Investment in residential real estate is [indeed] of a particular nature but, as with all investment, one has to take the necessary measures to protect it. Managing such an investment is done on two levels: physical upkeep of the dwelling and [good] management of the tenants.
We are now in the middle of a rental period. We remind you that tenants should be carefully selected because this will affect the future value of your dwelling. The law is not always favouring the landlords which is another reason why one should be well informed about which rules to follow in order to better protect this particular world of residential renting.
Choosing a tenant with good credit-rating and behaviour is essential knowing that the tenant is entitled to maintenance in the living quarters once we accept to rent our apartment to him. Naturally, if your tenant does not respect his/her obligations, you can always ask for termination of the lease. You should expect having to wait approximately three months to expell a tenant who does not pay his/her rent and more than six months, sometimes even a whole year, to obtain a hearing before the Régie du Logement for other types of requests.
Our legal service is in a position to notice more and more examples of landlords [having been] taken hostage by certain tenants who practically run the dwellings in which they stay. One should [thus] do everything necessary to select our tenants well because if this work of prevention is not done well damage done can be very unpleasant indeed.
Many of our members use with satisfaction the « intelligent software » provided by the APQ to obtain the credit-rating files of their prospective tenants. It is a rapid, reliable and extremely practical service to our members. It is essential however to have the rental offer well-signed by your candidate and to keep the information obtained strictly confidential.
Your investment in residential real estate will only increase in value with good tenants, good preventive maintenance of your dwellings, and with annual rent adjustments in junction with the market.
We are here to help you. Do not hesitate to communicate with us.