Kingston Landlords Can Raise the Rent 1.5 Percent in 2017
Experienced and successful Kingston landlords know how important it is to find good tenants for your rental properties. After all good tenants are your “clients” and it’s important they pay the rent on time, take care of the rental property they are renting, and follow the rules.
The good news is there are lots of good tenants out there. They will make sure they pay the rent to you on time. If for some reason they need to be a little late they will make sure they contact the landlord and explain the situation and get approval for it. When they are in your rental unit they will treat it like its their own.
Good tenants make being a landlord in Ontario a worthwhile and profitable investment.
Unfortunately while most tenants are decent and won’t give you any problems there are people out there who will. There have been lots of recent examples of this. Even some Kingston landlords have been hit and are out tens of thousands of dollars in lost rent and clean up and repairs.
How to Rent To Good Tenants
Since there are lots of good tenants out there how do you find them? One of the first rules is to make sure you have a nice and safe rental unit. When you have nice units to rent out you will get lots of replies from qualified applicants who want to live there.
When you have these potential renters apply you can use tenant screening to find people with a good financial history of paying their bills on time.
Make Sure You Have Attractive, Well-Maintained Rental Property
Make sure your rental unit is well cared for and nice. Good tenants don’t want to rent run down apartments where the windows don’t close and there is garbage around.
Make sure your rental unit is safe. Imagine you were wanting to rent the property. You would want to make sure there is no mold, the toilets work property and the place is “fire safe” with smoke detectors and up to code.
There have been examples where Newmarket landlords have rented out unsafe buildings and had them shut down and the fire department has laid down fines and even criminal charges!
Make Tenant Screening A Priority in 2017
There are lots of good Kingston tenants who want to rent a great property from professional, expert landlords. It’s up to you to make sure you find all the good tenants out there. Always make sure you make a landlord credit check part of your tenant screening process.
Rent Increase Guideline 2017
Kingston Landlords Can Raise the Rent By Only 1.5% in 2017 (if you are covered).
Does this cover your costs? We recommend you raise the rent this year because the guideline next year might even be lower. Make sure you look into if you are covered by the rent increase guideline, as many new properties are not.