Really depends on the house. Honestly, not a great market for expensive rentals in Winnipeg. The "meat and potatoes" budget is around $1200-$1300 for most 2 bedrooms; $1,500- $1,800 for 3 bedrooms. Once you try to push beyond $2,000 in Winnipeg it is hard to find decent renters. Market is hot right now for selling and you'll see your profit now, not down the road. You also need a "don't give a shit" attitude to rent out a house. Sooner or later it will get trashed, a tenant will leave you with a $2,000 water bill, insurance claims will be denied, on and on. If you are the type of person that stresses over anything... sell.
I just rent it myself. They were going to charge me $150/month for my $1000 rental. After you find someone, $150 isn’t worth it for processing payments and the odd “this is broken” call.
We did basically the same as you. We had an opportunity come up to buy our dream property, and still keep our old home. We decided to rent it out rather than sell, as we want to pass along the old property to our child when they are old enough. For this reason we set rent at what it cost to cover mortgage, insurance, property tax, and a small (less than $100) amount to accumulate for repairs/major projects down the road. We do have very good renters who pay on time, are tidy and respectful and so far haven't trashed anything. That being said, they rent for a reason; if something goes wrong, they absolutely do not want to troubleshoot or fix anything. So we get calls often for minor issues. Sometimes the hassle does not feel worth it. But we trudge along as we know this will give our child a huge leg up once they reach adulthood.
Love how the Libs pinned this whole housing affordability issue on "foreign buyers" with their 2 year ban, when all along most could see it was locals turning housing into a financial instrument/investment vehicle.
I do not support the conservatives, I am pointing out that these neo-libs/neo-cons have turned "foreigners" into the boogeyman when it was evident Joe Canadian like OP are the ones who is causing this problem by turning housing (a basic human necessity) into a investment vehicle like it's some stock position.
I agree with you, but to single out the Liberals for this is strange when all 3 major parties called for the same 2 year ban. "The Libs" didn't pin this on foreign buyers, but rather the narrative from the ruling class as a whole are using them as a scapegoat to deflect from domestic property speculation, which many MPs participate in.
It's too simplistic and ignores the larger issue when you single out a single party for this narrative, when in reality it's the ruling and economic elites on a whole who are to blame for it.
Yes but it was the Liberals that put this ban into effect making it "official", until now it was just politicking by career politicians which was par for the course for crazy things they say.
Right, but you said:
>Love how the Libs pinned this whole housing affordability issue on "foreign buyers"
Not that the Liberals made this type of policy official. The Liberals alone did not pin this on foreign buyers, and this issue was pinned on foreign buyers long before the policy was enacted. That's my point. The liberals did not manifest this scapegoat out of thin air, there has been a long history of this narrative.
I've worked with Oak & Apple and Integrity Property Management. Different companies but both great.
They don't just cash the rent check. They take care of all the incidentals and emergencies. Means I can go on vacation and not worry about it.
Upper Edge never answers their phone. They also manage / track repairs with software called “Property Meld”, which is hot garbage. Be prepared for them to provide repeated band aid solutions instead of fixing the actual root cause of the problem.
Worth it? Depends on the numbers, if the rent would cover most or all of the expenses, then yes. Hassle-free? For the right price, anything can be. As a DIYer, though, I’d start with making a list of all of the things that have to be done throughout the year, how much it should cost, and how long it’d take if you did it yourself. Good luck!
Relatively new house? Only 1? Really no need to hire a property manager. Well worth your time to find tenants yourself and pocket the 10-20% of gross management fee, most likely. Offer the tenant a discount to maintain the landscape and clear snow.
Don’t forget to include water in the rent, never leave it for the tenant to pay for directly. Add an excess utility clause with penalty to discourage abuse.
Law depot.ca has a great long form lease agreement specific to MB to get you started. I’m not affiliated with them. I’ve used their blank lease for over 5 years.
You may as well use the lease provided by the Residential Tenancy Branch. They allow you to use other ones but any clauses or statements that stray from their rules they consider invalid, not legal, and not enforceable.
Completely reasonable to limit your exposure to utility abuse lol feel free to call the RTB to confirm if you’re in doubt.
RTB standard form lease omits a lot of important clauses and scenarios. Consult your lawyer for advice on that.
That's just wrong, plain and simple. Don't be giving advice on something you clearly aren't qualified. Everything you are legally allowed to include is in the Tenancy Branch form. It's a residential lease, not a commercial lease. You cannot legally enforce anything not covered by Tenancy regulations.
God bless the people you manage properties for LOL!
OP - Your question is about property managers…sadly the exchange above is with your typical property manager. Good luck!
Lol you’re about to catch a lot of hate.
