The rental property market has been growing steadily over the years and is now part of a significant portion of the real estate market. Realtors and home owners both usually go for rental properties as it produces cash on a monthly basis.
Overall, the rental property market is growing and it’s not just because of millennials or Generation Z. More people (From all walks of life) are renting for a variety of reasons. For some, it’s just that they can’t afford to buy a home anymore. For others it may be that they want more flexibility in their life, and for some, it’s simply because their friends are doing it. Nothing like some friendly peer pressure to get your into the real estate market right?
Bottom line, they simply want to live in a location with more amenities, personal space and community, without worrying about paying a large sum for it.
There is also the issue of affordability as rents continue to rise. An issue for the renter, but not if you own a rental property. Then you can really make some really good monthly income. Rule of thumb is the more expensive the rents are in a specific city, the more money you will make.
That’s just how it works in this industry. At least for some people out there.
What Qualifies As A Rental Property
A rental property is a property that is leased to another party for residential use (At least in most cases). It is usually not owned by the tenant and is instead owned by a landlord. The landlord can be an individual, a government entity, or a company. A tenant does not own the property but he or she has rights to use it and to live in it.
The purpose of this paper will be to explore what constitutes as rental properties and how they are regulated under different laws within different jurisdictions throughout the world.
Types of Rental Property
This section talks about the different types of rental properties that businesses can find in Vancouver.
1) Vacation Rentals:
A vacation rental is a type of property that is rented out to business travellers or families looking for a special holiday. Properties operating in this market usually offer a wide range of amenities at an affordable price as well. Which makes them a popular real estate venture. More like a win-win for the two parties involved. In fact, these properties usually provide a more personalized experience than hotels, which can be difficult for some people to afford. However, if you can get the right clientele, the money could be something very special. We don’t have any real experience in owning vacation rentals, but that’s what we’ve heard.
2) Condo Rental:
Condo rentals are exactly what they sound like – rental units that are located in high-rise buildings or condominiums, often providing access to amenities such as pools, gyms, and entertainment centers. Usually, these units are managed by their owners who maintain them themselves so there is no need for any maintenance services provided by the property. What’s the best part about owning Condo rentals? The passive income it generates. That’s why a lot of real estate agents own condo rentals.
So as you can see, rental properties are becoming more and more popular. It’s a great way of offering someone space to live while collecting rent money.
Plus renting out your space is now much easier than before. It is now possible to rent out your home on websites like airbnb.com instead of renting it to a landlord or through a broker like Redfin.
This way, everything stays under your control. Including the income that may come with your property. Who wants to pay fees to other people anyways right? Well guess that depends on the person but you get the idea.
So whether you have one rental property or more, just make sure you do your best to help the person who is renting your place as well. Do not overcharge them if you don’t have to and at the end of the day, do the right thing. After all, nothing is better than helping out another fellow human being. It just feels good, you know?