landlords to choose among the hundreds of applications they have for a rental unit based on income a tenant earns. Choice a tenant that earns $100,000 a year and charge rent at 1/3 of income or even 1/2 of income. The more a tenant earns the least likely that the landlord will suffer financial loss as the tenant can afford to pay his rent and any additional charges like repainting his unit after he paints it black.
Thinking further, a landlord can rent one unit to as many occupants as he wants depending on any legal restrictions.
A landlord could allow ten tenants to a unit. Average wage in 2023 in Vancouver BC was $25.00 an hour. Using the 1/3 guideline, he should be paying $1,400 a month rent ($16,666 a year rent)
A landlord could pack ten tenants in a rental unit and get 1/3 X $50,000 X 10 = $ 166,666 for one unit of housing using the 1/3 formula as opposed to 1/3 of $50,000 = $16,666 for one occupant.
Realistically four working adults could share a one-bedroom apartment that could generate $66,664 rent a year rather than $16,666. for one tenant. Two people sharing a one bedroom apartment would generate $33,000 for rent.
Packing ten people into each rental unit in Canada would eliminate the housing problem overnight. Landlords would welcome the windfall rent.
