With the condo market in Calgary continuing to favour buyers, there’s big opportunity to purchase great units at an amazing price right now. And turning a secondary property into a money-making opportunity is a smart investment, but before you rent out your condo, here’s some things to keep in mind.
- Condos in Alberta are subject to both the Residential Tenancies Act and the Condominium Property Act, so you should familiarize yourself with both pieces of legislation before you do anything.
- You must notify your condo board first: before you rent out your unit, you must give written notice to the condo corporation with:
- your intention to rent out your unit
- an address where you can be served or contacted
- how much rent you will be charging
- You may have to supply a damage deposit: depending on your condo board, they may require you to pay a damage deposit to cover any damages your tenant may cause. Not all boards ask this, but it’s something to keep in mind.
- Tenants must follow condo bylaws: in addition to following the terms set out in your landlord-tenant lease, your tenant will have to adhere to the condo bylaws set out by your condo board as well, so ensure they have a copy of those documents upon moving in.
Some tips for being a landlord in general:
- Live nearby: this gives the opportunity to check on your property or attend to requests from your tenants as needed. You could also alternatively work with a property manager to handle those types of things.
- Have an ironclad lease: your lease agreement will protect you as an owner and also ensure rent will be paid on time. Here’s some great information on what should be included in your lease agreement.
- Screen your tenants: make sure you are choosy for who you rent your home out to, and screen your potentials. It’s a good idea to ask for references too, especially former landlords.
More information on renting out your condo in Alberta can be found online here. If you’re interested in purchasing a condo for a rental, please contact us.
