ottawa landlord header image 2

Ottawa Landlords Success – Where To Get Expert Advice And Help?

January 2nd, 2020 · No Comments · Latest News, ottawa landlords success 2020

ola dennis 5

Ontario Landlords Association PROTECTION MEMBERSHIP Provides a Ton Of Terrific Services AND Access to the Private Members Forum Where You Can Network And Get Help From Experienced and Successful Ontario Landlords

The news from the Canada Mortgage and Housing Corporation was good for Ottawa landlords.

In their report CMHC said MLS sales are expected to rise in Ottawa in 2020. This growth in sales will result in prices in our region at least matching inflation.

Good News For Ottawa Landlords in 2020

Many experienced investors also feel the victory of the Liberals under Justin Trudeau is good for the area. The Liberals have stated they will increase the hiring of federal government employees and spend money on improving transportation all over Ontario. This means more jobs and that means more tenants looking for your rental property.

Ottawa Landlords Can Raise the Rent By 2.2% in 2020

According to the Ontario Landlords Association Ottawa landlords can raise the rent by 2.2 per cent in 2020.  With a combination of a decreasing vacancy rate along with higher costs to operate your business, many Ottawa landlords are going to raise the rent in 2020.

The Rent Increase in Only 2.2%?

Yes, and many landlords think it’s far too low. After all, our costs continue to rise with things such as higher taxes and higher costs for professionals to help maintain your rental property. The good news is your property might be exempt from the rent increase guideline.

Make Tenant Screening A Priority in 2020

With more renters out there and increasing costs make sure you make tenant screening a priority. Only inexperienced or naive landlords will rent to tenants based on a handshake or a ‘conversation.’

We’ve written before about what happens when landlords don’t make tenant screening a priority. Experienced and successful landlords know the key is to make sure you rent to financially responsible people.

How Do I Make Sure My Potential Tenant Is Financially Responsible (and will pay the rent)?

The way you do this is by running a credit check on every potential tenant who wants to rent from you. No matter where you live in our country Canada Landlords are aware of the importance to credit checks as part of their tenant screening system.

By running a tenant credit check you can make sure you not only “know who you are renting to” you also “know if they pay their bills on time.” A credit check is an essential tool used by experienced and successful landlords who run profitable rental properties.

Ottawa Landlords Success in 2020

With an improving market it’s important landlords make sure they increase the rent to cover their costs (at least partially) and run credit checks as part of their screening process.

By renting to good tenants and a good rental rate, Ottawa landlords are looking at a very successful New Year!

Tags: ··