It’s a Good Time to Become a Landlord
With vacancy rates moving lower across the Edmonton region, fewer landlords are offering incentives to lure new tenants and reduce turnovers - 25% of landlords offered incentives last October compared to 10% this year. This represents the lowest level since October 2008. Even though rents increased in the past year, affordability increased as well, since renter income grew at a faster rate than rents.
Apartment vacancy rates across Greater Edmonton decreased in 2011 thanks to improved demand associated with the growing economy and further reductions are expected in the coming year as the economy continues to expand. Supply of new rental units will not keep pace with the expected rise in demand by the end of 2012. Improving employment, particularly among the younger age groups, will encourage more newcomers to the region. Rental rates will continue to rise in the months ahead. A typical two-bedroom unit will rent for close to $1,060 by the fall of 2012.
Tips for Landlords:
When you are looking at renting your Edmonton rental listings, selecting a tenant is critical. The first meeting or telephone conversation with your prospective tenant is the beginning of the screening process and critical. If they are viewing the Edmonton rental property – are they on time? Are they smartly dressed? What kind of car are they driving? Do they wipe their feet before entering the property? Small details matter. When you question them about such things as employment, references or rental history are they happy to provide the answers? If both parties are keen to proceed with the let, you will need to put things in writing. There are a lot of rentals in Edmonton for tenants to choose from, as there are tenants so take your time.
It is strongly advised that as a first step you get any prospective tenants to complete a full application form. This needs to include: identity evidence, income and credit history, past accommodation and full employment details, references and other details, such as: any children, pets, car owner, smoker or non-smoker, the intended number of people living in the rental. The application should also specify the length and type of the lease, the basic terms and the rent and deposit required. The application should also inform the tenant that credit checks and references checks will be made in accordance with applicable law.
Don’t ever be tempted to not check the prospective tenant’s credit or identity history, and do references before deciding to enter into any tenancy agreement. Consider asking for a guarantor if you are not 100% sure. All these steps are much easier than having to evict a problem tenant. However ‘nice’ your prospective tenants seem don’t be lulled into taking chances – your screening process is your insurance.
When you decide to let your property your new tenant will need to sign a Tenancy Agreement. This can be drawn up by anyone (and some landlords prefer to have it checked over by a solicitor) – the signing should be witnessed by an independent witness. This should be accompanied by a full inventory and statement of condition of the rental property.
Rent Edmonton – What makes a Top Tenant?
- makes rental payments on time
- complies with the conditions of the tenancy agreement or lease
- causes no damage to the property
- keeps the property clean and tidy – rubbish is properly disposed of and any garden area is maintained, such as cutting the grass
- noise levels are kept to a minimum
- notifies the landlord about any repairs, before any further damage occurs
- allows any necessary access for servicing or maintenance
- gives plenty of advance notice when vacating the property
There are fewer and fewer rentals available these days and there are lots of tenants to choose from. But Landlords should still be patient to screen tenants for their Edmonton rental listings. Every landlord needs there rentals in Edmonton filled, but follow these steps to find your perfect tenant.