Peterborough Landlords

http://peterboroughlandlords.ca//peterborough-landlords-t/ Is Renting To Students In Peterborough The Right Investment For You? A story in the Peterborough Examiner has lots of potential student landlords thinking twice about investing in our city.... We previously wrote how many Peterborough landlords rent to students. There are large post-secondary institutions in our city and a large student tenant population. Many landlords get along well with their student and avoid problems like some landlords do renting to the general public. Many students we know studying at Trent University who say that one year of living in the university residences is enough. Starting their second year many want to rent their own property from a private landlord. The reasons we were provided include: 1. The university meal plan is over-priced and poor quality 2. Students want to live with friends 3. Living with like-minded people 4. More affordable rent for a bigger room 5. Having a bathroom and shower shared by only a few people What About Problems Renting To Students? Let’s get back to that report in the Peterborough Examiner. The headline was shocking: Students Charged After 35K in Damage To Rental Property. It has had a big impact on potential student landlords. And it should. The story is shocking and important reading for all landlords and those thinking investing. Last December a local landlord found 4 of their student tenants living in a property on Parcells Crescent were responsible for damages of 35k to the house. The damages included walls filled with holes and floods damaging the ceiling in the basement and the main floors. Renting To Students Still Requires Proper Tenant Screening Don’t let this story turn you off from renting to students. It just shows that no matter who you rent to, being a landlord isn’t easy money. You need to screen your tenants carefully and have a rental property that attracts all the good student tenants who want to rent from good landlords. There is an excellent blog at the Ontario Landlords Association site where they interview the Manager of Student Housing at the University of Toronto. There are a number of great tips on how landlords can attract good tenants to their student rental properties. You can read the full interview with all the tips here: Renting To Students In Ontario Are You Ready To Invest In Rental Properties Targeting Student Tenants? It’s a great opportunity. Whether you are an Ottawa landlord renting to Carleton students in Ontario, an Alberta landlord renting to U of A students or investing right here in Peterborough being a student landlord can be profitable. You have to learn the ropes and screen your tenants carefully. There are a lot of great student tenants out there looking for decent, affordable and well-maintained properties. Make sure you find them and help them find you.

http://peterboroughlandlords.ca//peterborough-landlords-2/ Lots of landlords are asking us how much they can raise the rent in 2014, and if they should! We would like to wish all Peterborough landlords a very happy new year.... Whether you are landlord who rents to students at Trent University, you own residential properties you rent to the general public or you are social housing providing we truly hope you have a happy and successful 2014! Challenges in the New Year Peterborough landlords are aware of the challenges we face in 2014. These are mostly challenges we faced in 2013 and in the years before. Let’s take a look at a few of these challenges. Vacancy Rates According to the CMHC the vacancy rate we face is going up in 2014. This means some landlords are reporting it difficult to find tenants. Having vacant units for a month or more, while still paying your mortgage, can lead to lots of stress and financial difficulties for landlords in Peterborough (and everywhere else!) Bad Tenants We also know how much it costs if you rent to bad tenants. After all the Ontario Landlord and Tenant Board is notorious for delaying evictions and enabling bad tenants to end up costing good landlords thousands of dollars in lost rent and damages. Rent Increase Guideline for 2014 Did you read the Ottawa Sun and their report on how much Ontario landlords can raise the rent in 2014? Many landlords were shocked at the low amount. Just to remind landlords in our area: Peterborough landlords can raise the rent 0.8% in 2014 Yikes! It does seem low doesn’t it? Lots of landlords agree it’s too low. And they are demanding change. How can that really cover the cost of hydro, water, plumbers, contractors and everything else good residential landlords have to pay for? In the Toronto Sun article a member of the Ontario Landlords Association said this low rate may hurt lots of small landlords. He also said the way the rent increase guideline is calculated needs to change because it doesn’t include the true costs for good property management to maintain a rental unit in great shape. Peterborough Landlords 2014 Landlords and Investors what do you think about the low increase guideline? With our high vacancy rate will you even raise the rent if you have tenants now? If your rental property was built after 1991 are you going to raise the rent a lot higher? If so, how much are you going to raise the rent on your tenants? There are all important issues. We will continue to post about the issues Peterborough landlords face in 2014.

http://peterboroughlandlords.ca//peterborough-landlords-p/ Peterborough landlords are you giving Christmas Gifts To Your Tenants? If You Do, Why Do You Do It? If Not, Why Don’t You do It? The issue is two-fold.... First, how can you keep good tenants. Second, what are the specific ways to make your good tenants so happy that they will continue to rent from you. The vote at the Ontario Landlords Association forum continues to grow. The question is: Do you give Christmas gifts to your excellent tenants? Background: Peterborough Tenant Credit Checks Peterborough landlords know how important it is to rent to good, qualified tenants. We have written about this before. It’s very important Peterborough landlords and potential investors should read it and take it under careful consideration. When you decide to rent out your property there is huge crowd of both good and bad tenants who will want to rent your property. It’s incredibly important Peterborough landlords do tenant credit checks as part of their tenant screening. After all the most important issue for landlords is finding good tenants! You should also do criminal checks, employment checks and past landlord checks. Landlords all over Ontario like Toronto landlords and even landlords in other provinces such as Alberta and British Columbia agree! After all, renting to a bad tenant in Ontario can cost you thousands of dollars and give you and incredible amount of stress! Ideas For Keeping Good Tenants Happy? Some landlords swear that there offering your good tenants and a couple of Christmas gifts is a key to not only making your good tenants happy, but retaining them. When it comes time to renew the lease (or not) many landlords say that gift giving is a key way for landlords to show their appreciate to our tenants. Peterborough Landlords Do You Give Your Tenants Gifts? Do you do it? Is it an effective way to retain tenants? Do your tenants appreciate it Get Ready For Lots of Landlord Discussion in 2014 Whether you agree or disagree about giving gifts, this question opens the door for lots of discussion on the topic of ‘good property management’ and techniques for retaining tenants for Peterborough landlords in 2014.

http://peterboroughlandlords.ca//peterborough-tenant-scre/ We hope all Peterborough landlords are having a excellent beginning to Autumn. As the temperatures drop we hope you and your good tenants are looking forward to Halloween and winter sporting activities.... Do You Have Good Tenants? According to the Canada Mortgage and Housing Corporation landlords in Peterborough might have found it more difficult this year to find tenants. Vacancy rates dropped for Peterborough rental apartments in 2012. They dropped from 3.5% in Fall 2011 to 2.7% in Fall 2013. However the CMHC says rates have been flat in 2013 and some landlords are reporting it’s been a difficult past few months to find good tenants. Renting To Good Tenants Even though the CMCH report shows flat vacancy rates with no improvement, we know it actually pretty easy to find tenants for most of our Peterborough rental properties. All you have to do is put an ad on Kijiji.com and you can expect to get a bunch of phone calls coming in. The reality is if you want to fill your rental unit fast you can. But who are you renting to? Challenges for Ontario Landlords The Residential Tenancy Act in Ontario gives residential landlords few opportunities to protect ourselves. Tenants can file against us for free at the Landlord and Tenant Board. At the Board, even what should be a simple eviction for non-payment of rent can take months and cost the landlord thousands of dollars in lost rent. If tenants move out they have up to a year to still file a complaint against their landlord. Landlords on the other hand have to go to Small Claims court to get money owed to them by tenants. With all these challenges it’s more important than ever for landlords to do proper tenant screening. Credit Checks One of the best way to choose a good tenant is to do a credit check. With a credit check you can see the prospective tenant’s financial history and decide whether you want to rent to them. A credit check can show you if the tenant pays on time, has outstanding judgments against them, and if they have creditors chasing them. If the prospective tenant doesn’t pay all their other bills on time it can be a good predictor that you, the landlord, might also not be paid what is owed to you. How Can I Do A Tenant Credit Check? In the past credit checks could be complicated and expensive. Fortunately times have change and Peterborough landlords can do premium credit checks for only $10 a check from the Ontario Landlords Association Smart Landlords Know Tenant Screening is More Important Than Ever. Protect Yourself and Your Rental Property With Good Tenant Screening, Including a Tenant Credit Check!

http://peterboroughlandlords.ca//23/peterborough-landlords/ Welcome to our site Peterborough Landlords! Our goal is to provide help, tips, and advice for Peterborough, Ontario landlords.... Let’s Get Started How many times have you asked: -I’m a landlord in Peterborough and want to network with other landlords in the area -I’m thinking of investing in a rental property in Peterborough , Ontario and want to learn more about the area and the industry -I own a rental property in Peterborough and am looking for some advice about a problem with a tenant -I want to not only know only about rentals in Peterborough, but learn about how things work in Ontario -I think the laws and rules in Ontario are unfair for landlords. I want to change things! How can I help do it? This is what this site is all about. Helping landlords get answers to their questions and making change. Networking It’s time landlords from across Ontario begin to network and even start to demand some changes to the Residential Tenancies Act and the Landlord and Tenant Board. A great place to being is signing up for the Ontario Landlords Forum. Being a Landlord in Peterborough, Ontario Experienced landlords know being a landlord or property investor in Peterborough means both opportunities and challenges. In the next few months we will discuss a variety of topics. This includes: 1. Dealing with Tenants on Government Assistance 2. Student Rentals 3. Dealing with Tenants Who Have Pets 4. Where to Find Great Properties in Peterborough 5. How To Deal With Bad Tenants (Yes, they are out there). These are important issues for landlords all over Ontario Investing in Peterborough, Ontario For those looking at Peterborough as a place for potential investment here is a brief introduction to the city. Peterborough is known as the gateway to the Kawarthas, cottage country, a large recreational region of the province. It is named in honour of Peter Robinson, an early Canadian politician who oversaw the first major immigration to the area. It is also home to Trent University. We’ll provide a lot more information in the coming months. The Peterborough Landlord Site Has Started. So Let’s Start Helping Peterborough Landlords Succeed!