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Tenant Screening BC: Vacancy Rates & Tenant Credit Checks

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 Tenant Screening BC Vacancy Rates & Tenant Credit Checks

Kelowna Landlords – Vacancy Rates Are Dropping But Don’t Drop Your Guard. Make Sure You Screen Your Tenants Carefully By Including a Tenant Credit Check!

There is some good news for landlords in our area.

It involves vacancy rates and the rising cost of renting an apartment.

According to a report in Kelowna Daily Courier it is more difficult for renters to find an apartment in the Okanagan in 2014 compared to last year.

The report provides figures from the Canada Mortgage and Housing Corporation (CMCH). A story in the Kelowna Cap News says it’s good news for landlords, and makes renting tougher for tenants.

Vacancy Rates

All over the area vacancy rates are down, in some please considerably.

1. Kelowna

Last year the vacancy rate was at 4.8%.

This year there has been real turnaround as the rate has dropped to only 1.5% This is really good news for local landlords looking for good tenants.

2. Penticton

The rate has gone down from 3.6% in 2013 to 2.9% now.

3. Vernon

Last year Vernon had a high vacancy rate of 7.7%.

The good news it’s now down to 4.1%.

Rents Are Going Up

Landlords can now charge higher rent than last year.

Let’s look at Kelowna where a two bedroom rental now goes for an average of $964/month. This is a rise of $17 from 2013.

A one bedroom unit is now at $759 compared to last year when the average rent was $775/month.

A bachelor rental unit was going renting for $592 in 2013. The price is now averaging $601/month.

Why Are Conditions Improving For Landlords?

Paul Fabri is with the Canada Mortgage and Housing Corporation. He explains:

1. Condominiums are being sold due to the heated up housing market

2. This means less competition amongst landlords

3. There is less rental housing being built

4. More university and college students are now renting

5. There is job growth.

All in all this is really good news for landlords.

Rent To Good Tenants

Lower vacancy rates means more people applying to rent your property.

When you get lots of phone calls and emails from prospective tenants it can be exciting. After all, you have a mortgage to cover it feels good having a ‘hot property’ that many people want to live in (and pay you for it!)

It’s important that landlords don’t let your guard down.

Remember that there are bad tenants in BC who are very experienced at tricking landlords, moving in, and then stop paying rent.

Tenant Credit Checks

Make sure you check out your tenants carefully.

This should include a tenant credit check.

How Can A BC Landlord Run a Tenant Credit Check?

You can do it quickly and at a great price.

Join the British Columbia Landlords Association for only a one-time registration fee.

No annual fee and no hidden costs.

You can then start doing tenant credit checks for only $10/check.

You can also choose to run “full credit checks” which give you a huge amount of information on your potential renters.

Check out BC Landlord Credit Check for more information.

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