Boardwalk policies mitigate rent hike impact on tenants - Really?

I'm sure some of the details in David McIlveen's letter are perfectly accurate. But I might not be living in Sturgeon Point long enough to find out if there really is a $75 cap on rent increase. The current price for the unit I have has already gone up by $100-$200 in less than a year. By the time my lease is up, the rental rate to a new tenant could be over $200. Why would a publicly traded company want me to continue renting from them at a $75 increase when they could make over $200 from a new tenant? Why would they want me to stick around?

$150,000 per year to subsidize lower income tenants is a nice token. But it is just a token. The company's net operating income for 2006 was $192.1 million, up 10% from 2005. Out of their net operating income, they are putting back 0.08% into lower income tenants. The administration expense for 2006 was $17,052,000. The token for lower income tenants amounts to 0.88% of the administration costs. The company owns and operates over 35,400 units. The subsidy amounts to 35¢ per month per unit. The subsidy is good press.

Social responsibility is also good press. It's good for the stock price. What is also good for the bottom line is tenant turnover in a tight rental market. My financial situation is also tight. I've always paid my rent, thanks to a payday loan, but not always on time. The Boardwalk's response is threaten legal action, citing legal costs of $300-$600. Not once did I hear about a subsidy program. Recently, they sent a letter saying that if I'm late again, they will go to court to evict me, costing me another $650 for the pleasure. Oh, I am also to pay the legal cost of preparing that letter.

Contrary to the paperwork I got when I first moved in, I am not a valued customer. I am a liability, just as every other tenant in Alberta, the tightest rental market of their properties. While the sign saying "Rent Protection Since 1999" is good press and good marketing, it's bad for net income. Come live here, but don't stay too long.