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 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

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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