When I began investing in real estate back in 2006—yes, right before the market collapsed—the risks investors worried about were traditional: rising interest rates, overheated competition, and the specter of a housing bubble. After the crash, it became almost impossible to secure financing. And as the market recovered, the real challenge was finding quality properties in a tightening inventory environment.

Then came the pandemic. COVID-19 brought new shocks to the system, including soaring prices, an eviction moratorium, and record-low interest rates that distorted everything.

Now, the biggest threat facing real estate investors isn’t economic—it’s political.

A Rising Political Tide Against Investors

In recent years, we’ve seen an increasing wave of legislation aimed at restricting landlords’ rights and reshaping the private rental market. While many policies stem from a desire to protect vulnerable tenants, the pendulum may be swinging too far.

Some proposals, like those floated by now-Vice President Kamala Harris, suggested eliminating major tax benefits—such as depreciation and mortgage interest deductions—for landlords owning more than 50 single-family homes. Though unlikely under a conservative administration, these ideas reflect a broader political shift that could materialize with a future change in leadership.

Local and state governments are also introducing aggressive housing regulations. These include:

• Expanded rent control laws,
• Restrictions on credit and background checks,
• Source-of-income protections (adopted in 24 states and over 150 cities),
• Tenant protections that make evictions extremely difficult—even in cases of lease violations.

These rules, compounded by the politicization of housing policy, have made the rental industry increasingly difficult to navigate.

Anti-Landlord Sentiment Is Gaining Ground

Activist groups and academics alike are pushing for a fundamental reshaping of the housing market—some going so far as to advocate for the “decommodification” of housing, or taxing away 100% of property appreciation.

While this may sound extreme, the cultural narrative has shifted in ways that threaten real estate investors. Some organizations are calling for public ownership of land, while university think tanks frame landlords as profiteers, not providers of a service.

Though many of these ideas remain on the fringe, the rhetoric fuels policies that directly affect how we operate. When a Forbes columnist predicts that the U.S. could nationalize rental housing by decade’s end, it’s hyperbolic—but not baseless.

Much of this hostility stems from a real affordability crisis. Housing prices have surged due to limited supply, tight zoning laws, and increased demand—some of which is fueled by immigration. For younger generations locked out of homeownership, it’s easy to assign blame to those who own property.

Why the Landlord-Tenant Divide Is Counterproductive

There’s been a growing and unnecessary rift between landlords and tenants. Many landlords, including myself, were once renters. We know the experience firsthand. In fact, for most people, “tenant,” “homeowner,” and “landlord” are roles they cycle through over their lives.

Yet, instead of mutual understanding, resentment has grown. Horror stories of negligent landlords and manipulative tenants are amplified on social media. While these exist, most tenants and landlords are simply doing their best in a complex system.

We’ve seen bad actors on both sides—landlords ignoring repairs, tenants trashing units—but the truth is: most issues stem from miscommunication, lack of resources, or bad circumstances—not malice.

So how do we bridge the divide?

Think of Tenants as Clients—Because They Are

In real estate sales, we call buyers and sellers “clients” and treat them with respect, professionalism, and care. But in rentals, that attitude often disappears. Yet, tenants are your customers. They’re the ones funding your investment—and they deserve to be treated accordingly.

Seeing tenants as clients reframes the entire relationship. It moves landlords away from a defensive stance and toward a service mindset. Just as you’d never belittle or dismiss a buyer in a real estate deal, you shouldn’t do so with tenants either.

The Business Case for Tenant-Centric Management

There’s also a bottom-line reason to treat tenants like clients: tenant retention.

Turnover is one of the most expensive parts of property ownership. Between lost rent, cleaning, repairs, and leasing costs, the financial hit adds up. The best way to reduce turnover is to create a positive, respectful experience for tenants.

Here’s how:

• Maintain properties proactively. Nothing makes tenants leave faster than persistent plumbing or heating issues.
• Communicate clearly and empathetically. Delays in repairs? Explain the issue. Financial difficulty? Be respectful, even if you enforce the lease.
• Don’t take conflicts personally. Lease violations or late payments aren’t attacks—they’re problems to be resolved professionally.
• Make your policies the “bad guy.” Position yourself as the ally: “I understand, but our policy requires this,” can go a long way in diffusing tension.
• Go beyond the basics. Consider offering incentives for renewals or providing small upgrades as a thank-you for long-term tenants.

One standout in this area is Jeffrey Taylor (aka “Mr. Landlord”), who has built an average tenant stay of over six years—double the national average—through hospitality-driven rental management. His approach proves that respect and attentiveness can drive profitability.

Final Thoughts: It’s All Upside

This isn’t about coddling bad tenants. You can still be firm, enforce lease terms, and protect your investments. But doing so with professionalism and empathy transforms the dynamic.

As housing debates become more heated and policies more restrictive, landlords must evolve. Thinking of your tenants as clients isn’t just good PR—it’s good business. It enhances tenant satisfaction, increases retention, and improves your bottom line.

The rhetoric from anti-landlord groups may get louder. But instead of reacting with hostility, the best response is to lead by example—raising the bar for professionalism in our industry.

In the end, the path to a healthier rental market lies not just in political advocacy or supply-side solutions—but in how we treat the people who live in our properties.

In the previous post: “Is Now a Better Time to Invest in Real Estate Debt or Equity?“