Unsure about handing extra money over to your new landlord? Here we've outlined the basics with respect to security and pet deposits in the province of British Columbia. These rules are sometimes revised so the ultimate source should always be the Residential Tenancy Branch. Security Deposit A security deposit often called a damage deposit is paid to the landlord before a tenancy begins and protects the landlord from unforeseen damage caused by a ...
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Vancouver’s New Airbnb Rules In April 2018, Vancouver City Hall began to regulate the popular home sharing platform, Airbnb, by introducing a new set of Airbnb rules. In response to disgruntled citizens wary of sharing their buildings with a revolving door of Airbnb guests and by others desperate for rental housing in a city where occupancy rates are nearing 100%. In addition, many Vancouverites feel Airbnb is responsible for further inflating ...
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Rental Repairs and Maintenance Responsibilities You’ve signed a lease on a new apartment and you’re excited about your new digs…but what if things don’t work according to plan. The electrical outlet that will power your beloved Nespresso machine is dead or the sink perpetually drips? What to do? Well, before moving in, be sure to conduct your own inspection preferably alongside a property manager or landlord. Make note of things that ...
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What are tenants responsible for? Renters often get a bad rap – a reputation as messy, careless and disrespectful to properties. This is really unfortunate given the majority of renters who do treat their rental home like it was their own. Maintaining a property is the shared responsibility of both landlords and tenants. Landlords must ensure it is clean, safe and livable before new tenants move in but once in, the best ...
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As part of a 30-point plan to help alleviate the housing crisis, the Province of British Columbia has imposed a speculation and vacancy tax hoping to turn vacant, under-utilized properties into homes for people living and working in BC. For Vancouverites, this is in addition to the civic Empty Home Tax levied for the same reasons. Though the intent of these taxes is noble, the implementation has proven confusing and ...
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Looking for the Renter's Guide for renting furnished or unfurnished? Check out our article here. Furnishing a rental property is a considerable expense. Should you spend the money or let your tenants furnish your unit? Here are a few things to consider when deciding whether you should rent out your unit furnished or unfurnished. Benefits Of Renting Out A Furnished Unit You can demand higher rent. A well-furnished property rents for 25 ...
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To avoid dealing with bad tenants, the best option is to avoid the situation in the first place. Too often landlords make the mistake of accepting unsuitable tenants in a moment of desperation. Of course, losing one or two month's rent isn't ideal for cash flow, but a bad tenant can prove far more costly, creating serious headaches, causing expensive damage, or, in the worst cases, a 'professional tenant' might ...
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So you are using the Liv rental app to find a place to live in Vancouver. You love the look and feel and functionality. The fact you can search properties, book viewings, sign contracts and even pay your rent through the app is blowing your mind – so simple, so convenient! However, one thing is bugging you - your Liv Score seems low. This means some landlords may not consider ...
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According to StatsCan, only 50% of Canadian renters have tenant insurance (AKA renter insurance, content insurance). The reasons are a bit unclear but the running assumption is that renters assume they are automatically covered by their landlord's policy and thus, see renters insurance as a waste of money. This is a potentially dangerous assumption. The landlord's policy will cover all the bigger things - the pipes, structural issues, appliances etc. ...
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Your tenant can be your best ally, or biggest problem. Tenant turnover is arguably the single biggest cost for you as a landlord. Whenever a tenant vacates, significant costs are incurred. The cost of vacancy, for example - your property may be vacant for one month or more, impacting cash flow. You will also likely have to pay for some maintenance like applying a fresh coat of paint or repairing damage ...
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