Landlords & Tenants

Description
Discuss all the issues around being a landlord and dealing with tenants. Want to be the best landlord ever and attract the best tenants? Need some help dealing with a difficult situation? Share your insights and pose your questions here.

Sharing Backyards When Adding Secondary Units

Submitted by paul@paulcopcutt.com on Thu, 04/29/2021 - 08:39
At last night's REITE National event there was a very active discussion in the virtual networking about what happens to shared spaces when adding additional units, especially coach houses. What and when do you tell tenants? Should you have it s an addendum in the contract even if you do not even have a coach house yet? What else would you advise?

Rental Stats December 2020 for Hamilton & Niagara

Submitted by susan@completepminc.com on Tue, 02/02/2021 - 15:28

The rental market, similar to the real estate market, has seasonality which is reflected in the December 2020 rental stats.

Hamilton's 1 bedroom rents showed the 2nd highest increase nation ride this month and moved up 3 spots to rank in the top 10 as 8th with one-bedroom rent climbing 4.5% to $1,400.

Here is how December shaped up:

Hamilton:

Average 1 Bedroom rent is $1,400. Up 4.5% MoM and up 8.5% YoY

Average 2 Bedroom rent is $1,690. Up 1.2% Mom and up 9% YoY

St. Catharines:

Real Estate Stats Hamilton St. Catharines Oct 2020

Submitted by susan@completepminc.com on Thu, 12/17/2020 - 11:53

Hamilton:
Average 1 Bedroom: $1280 down 5.2% MoM and down .8% YoY
Average 2 Bedroom: $1620 up 1.2% MoM and up 8% YoY

St. Catharines:
Average 1 Bedroom: $1300 no change MoM and up 3.2% YoY
Average 2 Bedroom: $1550 up 3.3% MoM and up 3.3% YoY

Toronto:
Average 1 Bedroom: $2000 down 2.4% MoM and down 14.9% YoY
Average 2 Bedroom: $2650 no change MoM and down 11.7% YoY

Ontario's Bill 184 will it help both landlords and tenants?

Submitted by alfonso@JAAGproperties.com on Thu, 11/12/2020 - 22:47

<p>A good friend sent me this article and I thought I would share. It talks about how both landlords and tenants aren't happy about the new provisions in Bill 184. What I like, is that it will provide both landlords and tenants increased freedom to create their own resolutions before going in front of the board, like a plan for repayment of rent, that can then be endorsed by the LTB. If the tenant breaks that agreement, they can be evicted without notification. Check it out and share your comments below!!!!!

Rental Stats Toronto, Hamilton and Niagara July 2020

Submitted by susan@completepminc.com on Thu, 11/12/2020 - 22:47

As people are expecting to work more from home for the foreseeable future, there is a lot of demand for rentals in the 905.

We ran the stats for July:

Hamilton:
Ave 1 Bed rent: $1350. down 2.2% month over month. Up 9.8% year over year.
Ave 2 bed rent: $1620. No change month over month. Up 8% year over year.

St. Catharines:
Ave 1 bed rent: $1250. No change month over month. Up 5% year over year.
Ave 2 bed rent: $1430. Down 1.4% month over month. Down 4.7% year over year.

Rental Stats Hamilton and St. Catharines August 2020

Submitted by susan@completepminc.com on Thu, 11/12/2020 - 22:46

While Toronto one and two-bedroom rents were down 10% and 12%, respectively, since this time last year, the rest of Canada seems to be steadily recovering from the sudden halt in rental demand during the pandemic as half of the total cities saw rents grow on a monthly basis in this report. As Canada continues to reopen, the desire to move away from pricey cities is becoming more and more apparent.

Toronto:
1 Bedroom: $2070 -1.4% MoM -10% YoY
2 Bedroom:: $2630 -0.8% MoM -12% YoY

Should I Use a Prop Management Company or Hire a HandyMan

Submitted by andrew@royalwoodmedia.com on Thu, 11/12/2020 - 22:46

Hey everyone. I'm purchasing a student rental in London near Fanshawe and the seller runs a prop management company, but they charge pretty hefty sums for every little thing.
I also have someone who is a trusted handyman in the area that is willing to do any fixer upper handy work/management for a flat hourly rate.

I see someone of the upside in the established company in some regards, but not really in 90% of the things they offer for the price vs getting a trusted handyman to do the work instead.

Rental Stats Hamilton, St. Catharines and Toronto Sept 2020

Submitted by susan@completepminc.com on Thu, 11/12/2020 - 22:46

With the continued trend of people working remotely, there are options for those working from home to look at moving out of Toronto and into surrounding areas that may offer bigger units and/or more affordable rents. Here is how September shaped up:

Toronto:
Average 1 Bedroom: $2050 down 1% MoM down 10.9% YoY
Average 2 Bedroom: $2650 up 0.8% MoM down 11.7% YoY

Hamilton:
Average 1 Bedroom: $1350 Up 2.3% MoM up 8% YoY
Average 2 Bedroom: $1640 down 1.2% MoM up 5.8% YoY