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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Student Tips for Finding a Place

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Student Tips for Finding a Place

Student Tips for Finding a Place

If you are a student going to college or University this fall then you must be looking for a place to stay close to your school of choice.

Its not easy to find something that has all of the things you want in a rental room or condo. You may also find that it is difficult to navigate without a full time job and proof of the income you may have to pay for the unit which you want to rent.

There are many obstacles to over come, but you must realize that you are not the only one in this situation, there are thousands upon thousands of students who are looking for units at the same time. Here are a few tips to finding the place you want to stay at.

1. Start Early: The early you start to look for a place the better. Do not wait until the last minute to start looking for a place to rent for the year.

2. Get your financials out of the way. The main thing a landlord wants to see is a guarantee that their rent will be paid. If you have a loan, a scholarship, grand or money coming from somewhere, be able to show and prove that. Get a parent or a co-signer before you start looking, or you may have to pay a few months in advance.

3. Talk to property managers, get to know them, ask them if there is any vacancies or people that didn’t follow through on their leases. Basically become their friends and beg them to help you if they have a vacancy.

4. Talk to A real estate agent who specializes in Student rentals, and the area where you are looking. They may have resources to help you get into a building and a condo.

5. Have Proof of your program and accomplishments. Some landlords will want to know what program you are in and that you are actually a student. They might relax their rules a little bit and take you on as a tenant.

6. Pay up front. Above all else, pay a few months up front if you can. This may be the only way to secure your place and assure the landlord that you will pay your rent and be a good tenant.

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How To Rent a Place Without A Credit Check

How To Rent a Place Without A Credit Check

It is true that renting a place these days are harder than getting a mortgage. The reason being, if you don’t pay your mortgage, its 3 months and they foreclose on your property and take it from you. If you don’t pay your rent for three months..well it gets complicated. 

So that being the case, landlords are increasingly getting pickier and picker on who they rent their investments to. The ideal renter, has money, has a good paying job with history and has a good credit score of over 700 with good references. In a perfect world this is what every landlord wants. 
When you rent a place, most landlords want 2 pay stubs, T4, NOA, references, and of course a credit check. Some landlords will not deviate from this, and if you don’t have it, don’t bother, its just what they’ve been taught in landlord school. I’m here to tell landlords and tenants, it doesn’t matter how good credit is, I’ve seen great credit people fail and be horrible tenants. 
Not everybody has credit for one reason or another. There are many instances where there is no credit due to being an immigrant, on a workers visa, student from another country or here. Here are a few ways to get into a rental without a credit check. 

1. Letter of Recommendation:

If you are here studying or working, get a letter of recommendation from your professor, student liaison, or boss. This will make you look reliable in the eyes of the landlord. 

2. Offer a couple months extra:

I wouldn’t recommend paying the whole year but paying a few extra months would help a lot to calm the nerves of a landlord worried that you are not going to pay. Make sure that extra payment is documented with chq’s and in an agreement.

3. Scholarship information:

Show the landlord that you have a scholarship and that there is an allotment for rent is a good way to prove you have money coming in for the rent. 

4. Co-Signer:

This is obvious if you don’t have credit and may be the only alternative if the landlord doesn’t accept the other proposals above. 

5. Increase in Rent:

Offer them a bit more than the asking price is a good motivator to get you in there, hey a few hundred bucks extra maybe worth the headaches perceived for some landlords. 
Be Honest and Speak to the landlord. Sometimes putting a face to the application is enough to get a landlord to accept you as an applicant. When a landlord receives an application, its easy on paper to say no to someone, but when you speak to the landlord, and make a case for them to rent the place out to you then it may give you a chance. 

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Over Rated Home Features

When I do an open house or put a house up for sale, I always get a few questions about features that I always say, why do you want that. Here they are: 1. Central Vacuum: Why do you want to lug around a snake and try to clean the house? Its simple, its called Dyson....

read more

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read more

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read more

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read more

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read more

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The Risk of Waiving a Home Inspection

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read more

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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read more

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