APQ - Rental Report: The vacancy rate in housing still high, which worries owners
Montreal, June 11, 2014 --- The Association of Quebec Landlords (APQ) notes that the Quebec rental market is increasingly uncertain for owners of rental housing.
With strong vacancy rates in several regions owners of apartments find themselves facing new challenges such as:
- A new competition with many rental condos that are emerging;
- Affordable housing built without taking into account the rental market;
- An outdated method of rent setting which does not allow them to attract tenants: the little money they earn must be re-invested to maintain safe and healthy housing.
Some figures from the rental report for the following CMAs:
5.8% in Gatineau;
4.1% in Saguenay;
4.7% in Sherbrooke;
2.7% in Montreal.
Do not forget that, once again, the report shows that rents in Quebec are the lowest in Canada, with a $709 average rent and a variation of only 2.3%. In the Montreal CMA, the average rent is $721 whereas one lists rents of $537 in Saguenay.
Finally, the Association of Quebec Landlords reminds us that we should not be tempted to rent to the first tenant that comes along.
“Having a loss of income due to vacancies is a constant anxiety for property owners. They must take responsibility for their expenses related to the building even if their dwellings are not rented. But one must still take the time to check potential tenants because the owners can lose more than 3 to 4 months of rent before being able to evict a tenant in default of payment,” says Mr. Messier.
“A 360° pre-leasing survey will allow you in a short period of time to re-assure yourself about the behaviour of your prospective tenant. Let us remind that for a case filed because of noise, i.e. jeopardized peaceful enjoyment of the premises, the owner may have to wait more than 12 months to have a first hearing!” concludes Martin Messier, President of the APQ.
Founded in 1984, the Association of Quebec Landlords (APQ) is the most important association providing services to owners of rental housing in all regions of Quebec. It also provides an evaluation service on tenants which is unique in Quebec.