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                                                                                                 Welcome to the future of renting, a new perspective

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                                                                                                 Welcome to the future of renting, a new perspective

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Both landlords and renters have often had difficulties in their dealings. Be it damaged property and wrongful eviction many laws have had to be put in place to prevent these sorts of problems. This padlet page is dedicated to understanding the viewpoint of both the landlord and renter, as well as how both will mutually benefit financially by coexisting amicably.

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Which reseach did you find the most interesting?

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Which reseach did you find the most interesting?

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The most interesting research was the studies on seniors and students  who choose shared accommodations to combat outrageously high rents fees which students incur and the loneliness that a senior may experience.    Even though the services would charge a fee, I feel the matching process and the contract that is drawn up would both relieve the minds of the senior/student and benefit both financially. In addition I appreciated the article that proves that the tenant can be asked at anytime to leave if sharing a kitchen or bathroom with the landlord as this protects families. Furthermore I would hate to see any person taking advantage of a senior and believe screening processes are necessary to find these landlord/tennant compatible relationships.

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I currently live in a home where my Mother and I both rent out our bedrooms to OPG contract workers. What makes them reliable and excellent tenants is that they are paid a stipend, which ensures payment, are respectful, stay away on weekends to visit family and tend to stay to themselves after a long shift. Our last tenant is a friend of the family who pays slightly less rent in exchange for helping around the house. This is a good arrangement because the income generated over the last few years has allowed my Mother the opportunity to look towards her retirement and not have any worries about her financial future.

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I was most surprised that renting space in your residence to generate income is a trendy model for many millenniums. It seems as if many people are being more open minded towards shared living accommodations as an alternative to leased renting.

The problems landlords commonly have with leased renters has led to changes which allow for landowners/renters alike to think creatively about their needs to find ways which lower rent in exchange for emotional companionship and mundane physical tasks to be done.

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Renting Space Within Your Residence  to Generate Income

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Renting Space Within Your Residence  to Generate Income

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By: David Anthony Lippert

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This picture about a landlord named Andrew's story in Kingston, When he rented out a three bedroom home with a garage. The tenants brought livestock into the home to live with them and did not bother to clean up after the animals. When they left he was responsible for the clean up.   My research shows once again the importance of choosing responsible tenants and the risks.  I feel you would want to live close by to keep an eye on your investment.

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Video #1: Rental bidding wars in Toronto

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Video #1: Rental bidding wars in Toronto

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Over the last 20 years, our federal government has been neglecting affordable housing and leaving that for the private sector to supply. The private sector who seemingly cares more about profit than giving affordable housing to people who live in crowded cities, such as Toronto. They are taking advantage of this situation by charging residents an outrageous premium to purchase a residency. This leads to more of the populace trying to rent and renting prices skyrocket. The federal government should not let the private solely determine the cost and relationship between landlord and tenant.

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Picture #1: How best to advertise a room through the internet

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Picture #1: How best to advertise a room through the internet

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This is an example of an available rental room for student use in Durham area.  The room is fully furnished and has attractive bedding in a lightly colored room which makes the room look bigger and cleaner. It is important to represent your add curtly and descriptively.

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Allowing Seniors/Students to mutually benefit through shared residency by allowing millennials willing to do chores for a reduced rent; has produced a new business model. A 2017 study by Canadian Center for Economic Analysis estimated  that Ontario alone has 5 million spare bedrooms and that three quarters of the province’s seniors live alone in houses bigger than their needs require. A pilot project was launched in Toronto during the summer of 2018 aiming to match together 20 different seniors with University students.

A Burlington entrepreneur has developed Homeshare Alliance. A trending new business which matches millennials and seniors who desire both affordable living and companionship, for a fee, everybody wins.

Home sharing has benefits that may be more beneficial and far-reaching than the standard rental agreement.

