Rent is going up – But is that a good thing?
I was reading the CBC article below and the accompanying news article that screened that evening across Canada. The author is correct. Rents are going up just about everywhere. We see it too. Good times you think?
Well that depends.
A rent increase is only as good as your ability to collect that rent! And it is not aggressive behavior, game playing, shirking on repairs or debt collection that help with that process. It is a bit too late at that point.
It all starts with the right tenant placement and the right process. With inflation, higher interest rates and less building inventory it means that the competition for the best tenants – those that will continue to pay without financial hardship – is hotter than ever. Just ask any owner/investor in Ontario (where it can take a year to get a tribunal hearing) about the consequences of a bad placement and no rent being paid.
At RentPERKS we have always had an 8 point process in tenant placement and that is why we have ZERO rent default in numerous provinces across Canada. A 4 dimension screening process that includes the use of unique analytics to predict behavior, in-person meeting and a minimum of 3 people involved in the placement process (industry average is 1 person deciding alone).
And remember, we have a world-class and unique rewards program that stimulates rewards for good behaviors such as paying rent early or keeping the place clean. And rewards grow the longer they stay. That also lowers future placement costs for you. Because we are national, we also track and keep good tenants as they move, placing them in your properties.
Curating the top 25% of tenants in Canada is a combination of science and art. That’s what RentPERKS does. Make the move to quality and secure your cashflow ahead. Rent Better. Anywhere.
Make the move to quality and Rent Better. Anywhere. RentPERKS