Investing in a residential rental property is a lucrative way to increase your wealth through passive income. However, it can be challenging. Today's robust condo real estate market is creating a challenge for residential rental property owners. All major cities across Canada are experiencing a change in the residential landscape as condo developments are being built closer to public transit hubs and right next door to all the attractive modern amenities people want. As well, the Canadian population is increasing in age - as seniors downsize and vacate their homes, this demographic is shifting and generating new demands in the market. As a result, the residential rental needs in Montreal create challenges for landlords. Our custom services provide cost-effective management and professional renovation services, which play a significant role in all aspects of our property management services in the greater Montreal area.
3 Challenges of the Rental Market in Montreal
In today's real estate market, residential property owners face three main difficulties. For one, many owners do not offer newer or modern products like those in the condo market or high-rise apartment buildings. Properties in Montreal are mostly old buildings, and they keep getting older. tenants are faced with older apartments and noise issues, and conditions like these cause many buildings to be unappealing. Two, property owners are losing tenants because their buildings lack elevators. In Montreal, buildings under four floors do not legally require an elevator. With the ageing population, many landlords end up losing an entire demographic over this issue, and young families do not want to schlep up four stories with strollers and groceries either. Third, the last aspect is an attractive location. In today's rental market, condos are super-focused on offering top amenities such as parking, indoor or outdoor shopping, a nearby gym, hairdressers, etc. It is not just the older demographic looking to have these kinds of amenities, but young professionals as well.
Essential Points to Consider As a Residential Property Owner
Controlling property costs can be a challenge with the constant upkeep regarding financing and access to skilled tradespeople. At Immeubles Centraux, with our professional renovation services, we follow the philosophy of bringing our properties and apartments to a level of surprise for potential tenants when they walk in. We understand the importance of renovation services for tenancy rentals and increasing the value of the building, and we also encourage our clients to take advantage of vacancies to do a deep dive and make regular improvements to the properties. Why? Because the competition is fierce.
Immeubles Centraux supplies cost-effective prices on building upkeep and renovations.
Our company has a team of trusted and experienced tradesmen offering very cost-effective pricing on building maintenance. It is always important to ‘think outside the box.’ For example, upgrading security systems by installing security cameras brings an immense peace of mind to tenants. Installing upgraded intercom systems also provides a good feeling to a building while adding that touch of modernization which can benefit old buildings as well.
We Solve the Challenges of Low-Rental Vacancies
At Immeubles Centraux, we take pride in knowing our product in-depth. When we take apartments to the market to rent, we know every possible detail and can demonstrate all the benefits to potential renters.
Immeubles Centraux has had an established reputation as an innovator and leader in property management solutions since the early 1990s. Our property management services include administration, maintenance, and legal representation at the Tribunal administratif du Logement du Québec. We also address issues and advocate with legal representation for our clients facing notices from the city of Montreal, fire departments, and the Régie du Bâtiment du Québec.
Have any questions? Do not hesitate to give us a call. Contact our team at 514-344-8818