BC Landlords have had a very challenging 2020.
With the Covid pandemic many tenants couldn’t (or just didn’t) pay rent and this led to financial stress on many of us. Despite some help from the province, many did not collect full rent and others faced late rent regularly.
No Rent Increase
Small BC landlords know how our costs are rising and how important it is to increase the rent to try to cover your costs. Unfortunately, the NDP government won’t allow small landlords to raise our rents until July 2021.
Opportunities in 2021
Experienced and successful British Columbia landlords know there will also be opportunities in 2021.
When the economy gets stronger there will be more people coming to our province to work. These more qualified tenants will be on the way and looking for great rentals.
Students will also be returning. This will lead to a very strong rebound in the student rental sector.
Make sure you continue to screen your potential renters carefully. This should include references, employment proof and a credit check.
You can join the BC Landlords Association and begin running checks for under $10/check.
BC Landlords Face Challenges And Opportunities in 2021
Make sure you take advantage of the opportunities and make sure you screen all potential tenants with a credit check.