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Canada's rents are rising while the vacancy rate shrinks, yet the country has one coveted real estate asset collecting dust: empty bedrooms, and millions of them. A growing number of the country's seniors are living in homes too big, while young Canadians squeeze into apartments too expensive. Here's one solution: share the living space already built, to mutual benefit.

The concept of home sharing - where the homeowner, usually a senior, offers reduced rent for a room in their home in exchange for small chores and companionship - is getting attention in small towns and cities across the country, including a new pilot project in Toronto this summer. This month, Boston expanded the use of a new housing app called Nesterly - co-developed by a Canadian MIT-grad and billed as a socially conscious solution to both loneliness and soaring housing costs - which creates home-sharing matches between seniors and cash-strapped university students. Across the country, affordable-housing advocates have proposed home sharing as a creative option for communities trying to balance a rapidly aging population and a shortage of affordable, longer-term rental properties.

"I think this is the most important issue our generation is going to face - how do we take care of our parents and grandparents?" says Noelle Marcus, who developed her award-winning app with fellow student Rachel Goor, while completing a master's degree in urban planning. "It's really the oldest idea and the time is ripe."

The most successful home-sharing programs involve a step-by-step process that carefully matches homeowners and tenants, requiring funding for trained facilitators. Many of the new projects are modelling themselves after a non-profit organization in Vermont, now more than 30 years old, where matched candidates meet, have trial stays and, if both agree, sign a clear contract that outlines expectations and rules while they live together.

Nesterly, which started as a pilot with the city of Boston last year focused on university students and expanded in July to include the entire city population, works like a dating app, allowing potential tenants to post confidential profiles that can be matched to homeowners.

Ginger Burns, a 74-year-old retired entrepreneur whose husband passed away two years ago, was one of the homeowners matched to a graduate student by Nesterly, after she read about the project in the local newspaper. "We were very social and we always had people here," she says, including student "guests" in the past. When she read about the new program, she decided to fill an empty room again. "I thought how lovely, to have company in the house."

The team at Nesterly conducts criminal-record checks and follows up on references, then allows homeowners to choose from a number of matches. In its pilot year, the program made 10 matches - there are now another 50 active "hosts" on the platforms, says Ms. Marcus, with thousands of home seekers to choose from. Nesterly staff help facilitate interviews and finalize detailed home-sharing contracts and even collect the rent on behalf of the homeowner, while taking a small percentage, and a fee for offering continuing support.

Ms. Burns chose her student in January from a list of profiles and he stayed for about six months, helping with snow-shoveling, walking the dog, or chatting to her about art, a shared interest. She's planning to return to Nesterly to choose a new match in the fall. "When you get older, you need to have stimulating conversation and to be challenged," she says. Living alone, she might not use some rooms in her house for a year. "I feel like it's a hollow space that needs to be used."

Overwhelmed by the size of her two-storey heritage home in Middleton, N.S., Dianne McDonald, 76, had plenty of extra room and a need for extra hands to help keep it all in good repair. The arrangement she's worked out has the feel of an old-fashioned boarding house.

On a Tuesday afternoon in June, just back from serving free lunch at the Legion, Ms. McDonald sits in the shade of her verandah, touching up the paint on a railing. Her three current tenants come and go, sometimes lingering for a smoke on the porch. Ms. McDonald walks with a cane, following hip and knee surgery, so the more physical jobs - gardening, snow-shoveling, the occasional shelf-hanging - are usually done by one of the younger men who occupy furnished rooms on the second floor. (Agreements differ, but Ms. McDonald says she pays $15 an hour for the help, either in cash or reducing rent.) But the extra rent money and help "is a necessity," she says. "And I like to think I am helping them too." But, as the mother of three sons, she also appreciates the activity and security of a busy home. Having company is also, potentially, a life saver - Ms. McDonald has fallen twice at home and was assisted both times by her tenants.

