Rental Corner: When is the Best Time of the Month to Rent?
This is a very common question from our investor clients who inquire “when” they should put up their strata unit for rent. Under the Residential Tenancy Act, there is a requirement for tenants to give a full calendar month’s notice to their landlord to vacate their premises on the last day of the following month. In other words, if a tenant plans to vacate the premises on October 31, 2021, the tenant must provide a written notice to their landlord by September 30, 2021. The tenant must vacate the premises by 1 p.m. on October 31, 2021.
Based on our experience, the best time to rent your investment unit would be the week before and the first week of the month. It is during this period that most prospective tenants will start shopping for their new home.
Questions to Consider
When you plan to rent your strata unit, there are several questions to consider:
- Does your strata corporation allow rentals?
- Are there any rental restrictions or rental bylaws in your strata corporation?
- If there is a rental limit, if so, have you obtained written confirmation from the strata council for permission to rent?
These are important points to clarify with your community manager.
Assistance When Needed
Whenever you are ready, we are here to assist you in leasing and managing your investment unit, worry free!
At RHOME-Associa’s Rental Division, we have experienced and licensed property managers who can assist you with the day-to-day management of your investment unit. If you’re interested in our services, please visit us online at https://www.rhomepm.ca/ or contact RHOME by phone at 604-591-6060.