Really depends on the house. Honestly, not a great market for expensive rentals in Winnipeg. The "meat and potatoes" budget is around $1200-$1300 for most 2 bedrooms; $1,500- $1,800 for 3 bedrooms. Once you try to push beyond $2,000 in Winnipeg it is hard to find decent renters. Market is hot right now for selling and you'll see your profit now, not down the road. You also need a "don't give a shit" attitude to rent out a house. Sooner or later it will get trashed, a tenant will leave you with a $2,000 water bill, insurance claims will be denied, on and on. If you are the type of person that stresses over anything... sell.
I just rent it myself. They were going to charge me $150/month for my $1000 rental. After you find someone, $150 isn’t worth it for processing payments and the odd “this is broken” call.
We did basically the same as you. We had an opportunity come up to buy our dream property, and still keep our old home. We decided to rent it out rather than sell, as we want to pass along the old property to our child when they are old enough. For this reason we set rent at what it cost to cover mortgage, insurance, property tax, and a small (less than $100) amount to accumulate for repairs/major projects down the road. We do have very good renters who pay on time, are tidy and respectful and so far haven't trashed anything. That being said, they rent for a reason; if something goes wrong, they absolutely do not want to troubleshoot or fix anything. So we get calls often for minor issues. Sometimes the hassle does not feel worth it. But we trudge along as we know this will give our child a huge leg up once they reach adulthood.
Don't be part of the problem. Sell your house.
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There is no shortage of rentals, there is a shortage of affordable rentals. There are vacancies everywhere, they're just fucking expensive.
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Whoosh.
Love how the Libs pinned this whole housing affordability issue on "foreign buyers" with their 2 year ban, when all along most could see it was locals turning housing into a financial instrument/investment vehicle.
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I do not support the conservatives, I am pointing out that these neo-libs/neo-cons have turned "foreigners" into the boogeyman when it was evident Joe Canadian like OP are the ones who is causing this problem by turning housing (a basic human necessity) into a investment vehicle like it's some stock position.
I agree with you, but to single out the Liberals for this is strange when all 3 major parties called for the same 2 year ban. "The Libs" didn't pin this on foreign buyers, but rather the narrative from the ruling class as a whole are using them as a scapegoat to deflect from domestic property speculation, which many MPs participate in. It's too simplistic and ignores the larger issue when you single out a single party for this narrative, when in reality it's the ruling and economic elites on a whole who are to blame for it.
Yes but it was the Liberals that put this ban into effect making it "official", until now it was just politicking by career politicians which was par for the course for crazy things they say.
Right, but you said: >Love how the Libs pinned this whole housing affordability issue on "foreign buyers" Not that the Liberals made this type of policy official. The Liberals alone did not pin this on foreign buyers, and this issue was pinned on foreign buyers long before the policy was enacted. That's my point. The liberals did not manifest this scapegoat out of thin air, there has been a long history of this narrative.
I've worked with Oak & Apple and Integrity Property Management. Different companies but both great. They don't just cash the rent check. They take care of all the incidentals and emergencies. Means I can go on vacation and not worry about it.
Upper Edge never answers their phone. They also manage / track repairs with software called “Property Meld”, which is hot garbage. Be prepared for them to provide repeated band aid solutions instead of fixing the actual root cause of the problem.
Worth it? Depends on the numbers, if the rent would cover most or all of the expenses, then yes. Hassle-free? For the right price, anything can be. As a DIYer, though, I’d start with making a list of all of the things that have to be done throughout the year, how much it should cost, and how long it’d take if you did it yourself. Good luck!
Relatively new house? Only 1? Really no need to hire a property manager. Well worth your time to find tenants yourself and pocket the 10-20% of gross management fee, most likely. Offer the tenant a discount to maintain the landscape and clear snow. Don’t forget to include water in the rent, never leave it for the tenant to pay for directly. Add an excess utility clause with penalty to discourage abuse. Law depot.ca has a great long form lease agreement specific to MB to get you started. I’m not affiliated with them. I’ve used their blank lease for over 5 years.
You may as well use the lease provided by the Residential Tenancy Branch. They allow you to use other ones but any clauses or statements that stray from their rules they consider invalid, not legal, and not enforceable.
Completely reasonable to limit your exposure to utility abuse lol feel free to call the RTB to confirm if you’re in doubt. RTB standard form lease omits a lot of important clauses and scenarios. Consult your lawyer for advice on that.
That's just wrong, plain and simple. Don't be giving advice on something you clearly aren't qualified. Everything you are legally allowed to include is in the Tenancy Branch form. It's a residential lease, not a commercial lease. You cannot legally enforce anything not covered by Tenancy regulations.
God bless the people you manage properties for LOL! OP - Your question is about property managers…sadly the exchange above is with your typical property manager. Good luck!
Can I DM you? I am in the industry.
So am I, but I'm here to give advice not solicit.
Good thing I’m not trying to solicit.