Nick Acker, 30, who works in landscaping, moved in about a year ago. There's not much affordable housing in the area, he says, and the room in Ms. McDonald's home allows him to stay close to his daughters, who live nearby, and save a little money. This winter, he cleared her car after every snowfall; the carefully tended flowers in the yard are under his watch. In return, he says, she leaves homemade meals on the table by the front door. "My mom did senior care," he says. "I've seen what it's like to not have anyone to help you." But, as with Ms. MacDonald, there's a necessity to the arrangement: Instead of couch-surfing or moving away, he has his own room in town, with a kitchenette and flat screen TV, and a friendly landlord.

Despite government commitments to build affordable housing, creating new units is costly and time consuming. For many cities and tourist towns, where landlords profit more from short-term rentals, Airbnb has further reduced affordable options. Meanwhile, a 2017 study by the Canadian Centre for Economic Analysis estimated that Ontario alone has 5 million spare bedrooms and that three-quarters of the province's seniors live in houses too large for their needs. But that's where many want to stay. Home sharing certainly won't solve Canada's housing woes, but advocates say it's an example of how more solutions should go beyond windows and walls.

"This is about more than sharing a house," says Tonya Salomons, a social worker at the National Initiative for the Care of Elderly at the University of Toronto, who is co-ordinating the city's provincially funded pilot project. The goal is to match 20 seniors with university students and then follow how well the living arrangements work. She sees home sharing as an option for generations to mingle and learn from one another, to improve the health of isolated seniors, while helping young people cover rent.

This fall, a group of housing advocates in Nova Scotia plan to tour communities promoting options such as home sharing. A Burlington entrepreneur has started the Homeshare Alliance, a business that matches people and guides them through the contract stage for a fee.

Ms. Burns stresses that home sharing is not for everyone - you have to be flexible, enjoy people and set clear rules from the beginning.

But for Ms. McDonald, who wants to hold on to her white house with its yellow shutters as long as she can and whose own sons now live out west, a little help watering the flowers and shoveling the lane makes a comfortable retirement possible. "I love my verandah," she says, looking out from her corner perch, as a child bikes past and one of her tenants arrives home. "I am exactly where I want to be."

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Seniors have too much house. Millennials have none. And a business model is born

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Canada's rents are rising while the vacancy rate shrinks, yet the country has one coveted real estate asset collecting dust: empty bedrooms, and millions of them. A growing number of the country's seniors are living in homes too big, while young Canadians squeeze into apartments too expensive.

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This image depicts a situation where a landlord must clean up after a poor tenant who has shown no respect for the residence having trashed the residency. This is why it is very important to properly interview and screen any potential tenant especially if they have a separate entrance leading into in your home.

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Website #3: The Pros and Cons of renting out part of your home

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Website #3: The Pros and Cons of renting out part of your home

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Canada Mortgage and Housing Corporation have “relaxed” the rules for homeowners.    The pros of higher income and potential increase in resale due to renovations on the household are balanced by the cons. The cons mean that the homeowner is responsible for immediate repairs and finding both reliable and trustworthy tenants. The landlord should understand landlord/tenant laws and abide by a written contract; or have rules in place and check in with the tenants to ensure all of the occupancy's residents remain satisfied.

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On the surface it seems like a fabulous idea: Carve out a portion of your home, rent it out and use the rental income to pay your mortgage. You get to live basically "rent free" while at the same time reaping the tax benefits of writing off some of the costs associated with accommodating a rental apartment in your home.

With the Canada Mortgage and Housing Corp.'s recent announcement of relaxing the rules for how homeowners looking to rent out apartments in their principal residences can borrow money, getting some rental income seems like a sure bet.

In reality, however, it is not. From difficult tenants and unanticipated costs to insurance claims to the simple and sometimes inevitable experience of not being able to find a stable, long-term renter, there are many things that homeowners need to consider before taking on the role of landlord.

