Landlords Are Doubling Their Rent, Here’s Why

Landlords Are Doubling Their Rent, Here’s Why

The liberal government has announced that they will be doing something to calm the renting hikes from landlords. While this is a good thing for renters, it could be a detriment to housing and landlords going forward.

Renter

Some landlords have already become proactive and started to increase their rent. This may seem ridiculous to most people, this is probably the only thing at this time that landlords can do. Once the renting controls come in, they will not be able to increase their rent beyond what the government cap will be.

Right now, we do not know exactly how or what the rent controls will be, but rest assure, its coming. Renting control, has been a long time coming and is needed, but like the past, landlords know that it will be skewed too much toward the renter, and not be equal for landlords.

Other reasons why landlords are increasing their rents right now, are that prices guy sitting on couchhave soared, taxes are increasing with every sale, and there is no inventory.

No inventory is probably the biggest factor in my opinion. If there was empty units, and these landlords were not renting theirs out, then prices would have to come down. Its like sales in the GTA, supply and demand. I’m not sure how the province can say to a free society, that you cannot charge what you want to charge, when there is demand for that. Renting Controls like that doesn’t sound like a free market to me. To read more about this story check out this article in the Globe and Mail.

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Is A Pet Clause Valid?

Is A Pet Clause Valid?

This is a question I get asked all the time. The Short Answer is No, you cannot tell somebody you won’t rent out your place because they have a pet.

Another question, many people have is, whether or not you have a pet clause in there, and then the tenant gets a pet after the fact, can they keep the pet. The Answer is Yes.

The Landlord Tenant act, is very clear, a landlord cannot tell a tenant that they cannot have a pet. You cannot discriminate a potential tenant just because they have a pet. You cannot tell a tenant that obtains a pet after they are living there that they have to either get rid of the pet or move out.

Most landlords put on the mls, and other rental sites that they do not want somebody who smokes or has pets. I’m not a lawyer but I’m pretty sure that is not the proper thing to do, but if you look at rental ads you will see everybody has that listed.

It is my understanding, the only way that you can tell potential renters and renters that no pets are allowed, is if there is a bylaw in the condo or apartment that restricts any pets. If that is the case, then definitely the landlord is in the right when it comes to these no pet clauses. Also if there there is a weight restriction, that also applies.

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Is My Lease Finished after the Term?

Is My Lease Finished after the Term?

Many landlords do not understand what the rules are regarding leases. The landlord tenant act is something that all landlord’s should study before renting out your investment property. A major reason why is that tenants study it, and know it very well. Tenants used to be ignorance, and those days are gone. With a few simple clicks, they can find out all of the rules and regulations.

As a landlord, you will quickly realize that the landlord tenant act is very tenant friendly. This is due to years of landlord abuse in the past. Landlords took advantage of tenants, and now the government has taken it upon itself to sway the pendulum to the right.

A lease is like the Ten Commandments, written in stone and very hard to change or break. Landlords, and tenants both do not think that a lease agreement is very meaningful in my experience. Many think they can just change it or get out of it for some reason. What they soon realize is that these rules are upheld and followed to the letter down the road in any dispute.

There are also some other rules which might not be set in the lease which must be followed according to the province.

The best thing to do when drawing up a lease, is to set out how long both parties must give in notice before terminating the contract. Typically 60 days are in most contracts before termination.

Always make sure you contact your tenant before the term is up to find out if they want to stay, or if you both want to part ways.

If you just leave the contract as is, the tenant goes on a month to month contract. Never assume they are leaving, and or the contract is up at the end.

If both parties keep the tenancy going make sure you understand that even on a month to month, you are eligible for the standard increase in rent.

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Should You Rent on Your Own or with Your Friends?

Should You Rent on Your Own or with Your Friends?

The school year is a while away, but looking for a residence for the up coming school year is almost upon us. 

 

For many this will be the first time that they will be away from home, and the first time they will be responsible for a residence and rent. Many students to ease the burden opt to rent with a few friends. While this may be a great idea in the beginning, you should think about a few things vs. renting a place on your own. 

1. Privacy:

 

What if your friends want to party, or have sex and you need to study? What do you do then? Leave your place you pay for and go do your studies somewhere else?

2. Rent:

 

What if your friends are late with the rent? Who will cover them? Will you risk getting kicked out and losing your last month over your friend being irresponsible.

3. Cleanliness:

Do you like living in a pigsty? While, you might be clean, for many kids this is the first time their mom is not telling them to clean up. 

4. Place:

Typically if you need to rent a place with a few people, it needs to be a older house. There’s nothing wrong with that but you must understand its an older building. Some people want to live in a one unit condo or apartment which may suit your needs better. 

5. Do you know who you are renting with:

If you have a friend and they say hey we are going to rent with my other buddy but you do not know them, than this may be a problem. You are basically going to be living with a stranger and this can lead to problems down the road. 
These are a few factors to consider when looking for a place with friends, maybe it might be better to live on your own, or you may opt to take the plunge and live with a few buddies. 

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Questions To Ask Before Renting a Place

Questions To Ask Before Renting a Place

Renting an apartment can be very stressful, especially if you are a student. Landlords demand that you have a certain income, or co-signer. They will also check your credit call your references and scrutinize everything about you.

What about the Landlord?

Questions & Clauses for Your Landlord

1. Are there any infestations? Mice? Roaches?
What is and how fast is the recourse?

2. Who else lives directly above, below and adjacent to you? Are they noisy? What happens if there is a noise problems?

3. What are the house rules? Common Area Rules?

4. Has there been any incidences of theft? What did you do if there were to remedy?

5. How is the heating in the building? Has it gone down this year? Can I change the temperature?

6. If Something breaks, how long until it gets fixed, for example a light bulb? Appliance? Who is responsible for the cost.

These are a few good examples of what to ask and in most cases put that in the rental contract.

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