Managing your rental
Yes. What managing a single rented condo covers, what it costs over a year, what a condo building adds and when looking after one unit yourself makes sense.
By the Tenant.ca teamUpdated 2 min read
One rented condo is a normal thing to have managed. Some companies prefer larger buildings or set a minimum, so ask first. Tenant.ca charges per unit and takes on single units: $98 a month plus HST, which is $1,176 a year before HST, with no percentage of rent.
The work is smaller than running a building, but it comes at inconvenient times, and a condo adds a second party to deal with: the corporation.
Weigh the fee against your time and how far you live from the unit. The fee is the same whether the month is quiet or the tenant has a leak at 10 p.m. Management fees are among the rental expenses the Canada Revenue Agency lets you deduct.
It tends to make sense if you live far away, travel, or don't want to be the person the tenant calls. If you live nearby, can take calls during the day and have dependable trades, looking after one condo yourself can work well, and you can get help only when the unit needs a new tenant.
Management can start with a tenant in place: the tenancy and the rent stay as they are. If the unit is empty, tenant placement is a separate service at one month's rent plus HST. Either way you stay the landlord, and the first 60 days of the agreement are a trial period.
