inb4 a rentier-class swoops in to "well actually" this because interest rates are up: you need to draw a box around the capital interests (current owner, previous owners, bank, bond holders) and treat them as a group counterparty to the renter if you want to understand the system. Otherwise you'll get kited by each free-money-recipient pointing to the other and saying "look over there!" Which members of the group are living it up vs under pressure at a given moment changes, but what remains constant is the gigantic flow of money that comes out of the renter and remains with the capital interests after subtracting off expenses.