Tips for Renting Your Condominium – Owner's Guide

Before handing over keys to your new tenant, it's crucial to protect yourself and your investment by understanding your obligations:

1. Adhere to Legal Requirements: Ensure compliance with the Condominium Property Act regarding rental units (Sections 53-56).

2. Follow Condominium Bylaws and Rules: Pay special attention to minimum lease terms, moving policies, and pet regulations. Owners are responsible for tenant actions and any violations of bylaws by tenants or their guests.

3. Direct Communication: Understand that most condominium management companies will only communicate directly with the property owner, except in emergencies.  It is therefore essential to forward important notices such as having to remove vehicles during parking lot cleaning, and fire drill testing as examples. 

Here are some best practices to follow when leasing your unit:

1. Thorough Tenant Screening: Conduct a comprehensive screening process, including verifying the number of occupants and having all occupants listed on the lease. Ensure tenants receive and acknowledge a copy of the bylaws in writing, and agree to comply with them.

2. Check References and Employment: Verify references and employment to assess the tenant's ability to pay rent reliably.

3. Use Rentability Checks: Consider using rentability checks, which assess more than just credit scores to evaluate tenant reliability. A tenant who does not pay their credit card bill regularly will likely have challenges paying rent in full and on time.  Past performance often and generally predicts future behavior. 

4. Complete Management Forms: Ensure all required forms with the condominium management company are completed, including vehicle registrations, pet applications, and updates to contact information.

5. Collect a Damage Deposit: Follow provincial regulations, Residential Tenancies Act of Alberta, regarding the amount of the damage deposit. It's advisable to hold one month's rent in trust. Secure deposits safely and efficiently in trust.

6. Require Tenant Insurance: Ensure tenants have adequate liability and content insurance.  This is referred to as ‘Tenants’ Insurance’.

7. Provide Contact Information: Share contact details with tenants for routine in-suite matters and complex issues related to common areas. The landlord is generally responsible for in-suite matters, and the condominium complex manager is responsible for common areas such as corridors, lobbies, elevators, and HVAC mechanical systems. 

8. Keep Management Updated: Inform the condominium management company of any changes, such as new occupants' names.

In summary, performing due diligence can minimize risks and make the rental experience financially rewarding.  For more information, visit citysearchcalgary.com or email us at info@citysearchcalgary.com.