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Published on Jun 20, 2023 | Updated on Feb 28, 2024
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Most experienced and successful landlords agree on the importance of tenant screening. Tenant screening reports will help landlords rule out applicants who may have trouble meeting rent payments, have a record of exhibiting disruptive behaviour, or may otherwise not meet your criteria.
The SingleKey tenant screening platform caters to every landlord’s needs with easy-to-use property management services, including:
In this guide, we’ll show you how to manage your investment property successfully with the necessary British Columbia rental agreements and forms required throughout each stage of a new tenancy. We’ll also review the rental climate and laws in British Columbia that will impact your rental property.
If you like coastal mountain views, stunning architecture, and a buzzing seaport, you’ll enjoy managing an investment property based in Vancouver, one of British Columbia’s most competitive rental markets. Vancouver appeals to most prospective renters due to its leisurely pace while still providing the benefits of city amenities. The nearby cities are quieter but boast equally desirable qualities. It’s no surprise that British Columbia is Canada’s second most popular province.
There are no signs of population growth slowing in Vancouver, and rental prices are at their highest level in years. According to a 2023 report by Canada Mortgage and Housing Corp., the year-over-year growth in average rent paid in Vancouver is 5.7%. With annual rent increases applied by landlords to current tenants, rent will continue to rise. Each Canadian province has its own regulations regarding yearly rent increases that a landlord can apply to current residents every 12 months.
One of the first documents a landlord sends to prospective tenants is a residential rental application . Some of the information required of the prospective tenant includes:
Once the landlord approves a potential tenant’s residential rental application, a lease agreement that protects the tenant and the landlord is drafted and signed. A tenant screening service can help provide the tools, resources, and legal documents you need to make the next move by incentivizing tenants to pay rent on time and protecting your rental income with a rent guarantee program.
The Residential Tenancy Agreement or rental agreement includes standard terms that every landlord must prepare for every tenancy. This is a binding contract for landlords and tenants. For a manufactured home site, use the Manufactured Home Site Tenancy Agreement.
Use the Schedule of Parties form when there is insufficient room for additional applicants or respondents.
Addendums are useful for including additional terms specific to the rental property and not specified on the Residential Tenancy Agreement.
Landlords and tenants should complete a Condition Inspection Report together at the start and end of a tenancy or when a landlord first approves a tenant to keep a pet. Before the tenant moves into the property, the landlord and tenant must inspect the rental unit or property together. The rental must be empty before the inspection. Let’s say the landlord has proposed a date and time for the initial inspection, and the tenant cannot meet during the landlord’s first suggested inspection time. In that case, the landlord can follow up with a second and final opportunity to schedule a condition inspection using a Notice of Final Opportunity to Schedule a Condition Inspection form.
Once a tenant moves into the property, they could reside there for years, so having documentation of the property between the landlord and tenant will take the guesswork out of whether property damage was a pre-existing problem or if the tenant caused the damage. The inspection form benefits the landlord and the tenant. The inspection report will determine if the tenant is owed a full security deposit fee or must pay for property damage.
A Rental or Rent Receipt form is proof of payment showing that a tenant has paid their rent or deposit. It includes pertinent information for the landlord and renter to keep on file, including NSF fees, date, method of payment, and signatures.
A Notice of Intent to Enter form must be presented to the tenant at least 24 hours before visiting and entering the property. Once the written notice is submitted, landlords may enter the premises.
Whether you are ending a tenancy prematurely so that you or family members can live in the home, or in the worst-case scenario, choosing to evict a tenant, every property owner must abide by strict regulations. There are multiple reasons a landlord would decide to evict, and each cause has a corresponding legal form. Here are the most common reasons why people are evicted:
Here you will find a list of various legal forms to use when terminating a tenancy:
45-Day Notice of Availability
Suppose a landlord submitted an order to end a tenancy for repairs or renovations. A landlord will use the 45-Day Notice of Availability form to notify the tenant of the rental unit’s date of availability.
Rent increases in Canada vary by the laws governing each province. A landlord cannot increase the rent during the first 12 months after a rental agreement is signed. Once 12 months have passed on a fixed-term lease, they can increase the rent, no more than the maximum limit, only once every 12 months. The maximum rent increase limit in British Columbia is 2% annually.
Typically, a landlord will employ a rent increase on a current tenant when they wish to increase their rental income. As a property manager, you must submit the proper rent increase form for your investment property at least three months in advance.
As a landlord managing property in BC, it’s important to understand loopholes in this rule. For instance, rental properties that change tenants can impose a more significant rent increase that exceeds the set limit of 2% annually.
If the previous tenant had been residing in the residential property for many years, they might have been paying notably below the average rent. Now that the space is vacant, landlords can take stock of the current market value, the property’s condition, and the rental property location and increase the rent with incoming tenants when establishing the rental agreement.
Considering all the fixed and variable expenses, you can conclude how much to charge your new tenants. These costs include:
Hard costs are incurred every month and include:
