Renting your Investment Unit

23.12.2013

Share This!

How to Rent your Investment Unit in Kitsilano

So you bought an investment property, or house with a mortgage helper.. now what? Time to rent that out to start recouping some of your funds! Most detached houses in Vancouver these days have rental suites in order to help with the high cost of the mortgage. This gives the owners flexibility in paying their mortgage off faster, and using the suite for their own purposes when their family grows and needs more room. Looking at the condo market in Kitsilano, many units are investment properties for the owners, with the unit being purchased strictly for rental purposes, giving the owner a chance to earn some profit if the rental rate can cover the mortgage and strata fees.

Thanks to Kitsilano’s great location, your rental unit will be desired by University students and adults looking to live in one of the best neighbourhoods in Vancouver. The closer you are to amenities in the Kitsilano (including Kits Beach, bus routes, 4th Ave and Broadway), the more money you can ask for in rent. The same can be applied to the unit – if it is above ground, has in suite, laundry, has a good sized kitchen and living space and new finishings, you’ll be able to ask for more rent than units that don’t have these things.

Renting suites in Vancouver is a very common practice, you’ll just have to decide which route you want to take. That is, do you want to be the landlord interacting with the tenant, or do you want to hire a property manager to handle everything?

Being the Landlord:

For most people who own a Kitsilano home with a basement or ground level suite, they choose to be their own landlord when renting out their suite. However, you can also be your own landlord if your investment property is separate from your suite. The benefits are you’re in close proximity to your tenants when issues arise, and the property for when it needs repairs, you don’t have to pay the property management fees and if your family grows and you need the space, you can stop renting and use the suite for extra space

Craigslist is your best bet for advertising your rental – take a look on Craigslist to see what comparable properties are asking for in rent Just like in selling your home, good photos make a big difference when it comes to the renting your property quickly and to good tenants. Asking for references is a good idea, as is asking the tenant to sign a one year lease. Many landlords also ask for a pet deposit to cover any damage that pets may cause.

Some of the downsides include taking the time to advertise and show the property, handling all the tenants’ complaints and needed repairs, collecting rents and deposits, and taking the time to learn the Residential Tenancy Act which includes rules you’ll need to follow as the landlord.

Hiring a Property Manager:

Most property management companies handle the entire process, including all communication with the tenants. We at LiveKitsilano highly recommend Vancouver Real Properties for all your rental needs. They will offer a rental assessment – letting you know what your property is worth, advertising of your property, collection of rent and deposits, inspections to ensure the property has been well maintained, handling of tenant requests and complaints, dealing with the Strata Corporation (if necessary), hiring trades people to fix any maintenance issues. Typically, property management companies collect and deposit rent, then send you the remainder once docking their fees. Often, property managers fees are about 10% of monthly rent.

Ensure that the property manager follows the Residential Tenancy Act in all their dealings with the property and tenants. Feel free to interview multiple property managers to ensure you’re comfortable with them and how they work.

[x] close

Login for Full MLS Acess

Name* (first and last):

Email Address*:

Price Range: -

Property Type:

How many bedrooms?

How many bathrooms?

What area? (Near xxx)

I'm looking for a home that: (Allows pets, has ocean view)

Are you working with a Realtor?

Terms of Use

The term Virtual Office Website ("VOW") refers to a Participant's (REALTORS®) Internet website, or a feature of a Participant's Internet website, through which the Participant provides real estate brokerage services to Registrants (clients and prospects) with whom the Participant has first established a relationship where the Registrant has the opportunity to search for MLS® data, subject to the Participant's oversight, supervision and accountability. By agreeing to these "Terms of Use" you:

  1. acknowledge and understand that the Terms of Use do not create an agency relationship and do not impose a financial obligation on the Registrant or create any representation agreement between the Registrant and the Participant;
  2. understand that all data obtained from the VOW is intended only for your personal, non-commercial use;
  3. do have a bona fide interest in the purchase, sale, or lease of real estate of the type being offered through the VOW
  4. agree not to copy, redistribute or retransmit any of the data or information provided;
  5. acknowledge the Board/Association ownership of and the validity of the copyright in the MLS® database.
  6. agree that all information provided may be provided to the relevant Board and may be used to administer and operate the VOW and to investigate any breach of security of the data or the MLS® rules
  7. that a "mouse click" is sufficient acknowledgement and agreement to the terms
  8. must supply a user name and a password, the combination of which must be different from those of all other Registrants on the VOW, before being permitted to search and view information from the MLS® database via the VOW.
  9. must provide a valid email address. The Registrant may be permitted to access the VOW only after the Participant has verified that the email address provided is valid the Registrant's agreement to the VOW's Terms of Use is confirmed.
  10. understand the Participant must at all times maintain a record of the name, telephone number and email address supplied by the Registrant, and the username and current password of each Registrant, such records to be kept for not less than 180 days after the expiration of the validity of the Registrant's password. If the Board/Association has reason to believe that a Participant's VOW has caused or permitted a breach in the security of the data or a violation of MLS® rules related to use by one or more Registrants, the Participant shall, upon request, provide to the Board/Association a copy of the record of the name, email address, telephone number, username, current password, and audit trail, if required, of any Registrant identified by the Board/Association to be suspected of involvement in the violation.
  11. Understand that information on this site is deemed to be valid but is not guaranteed. It is the responsibility of the registrants to confirm all information on their own. Broker may not have reviewed or approved listing enhancements. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
  12. Understand any agreement entered into at any time between the Participant and Registrant imposing a financial obligation on the Registrant or creating agency representation of the Registrant by the Participant must be established separately from the Terms of Use, must be prominently labelled and may not be accepted solely by mouse click
  13. have received, read and understand the brochure published by the British Columbia Real Estate Association entitled Working With a REALTOR®

Having agreed to the terms and conditions of use, I would like to have access to this VOW information.

 Terms and Conditions I agree to the Terms and Conditions

[x] close

Login for VOW Access

Remember me

Don't have an account? Register now!