Are you looking to move but don’t know what to do with your current property? Just because you’re relocating doesn’t mean you have to sell your house! You can rent out your home and earn a passive recurring income for yourself every month it’s occupied. 

If renting out your home is something that you’re seriously considering, then this article is for you. Here are some tips to keep in mind when renting out your house in Ottawa:

Know Your Responsibilities 

Being a landlord isn’t as simple as just finding a renter for your house. There are certain responsibilities that you’ll have to abide by under the Residential Tenancies Act. They include the following:

• Rent out a property that abides by the local habitability codes. 
• Make requested or needed repairs. 
• Maintain the property. 
• Notify the tenant before entry. This should be at least 24 hours before the intended entry. 

Make Your Property Rent-Ready

Several things go into making a home rent-ready. The first step new landlords must take is ensuring that it is clean. Ideally, hire a professional cleaning service to ensure that every nook and cranny is free from dirt and grime. 

Next, you’ll need to address any necessary repairs. Go around the rental property and examine its condition. Are there any leaky faucets or clogged drains? Are the electrical components working as they should? Is the heating and ventilating system functional and efficient? Does the home have working smoke and carbon monoxide detectors? If you spot an issue, make sure it’s attended to by a professional. 

Other things that you may want to do to make your Ottawa home rent-ready include the following:

• Cleaning or replacing the carpet
• Cleaning the windows 
• Removing any odors 
• Checking heating and cooling systems 
• Replacing broken fixtures or hardware
• Ensuring all appliances are working as they should
• Repainting the home if necessary 
• Adhering to the local building, safety, and health codes 

Market the Vacant Rental Property 

After straightening everything out, begin the marketing process. Several things go into the rental marketing process. Firstly, identify your ideal tenant. Knowing this will help you run a targeted marketing campaign that will save you time and weed out unqualified prospects. 

After defining your target audience, identify the things that make the rental property stand out from the competition. Does it have central air conditioning, a garage, or a washer and a dryer? 

Next, you want to begin drafting a rental ad. Be as detailed as you can to ensure prospective tenants know what to expect. Mention, for instance, the monthly rent amount, lease duration, available amenities, rental policies, and any restrictions you may have. 

Once the rental property and all accompanying marketing material are ready, start syndicating the ad to relevant platforms. These can be both online, such as rental listing sites, or offline, such as newspapers and community bulletin boards. 

You could consider hiring an expert property manager if this process and any other aspects of property management seem too overwhelming. A good property manager will understand the current rental market demands and craft the perfect marketing strategy on your behalf. 

Screen Potential Tenants Effectively

Before you can allow a tenant to sign a lease agreement, make sure they are responsible and qualified. Look at their rental history and contact prior landlords. Determine if they have a history of paying rent, respecting the lease, and caring for the premises. When screening tenants make sure to also obtain the applicants:

• Consent to conduct a background check
• Credit history and current score
• Employment history and current income

All this information will help you determine who can make consistent and timely rental payments while simultaneously taking good care of their rental unit throughout the tenancy. 

Once you have landed the right tenants, make sure to still ask them for a reasonable security deposit and have them sign lease agreements. Each of these steps will add another layer of financial and legal protection to your rental endeavours.

Familiarize Yourself with Local Landlord-tenant Laws 

The Residential Tenancies Act highlights what rights and responsibilities tenants and landlords have in Ottawa. For instance, as a landlord, you must keep the investment property habitable. Specifically, you must obey all health, safety, housing, and maintenance standards. Failure to do so, the renter can report you to the Landlord Tenant Board (LTB) for action.

You must also respect the tenant’s privacy. You’ll need to notify the renter of your intended entry 24 hours in advance. The time of entry must be between 8 a.m. and 8 p.m. and the notice must indicate the reason for the entry as well. Note that emergencies are usually an exception to these rules. Other details to familiarize yourself with include:

• Lease termination laws
• Eviction rules
• Security deposit policies
• Rent increase laws

Hire a Property Management Company

Being a landlord can be stressful and time-consuming, especially when starting out or if you own multiple rental properties. You may not know your legal obligations, or how to screen a prospective tenant and maintain the property.

That’s why hiring a reputable company like Stewart Property Management is an excellent option. We will guide you through the whole process from marketing and tenant screening to maintenance and financial reporting. Our management services will help reduce your stress while maximizing your return on investment.

Bottom Line 

Being a landlord in Ottawa can be a lucrative endeavour. If you adhere to local, provincial, and federal guidelines, you may be able to generate recurring passive rental income and build financial security for years to come. If you’re overwhelmed by the prospect of doing it yourself, you can partner with a trusted property management company.

Our team at Stewart Property Management would be happy to help you reach you goals! We provide property owners with a personalized approach designed to meet their unique requirements and needs. Get in touch to learn more about our professional property management services in Ottawa!