We are often asked what to expect in terms of rental reveunes any given property may generate for a new owner. First off, let me clarify that, by choice, we do not provide property management services. We do, however, help our clients with informal introductions whenever possible. We have steady streams of potential tenants coming into our office asking if there are any vacancies. Rental revenue projections depend on an owners philosophy, and there are many of them!
One owner has no problem with a property sitting vacant while waiting for a tenant who will pay the upper range of rent, and another wants to avoid vacancy at all costs, and therefore purposefully keeps the rent amount on the lower range of current rent rates. There are more and more “vacation” type rentals in the area, and this can be very lucrative, but does require effort! As the sports tourism and wine tourism (and other “tourisms”) continue to grow in popularity, this is a very decent way to earn an extra $10,000 to $20,000 per year. It is very important to know local bylaws, rules and regulations.
Some examples include knowing if the utilities are in the name of the tenant or not, and who pays for the utilities. Plus the handling of security deposit is very important. When purchasing a tenant occupied property, be sure to have your lawyer address that on the statement of adjustments!
CMHC has an abundance of helpful information on their website:
There are also many seasonal rentals by snow birds, or house sitting arrangements as well. And these can be very positive for both sides of the rental equation. For more information on rentals, and rental income potentials, drop an email to us, or give the office a call, 250 494 8881
Patrick Murphy 250 486 2529
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