Five Tips For First Time Landlords

5 tips for anyone considering becoming a landlord:

1. Be clear about your income expectations. You'll have to pay tax on rental income and expect to spend one to two months of rental income on property maintenance and repairs.
2. Invest in the location and condition of your space to attract quality tenants.
3. Understand your legal obligations as a landlord as well as zoning and insurance issues for renting out your space.
4. Be prepared to spend time and energy addressing tenant concerns promptly.
5. Stay organized and keep records of all rental expenses.

Have More Questions? Contact the LTB

By Phone

Monday to Friday from 8:30 a.m. to 5:00 p.m. Customer service officers can provide you with information about the Residential Tenancies Act and the LTB’s processes but they cannot provide legal advice.