As Home Prices Rise the Pool of Good Tenants Grows for BC Landlords
In our last blog post we discussed how BC landlords can enhance our chances to rent to good tenants with proper tenant screening techniques.
With proper tenant screening, including credit checks, you improve your chances of renting to good tenants who respect you, respect your rental property, and pay the rent on time.
Some potential investors have emailed us asking “are there any good tenants in BC?”
It’s a valid question considering the media attention on so many ‘tenants from hell.”
Opportunities for British Columbia Landlords
Let’s focus on the positives of investing and becoming a landlord in BC.
According to a report in Canadian Real Estate Wealth Magazine buying a home is becoming increasingly difficult.
Difficulties in getting a mortgage are only one obstacle for new buyers. Prices are rising.
You also have to service the home. Utilities costs and taxes are rising.
An RBC report shows buying a house is simply not affordable for many renters.
The reports states that in 2013 a house owner will have to spend over 40% of household pre-tax income just to buy a small bungalow.
Owning Investment Properties Is a Business
A successful business has lots of good, paying customers and clients.
With the increasing costs of home ownership, it means many people who plan to buy a home will:
1. If they are currently renting they will hold and continue renting
2. Non-renters will decide to rent for a period of time before buying
The Pool Of Good Tenants Is Growing More people renting means the tenant pool grows.
This isn’t only happening in Vancouver.
Reminder: There are Still Bad Tenants Out There
It’s important for landlords to use the proper tools and services to find good tenants.
Whenever you get the feeling of renting to tenants on your ‘gut feeling’ read this story about a Victoria landlord who is out more than $20,000 in lost rent, for fixing damages, and having to clean up the mess her tenants left.
Remember, lots of good tenants are looking for a good landlord…they are looking to rent from YOU
Make sure you screen your tenants carefully at all times.
Know what questions to ask.
Employment and tenant credit checks are a must.
Succeeding Is Now Up To You There are lots of good tenants out there.
Make sure you find them, and help them find you!