The Pros
Second source of income
The most obvious gain is the extra money that you will be receiving each month. This money can help you pay your mortgage, property taxes or other bills, which is a sweet deal if you are renting out a part of your home you rarely use anyway.
Renovations increase value
Aside from the monthly payoff that you receive from your new tenants, the renovations that you make may also be a future investment. At the time, you may renovate to make areas of your home accessible to tenants, for example finishing your basement, but such renovations will also increase your home's resale value.
The Cons Investing and responsibility
First of all, it is an investment before it is a benefit. In order to rent out part of your home you need to ensure that it is in prime condition. This means that renovations will most likely have to be made. It also means that every problem that your tenant has becomes your problem. There is no putting off a repair; you are now a landlord and have inherited a responsibility to your tenant(s).
Impact on resale value
There is also re-sale valuation to consider. While you may have no intention to sell your home now, you still need to consider what it will be valued at with a rental suite later. While many potential buyers will appreciate having a turnkey rental apartment that they too can reap the economic benefits from, some may not want the same kind of setup, reducing the prospect of a sale.
Reliability
It seems like the great idea to be able to rent your home, but you are now depending on someone else to pay you. Not all tenants are reliable, and it can be difficult to trust a stranger to hold up their end of the bargain. A quick glance through the Landlord and Tenant Act can provide a good snapshot of some of the issues landlords face.
The Pitfalls Regulations
While it differs by province and city, renting out part of your home automatically puts you under numerous provincial and municipal regulations, many of which if not followed can result in hefty fines. When a landlord can enter the area rented differs across the country, as one example, as does the types of property that fall under provincial or territorial tenancy legislation -- a detached home versus a duplex or condominium, for instance. Both landlords and tenants should inform themselves of the laws applicable to their location.
Repairs
Repairs can be extremely expensive and seem to occur a lot more often when housing tenants. You can potentially avoid recurring repairs by calling professionals the first time around, but try to budget for repairs when renting out your home.

Six key things any homeowner considering renting out a portion of their residence needs to consider:

1) Know the laws and follow them: Before renting your home, look into the provincial and municipal laws to ensure to take the appropriate steps. Always draft a contract that acknowledges the regulations set by the Canadian Mortgage and Housing Corporation that are applicable to your location.

2) Have a backup fund: Do not depend on rental money as a primary source of income. Always have some extra money in the piggy bank for possible repairs or tenant issues and, of course, to cover your own bills.

3) Mortgage flexibility: A flexible mortgage is recommended when renting out part of your home. It can give you wiggle room on the requirements for monthly payments should something go wrong. This allows homeowners to avoid penalties that occur in a fixed mortgage rate when a monthly payment is missed. Flexible mortgages also give homeowners the opportunity to pay off their mortgage sooner as you can accelerate payments.

4) Have rules in place: Renting out part of your home should be seen more as a business deal then a simple rental agreement. Always have written and signed documentation to cover all your bases. This ensures liability on both your end and the renters.

5) Check-in: Make a habit of checking in with your tenants on a regular basis to ensure both your happiness and theirs. You can have monthly visits to ensure that your property stays in good shape and they are properly accommodated.

6) Hire professionals: A real estate lawyer should be at the top of your list, as well as a mortgage expert and other professionals who can help navigate the legalities and other circumstances of being a landlord.

Overall, renting your home can be a viable source of income if you do it properly. Following the rules and maintaining your property are extremely important and necessary. Renting property comes with responsibility and patience, and should not be done as a get-rich-quick scheme.
ALSO ON HUFFPOST:

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The Pros and Cons of Renting Out Part of Your Home

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On the surface it seems like a fabulous idea: Carve out a portion of your home, rent it out and use the rental income to pay your mortgage. You get to live basically "rent free" while at the same time reaping the tax benefits of writing off some of the costs associated with accommodating a rental apartment in your home.

