Rental properties can be an exceptional source of income, providing a continual revenue stream that can help pay mortgage or allow you to expand your investment properties. However, anyone thinking of becoming a landlord should be aware that it is not a passive income. Even if you are just renting your basement suite, you are in business and you should understand what it is all about.
Being a landlord is a full-time responsibility. There will be maintenance requests at inconvenient times, the tenants may miss out on rental payments or they can be too troublesome but you may not be able to evict them straightaway. If you have an apartment for rent, it is important to do your groundwork before you become a landlord. Here are some tips for first-time landlords:
For the month of August 2018, Toronto and Vancouver remained their spot as top 2 priciest cities in Canada. The rental market in Edmonto registered the sharpest drop with over 5.4% drop in rent prices, while Halifax in Nova Scotia notched impressive 5.5% rent increase per rental website padmapper.
The average rent in Calgary, AB continued to be soft with modest of -2.80% decrease in one bedroom rents to $1050 and -1.50% decrease for 2 bedroom rents to $1330. On year on year the rent for the one bedroom and 2 bedroom apartments remained higher by +2.90% and +2.30% respectively.
In our neibour city Edmonton, AB, one bedroom rent fell -5.4%, which was the largest monthly decline in the country, to $870. Two bedroom rent decreased a slight -0.9% to $1,150.