A lot of landlords don't seem to really understand that their rental properties are a business and an investment, and thus inherently have risk. Fewer still really comprehend that the little landlords generally are carrying a lot more risk than the bigger property management companies. They just keep being shocked and offended when they seemingly discover this risk for the first time all over again.
I think you're right, a lot of people underestimate just how risky the real estate market is. Back in the 90s it was seen as a low-risk endeavor. Pretty much guaranteed money and tons of cheap leverage to max out returns. After all, everyone needs houses and the population just keeps going up faster than houses could be built. Especially with immigration.
However the cheap leverage and massive influx of foreign investment kinda fell off which made prices drop like a rock in 2008. I wouldn't be surprised to see it happen again in late 2020 and 2021 when a bunch of people see balloon payments from deferred mortgages.