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Video #3: Vancouver tackles affordable housing with Airbnb regulations

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Video #3: Vancouver tackles affordable housing with Airbnb regulations

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As convenient as air BnB can be for both owner/renter, certain issues arise when a large city such as Vancouver has an excess (to many) of units being rented out. A wealthy entrepreneur or overseas investor could buy out many property's throughout the city and profit greatly through rentals. To combat this, Vancouver has created a law stating you must be licensed and living as the primary homeowner in a residence to rent out air BnBs. Many renters/owners alike disagree with this due the inconvenience caused but it’s important because short term housing can negatively impact the city’s actual residents from affordable long term housing in the future.

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Vancouver tackles affordable housing with Airbnb regulations

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Website #2: Do Tenants have rights if they only rent a room?

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Website #2: Do Tenants have rights if they only rent a room?

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“Most tenants are covered by the Residential Tenancies Act”  but special rules apply if they share a kitchen or bathroom with the owner or their immediate family.   Then they do not have the right to remain living on the premises without the owner’s consent and can be evicted at any time, without notice.    The main exception is if the owner makes an oral or written agreement and breaks it or disposes of the tenant’s property.

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Most tenants are covered by the Residential Tenancies Act, which sets out the rights and obligations of residential landlords and tenants. Generally, tenants who rent a single or shared room have the same rights as most other residential tenants in Ontario. However, if they share a kitchen or a bathroom with the owner or the owner's immediate family members, special rules apply. Also, if a tenant rents a single or shared room from an educational institution, like a university, the educational institution can have special rules or rights that are not the same as the ones under the Residential Tenancies Act.

A tenant who shares a kitchen or bathroom with the owner or the owner's family does not have a legal right to remain living on the premises without the owner's consent, and can usually be evicted at any time without notice. The exception is if the tenant enters into an oral or written agreement with the owner and the owner breaks the agreement by forcing a tenant to move out early, or disposes of a tenant's property. In both instances, the tenant may be able to sue the owner in Small Claims Court if they have evidence to prove their case.

If a tenant is evicted and the owner refuses to return the tenant's personal property, the tenant should call the police. A local legal clinic may also be able to provide additional information and advice about tenancies not covered by the Residential Tenancies Act.

For more information about tenant rights, visit the Landlord and Tenant Board.

A criminal record will affect your ability to be approved for a residential lease. To erase your criminal record, call toll-free 1-800-874-2652 or learn more at Parole Board of Canada. It's easier than you think.

If you are having financial problems, it may be difficult to rent an apartment or condominium. You can get help to clear your debt and repair your credit. For easy-to-understand debt solutions on your terms, contact our preferred experts 4Pillars and rebuild your financial future. With 60 locations across Canada, they will help you design a debt repayment plan and guide you with compassionate advice. No judgment. For help, visit 4Pillars or call toll-free 1-866-690-3328 .

For legal advice and assistance with a residential tenancy and applications to the Landlord and Tenant Board, contact our preferred Landlord and Tenant expert, Caryma Sa'd, Lawyer & Notary Public .

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Do tenants have rights if they only rent a room? - Legal Line

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Most tenants are covered by their provincial or territorial Residential Tenancies Act, which sets out the rights and obligations of residential landlords and tenants. While each provincial legislation is different, in many provinces, rooming houses, boarding houses, and rooms in landlords' houses have special exemptions from landlord-tenant legislation.

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Video #2: Why should I rent if a mortgage payment is Cheaper?

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Video #2: Why should I rent if a mortgage payment is Cheaper?

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Why should I rent if mortgage payment is cheaper?

Something to consider when considering renting versus owning is your personal needs. Both renting and owning a residence have their respective benefits/downfalls. Owning is a long term commitment which usually leads to a high return on your investment. Whereas renting is cheaper than owning over shorter periods of time because of the property expenses and higher taxation associated with owning a residence. For example a businessman who moves from city to city every few years might discover that renting is the more affordable option. In all, it’s important to look at where you see yourself in the immediate future and plan to rent/own accordingly.

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Why Should I Rent If a Mortgage Payment Is Cheaper?