We have rented out our condo on Burnaby mountain for another year from July. There was a dispute pending resolution. A FIC student signed the lease with us, but she didn't want to rent just one week after. That left us only two weeks to rent the condo for June and we had a loss of one month rent.
We had to apply for a resolution from BC Tenant Court. The student has to pay at least one month rent to cover our loss and we may seek more money as penalty.
This gives a lesson on the rent of condo.
The first, we should ask for one month rental when we sign the lease with tenants. This gives us at least some security if the tenants want to break the lease before they moved in.
The second, we have to be care when choosing tenants. Usually, students lease the two bedroom condo to share with their friend. If the friendship was fragile, they may break the lease or won't continue the lease after one year. Therefore, it would be better to rent to long time friends or a couple. Also, usually girls may be hard to get along and tended to cease the lease after a year. Boys may be more accommodating and may continue to lease the condo after one year.
The third, we should add some penalty terms in the lease, even though we are using the lease template provided by the BC government. It is always a better protection for landlord to have some penalty terms.
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