Posts Tagged ‘landlordbc’

BC Landlords Speak Out: “There Are Lots of Good Renters Out There, But You Need To Screen Carefully These Days!”

Wednesday, November 15th, 2017

BC landlords tenant screening british columbia landlords

BC Landlords Speak Out: “There Are Lots of Good Renters Out There, But You Need To Screen Carefully These Days!”

As part of our “Let’s Improve the British Columbia Rental Industry” we have invited landlords and tenants to share their opinions on how we can make these improvements. These opinions are from individual contributors and are not the opinions of the BC Landlords Association. We believe by fostering communication between landlords and tenants we can improve the BC rental industry. Landlords and tenants can share your thoughts and opinions by emailing us at landlordtenantsolutions@groupmail.com

BC Landlords Need To Make Tenant Screening a Priority To Find Good Tenants and Avoid the “Pros” Out There

I keep hearing about how bad things are for renters these days.  Sure, it’s never been easy as a renter.  I rented for years and know this from first hand experience.  During my student days in the early 90’s rent was already high considering what students could save during summer jobs. Unlike many people at the time I couldn’t get a loan at the Bank of Mom and Dad because said after age 18 people should be self-dependent.

Some Of The Current Tenant Issues I Keep Reading About And My Take As A Former Renter and New Landlord

Here’s what I think of the current issues that are all over the news and the radio talk shows. Hey, I rented for years and don’t belittle anyone having problems with their landlord or their rental. The thing is we need more “balance” in the discussion .

1. Pets

This has been a big issue over the past few weeks with talks we will copy the Ontario rental model where landlords can’t legally refuse tenants just because they have a pet. Sounds good but as a landlord I have to be very careful of my costs and pets can lead to extra costs. They can also lead to headaches if they bark or whatever early in the morning or crap in the area.  It’s just something to consider.

2. Fixed Term Lease “Loophole”

We need to get some balance on this. I’m sure some rich overseas landlords were raising the rent by $1000’s of dollars at the end of a lease but not all of us are rich overseas landlords! Most of us are like me and want to keep good tenants renting from us so we don’t even raise the rent.  There is some interesting information how this BC landlord and tenant loophole came to be but for most of us it just doesn’t apply

3. Rents Are Too High

Again not all of us are rich overseas investors with luxury Vancouver rentals in prime time areas. Many of us have saved to buy a rental and we only charge rents what people can afford and what we need to charge just to cover our mortgages, fees, taxes and the rest. Many of us small landlords are struggling and you need to keep us separate from the rich fat cats.

Help For BC Landlords – Screen Your Tenants Carefully!

The good news for people wanting to become small landlords is there are a lot of good renters around. I think this is because we have people coming from Alberta where the economy is in a downturn and Alberta landlords are suffering. And prices are really high in British Columbia so a lot of people are renting and saving up for a deposit. 

Be Careful Who You Rent To And Run A Credit Check

I have some good renters now who I just signed a lease with in September after the last couple moved out. When I was advertising there were a lot of very aggressive people applying who seemed to be winners. But many didn’t have references and when I ran a credit check I saw they had screwed over a lot of people and owed a lot of money.

Be careful because one bad tenant can really be a nightmare and cost you a ton of money.

What Does a Credit  Check Show You That Is Helpful For A Small Landlord Who Wants To Rent To Excellent Tenants?

First of all it shows you a ‘credit score’ from Equifax Canada.

This is very helpful because it’s a good way to see if people are financially responsible. A low score shows they don’t pay their bills on time, or at all! They might have ripped off Rogers or Bell but they also might have ripped of lots of small landlords too.

BC Landlords Be Careful and Run A Credit Check

I joined the BCLA and am running checks for ten bucks and one-time fee, no annual fee!

It’s a great deal and with good tenant screening you can make sure you find the real good tenants and avoid the professional scammers out there who will bleed you dry.

How Much Can BC Landlords Raise the Rent in 2018?

Sunday, August 27th, 2017

bc landlord rent increase guideline for 2018

B.C. Landlords Can Raise the Rent 4% in 2018

With low vacancy rates throughout British Columbia it’s important to encourage more people to become landlords. 

When more good people are motivated to invest their hard earned savings into creating secondary suites in their homes or buying an investment condo it helps tenants.  More landlords means more supply of high quality rental housing and gives tenants more options in finding a nice place to live.

Landlords Are Running a Business and Need To Keep Up With Increasing Costs

One of the biggest challenges we hear from small residential landlords across B.C. is that their cost keep increasing each year. The reality is it’s becoming more expensive to create safe and well maintained rental units that service-oriented landlords provide.

Successful Landlords Know the Importance of Maintaining Their Rental Property

Keep your property up can be expensive. Some repairs are urgent and obvious. The furnace might break. A toilet might need to be replaced. A fence might need to be repaired.  A tree might need cutting down.

Other improvements might be upgrades to keep your current tenants happy or to make the property attractive to new prospective renters. This could mean new paint, new stairs, and lots of other expenses.

This is why BC landlords know it’s important to raise the rent each year.

How Much Can British Columbia Landlords Raise The Rent In 2018?

Annual rent increases are an important part of running a successful rental business. In 2018 small residential landlords can raise the rent by a maximum of 4%

Why only 4%? My Costs Are Much Higher Than That!

In British Columbia the allowable rent increase is based on inflation plus 2 percent.

According to the BC Residential Tenancy Act website:

Annual rent increase

22 (1)  In this section, “inflation rate” means the 12 month average percent change in the all-items Consumer Price Index for British Columbia ending in the July that is most recently available for the calendar year for which a rent increase takes effect.

(2)  For the purposes of section 43 (1) (a) of the Act [amount of rent increase], a landlord may impose a rent increase that is no greater than the percentage amount calculated as follows:

percentage amount = inflation rate + 2%

Are Tenants Aware of The Challenges Small Landlords Face?

The good news is that most tenants are aware of the challenges small landlords face in running our rental businesses. The price of gas goes up, the price of utilities, the price of groceries. 

Rent isn’t something special…it also need to go up to cover costs. Small landlords are not immune to rising costs.

Of course there are people out there who think all landlords are billion dollar corporations with unlimited funds. 

The reality is the typical BC landlord is someone who has a regular job and is hoping to make a good investment or create a secondary suite to help them cover their mortgage.

The CBC reports some tenants believe the rent increase is gouging tenants and there should be a “rent freeze.

How Does The 2018 Guideline Compare to Previous Years?

Last year it was 3.7%.  In 2012 the increase was higher at 4.3%

How Does The BC Rent Increase Guideline Compare to Other Provinces? 

Ontario landlords can only raise the rent by 1.8% in 2018. So compared to them we are doing okay. 

However, Alberta landlords don’t have rent control and can raise the rent as much as the market can bear (as long as they provide property notice, etc.)

BC Landlords Are You Going To Raise the Rent in 2018?

Experienced and successful landlords across British Columbia know that it’s important for landlords to raise the rent according to the guideline each year.

Good tenants demand attractive and well-maintained properties and you need to be charging rents that allow you to offer what good tenants want.