Hi People,
I'd like to know if there is any serious implication or penalty in becoming a "slum lord" or a land lord who rent out the property to many people more than it should hold ?
Because when I'm going around in Sydney CBD area looking for a place for renting, it turns out that over crowding a rental property is a very lucrative business
for example, a normal 2 bedders and 2 bathroom apartment +1 locked up garage in Sydney CBD could cost you $750 per week, therefore it can be divided as follows:
Master Bedroom:
2 people / couple for $300
Secondary Bedroom:
2x bunk beds = 4 people x $ 115 = $460
Sunny Room:
2x bunk beds = 2 people x $125 = $250
Garage: used for storage or additional parking spot for additional $50 per week if lucky.
therefore in total you get $1010 + 50 = $1060 per week
or if you stay in the master bedroom yourselves, at least you just pay for $40 per week the shortfall assuming the rest of the rooms are fully occupied.
Those are a classic example where in average 8 people live in one single apartment, some apartment that I inspected got more people by sub dividing the living room as well, so in total approximately 10 people can go into one apartment.
Is there any law governing about this type of small and lucrative business ?
any thoughts and comments please ?
I'd like to know if there is any serious implication or penalty in becoming a "slum lord" or a land lord who rent out the property to many people more than it should hold ?
Because when I'm going around in Sydney CBD area looking for a place for renting, it turns out that over crowding a rental property is a very lucrative business
for example, a normal 2 bedders and 2 bathroom apartment +1 locked up garage in Sydney CBD could cost you $750 per week, therefore it can be divided as follows:
Master Bedroom:
2 people / couple for $300
Secondary Bedroom:
2x bunk beds = 4 people x $ 115 = $460
Sunny Room:
2x bunk beds = 2 people x $125 = $250
Garage: used for storage or additional parking spot for additional $50 per week if lucky.
therefore in total you get $1010 + 50 = $1060 per week
or if you stay in the master bedroom yourselves, at least you just pay for $40 per week the shortfall assuming the rest of the rooms are fully occupied.
Those are a classic example where in average 8 people live in one single apartment, some apartment that I inspected got more people by sub dividing the living room as well, so in total approximately 10 people can go into one apartment.
Is there any law governing about this type of small and lucrative business ?
any thoughts and comments please ?