While property prices are skyrocketing, a Las Vegas landlord has refused to increase rent on his tenants.
Tom Trout, a 71-year-old war veteran and landlord of several properties is doing business the only way he understands how.
“Some people might think I have the I.Q. of a grasshopper, but I like to keep my tenants,” Trout said in a local interview.
He went on to say that all of his properties are paid for and that he has no worries. Therefore, it is not meant to make more money by raising the rent, according to SBLY Spotlight.
“When they live in one of my homes, it is their home,” the landlord who has a college degree in geology said of his tenants. “And, therefore, they feel like a homeowner.”
Bill Donnelly, a disabled Vietnam War veteran and one of Trout’s long-time renters, has seen his rent drop unexpectedly over the years.
He has been renting a four-bedroom, 2.5 bathroom home and a garage that can fit two cars from Trout in Henderson. “I’ve never met a man like this in my life, and I’m getting ready to turn 78,” he said.
The 1,600-square-foot house cost Donnelly $1,200 a month when he moved in. Then, every year, the rent fell by $100 until it reached $900 per month, where it has remained ever since.
According to the real estate website Zillow, similar-sized houses in the same ZIP code rent for $2,000-$2,400.
Donnelly was anxious that Trout might sell the house. He wanted to pay additional rent, but Trout declined. If Donnelly insisted on paying more, Trout would lower the rent even further.
“He’s a veteran,” the landlord stated, according to Las Vegas Sun. “I admire him. He served our country. And why should a landlord destroy the house that he lives in?”
According to a survey in 2020, 7.4 million people in the country are paying rent.
According to the Census Bureau’s poll, the majority of these persons are struggling to pay their rent. Nevada accounts for 14% of the respondents in this poll, with 129,000 residents unable to make timely rent payments.
However, none of Trout’s tenants has delayed a payment despite the financial challenges caused by the coronavirus pandemic.
He had not visited Las Vegas in over a year to check on his properties, and he would not change to any other way.