1451 replies to this topic

[VicHockeyFan]

Just like jobs, right now only 1 in 10 rentals is showing up online. Lots of referrals going on. If you have an excellent tenant leaving why wouldn’t you take them up on a recommendation ?

[tjv]

^I would beg to differ about jobs, many people are advertising from unskilled to executive level.  It seems almost every store I go into has a help wanted sign posted.

 

And even if I had a great referral from a great tenant, maybe I can spark a bidding war for my rental and get as much as I can by advertising

 

Regardless, the bottom line is there are far too many renters for not enough rentals

[VicHockeyFan]

Probably. But low rents (subsided and rent controlled places) amplifies that problem. If overnight all apartments were market, we would have lots more supply. Yes it would mean an increase in people per housing unit. Unmarried non cohabitating partners moving in together. Ie both me and my g/f currently rent our own places. If our rents went up $400 each, maybe we move in together.

[Nparker]

...both me and my g/f currently rent our own places. If our rents went up $400 each, maybe we move in together.

And they say romance is dead.

[VicHockeyFan]

That was a hypothetical example.

[tjv]

ah come on, how much is it going to take a landlord to screw you to get you love birds to move in together 500?  600?  

Edited by tjv, 01 March 2018 - 09:29 PM.

[Mike K.]

Over the last year or two quite a few relatively wealthy folks have been renting secondary homes in Victoria. Buying is out of the question for them for any number of reasons, but a brand new one-bedroom apartment for $1,750 is perfectly doable and gives them more flexibility than with a condo.

I personally know of two such individuals who rent residences year round but only use them for a limited time per year.

Now with the NDP’s new tax we could, ironically, see more of this start to occur.

[thaicobb]

Over the last year or two quite a few relatively wealthy folks have been renting secondary homes in Victoria. Buying is out of the question for them for any number of reasons, but a brand new one-bedroom apartment for $1,750 is perfectly doable and gives them more flexibility than with a condo.

I personally know of two such individuals who rent residences year round but only use them for a limited time per year.

Now with the NDP’s new tax we could, ironically, see more of this start to occur.

A corollary scheme immediately suggests itself for one who owns a condo used part time that will be subject to the speculation tax.  Find someone with a like condo and rent theirs full time while they rent yours.  Likely possible in the same building.  Lets call it the "strangers on a train" scenario.

[Mike K.]

Yes, absolutely that can become a thing. There's always a workaround if you're clever.

[spanky123]

^I would beg to differ about jobs, many people are advertising from unskilled to executive level.  It seems almost every store I go into has a help wanted sign posted.

 

And even if I had a great referral from a great tenant, maybe I can spark a bidding war for my rental and get as much as I can by advertising

 

Regardless, the bottom line is there are far too many renters for not enough rentals

 

For many landlords (of which I am one), money is not the only consideration. I would happy take less rent for a stable tenant. 

 

Still nearly 1,000 places to rent on Craigslist.

Edited by spanky123, 02 March 2018 - 08:08 AM.

[Mike K.]

I do note though that several folks I am familiar with, who have ardently opposed development in their neighbourhood over the guise that the homes are not affordable, have rapidly raised the rents they charge to tenants in their secondary suites.

 

It's a vicious world out there.

[VicHockeyFan]

Yes, absolutely that can become a thing. There's always a workaround if you're clever.

Except some people will draw the line at falsifying documents, I’d think.

[spanky123]

Yes, absolutely that can become a thing. There's always a workaround if you're clever.

 

Here is an even better offer. I will rent your place and you only have to pay me $50 a month. I promise that I will never set foot in your apartment/house/condo but you will have your legal agreement from an arms length, tax paying BC resident. 

Edited by spanky123, 02 March 2018 - 08:13 AM.

[VicHockeyFan]

Again, now what if you decide to occupy the unit? You might be legally entitled to. Your side agreement to never set foot in the place will not hold up. That’s why people will be less than willing to do that kind of work around.

I guess it might depend what the province wants for documentation.

[spanky123]

Again, now what if you decide to occupy the unit? You might be legally entitled to. Your side agreement to never set foot in the place will not hold up. That’s why people will be less than willing to do that kind of work around.

I guess it might depend what the province wants for documentation.

 

True but if I started reneging on my agreements then my business model wouldn't hold up. Heck if I can 'rent' 1,000 units then that is $50K a month for pushing paper. Why would I want to screw with that?!

 

The bylaw is nebulous in my opinion. If the home is rented but the tenant doesn't occupy it for 180 days a year then it is still considered vacant?

Edited by spanky123, 02 March 2018 - 08:22 AM.

[VicHockeyFan]

It’s screwy for sure. Brand new laws are often not thought through. And should usually be avoided. Like someone else said, if they want your money just grab more income tax or property tax.

[thaicobb]

 

.....The bylaw is nebulous in my opinion. If the home is rented but the tenant doesn't occupy it for 180 days a year then it is still considered vacant?

Gets me wondering.  As a landlord, will I be responsible for monitoring my tenants behavior to assure that they actually occupy the property for 180 days that they are renting from me full time?  Would failure to do so risk running afoul of the home vacancy Stassi?

[Nparker]

...As a landlord, will I be responsible for monitoring my tenants behavior to assure that they actually occupy the property for 180 days...

As a landlord I hope you would care enough about your property to want at least a general idea of who is living in it and when.

[thaicobb]

As a landlord I hope you would care enough about your property to want at least a general idea of who is living in it and when.

References, credit checks, semi-annual inspections, sure; but not keeping tabs of how many vacation days they are taking.  That, I would say, is not my business, provided my property not abused or sublet.  I just don't wish it to become my business or even that of my tenant's neighbours.

[spanky123]

As a landlord I hope you would care enough about your property to want at least a general idea of who is living in it and when.

 

True but what if you are renting to a UVIC student like lots of people do? If they do a coop term and then take their summer break out of town are you responsible for the $10K penalty?