So were you one of nearly hundreds of investors buying rental properties before the mortgage lending rules were changed? (visit this link for more info:http://guelph-housing.com/2010/canada-tightens-housing-market-with-new-changes/) So now what do you do? You probably over paid, and to top that off there are more student rental properties than normal on the market for rent. This means more competition and more vacancy risk.
How do you rent these properties out especially when you missed the ideal time to find students? Well, honestly, as of right now I don’t know. Hire a professional is what comes to mind right away. Lower your rental expectations in terms of price is the second. Aside from that there are several other places to advertise your property such as kijiji.ca.
Try offering an incentive to sign a lease early (anytime before September 1st would be good at this time of year), lower summer rent, two months free. If you need help finding students, just call us we will help.
Find out how can you avoid this stress in a future article. What was our advice to our clients…