Renters and Landlords

Times are changing and who thought that could happen with the rental market? We now have AIRBNB which has altered the playing field for renters.

From a landlords perspective, renting their space on occasion whether it be seasonally or simply at their whim can not only produce higher rental rates but leave space open for family or other use without the ties that long term tenancy bring with a lease. For home owners this is an attractive alternative and potentially produces higher income. It's especially of interest to those lucky enough to own a cottage. You only use it a few weeks of the year, why not rent it when you're not there?

Then we have the Tenancy Act which has recently been updated September 18, 2018 to deal with the situation of evicting tenants once a property has been sold among other rule changes. Please read the following link:


https://novascotia.ca/news/release/?id=20180918007


You'd be surprised how many landlords and tenants aren't aware that you can't just evict someone without cause and that cause must be non-payment or rent or damage to the property. 


For those with pets renting is a slight nightmare. Renting a house from a property owner who couldn't or wasn't ready to sell used to be some what simple. Today our selling market in the Annapolis Valley is strong and homes that are priced market ready sell quickly. That means less rental inventory outside of apartment buildings. The more attractive properties are being eaten up by AIRBNB as this story today outlines:


http://www.kingscountynews.ca/business/reservations-renters-struggle-for-accommodation-in-airbnb-rich-communities-243581/


My only advice to those that rent are to make yourself a strong tenant. Pay your rent, respect your neighbors, take care of the property. Having good references are critical when you're moving. Aim for an apartment building where "selling" by the owner will not make your tenancy unstable.

If you can, start the process of saving for a home of your own. Many lenders will gladly sit down with you and help you start your plan. If that isn't in your future then be aware of rental limitations in the market and secure your spot. There are many agencies that can assist you; reach out.


Landlords, know the rules. If you're thinking of renting out your property - talk to a specialist. Knowing "everything" and sometimes hiring someone, will be the best move for you.


If you're thinking of buying a property to rent understand the market area. What rents are possible in that location, will renovations improve the revenue and what type of tenants does the property attract? Talk to someone who knows before spending your hard earned money. Advice doesn't cost a thing.


Have a great and powerful day,


Kathy

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