A tenant’s responsibilities in a single-family dwelling are usually clearly laid out in the lease. Tenants are responsible for minor maintenance such as replacing light bulbs and generally keeping the place in a tidy, hygienic condition.
They are often also responsible for cleaning windows and maintaining the garden to the standard they received. However repairs and maintenance to the building, pathways and perimeter walls are the duties of a landlord.
How the Duties of a Landlord in Multi-Family Differ
This share of responsibilities swings in the tenants’ favour where multiple units are housed within one building. That’s because they have no responsibility for what happens outside their front doors.
In condominium strata units, one or other management structure takes responsibility for what happens beyond front doors. A body corporate may manage these aspects directly, or outsource them to a strata management service.
Landlord is ‘Body Corporate’ in Multi-Family Space
A sole owner renting out units in multiple space is the only person with a vested interest in what happens outside tenants’ doors. It is after all their investment, whereas tenants simply walk away when their lease ends.
Here are a few examples of the duties of a landlord when viewed from their tenants’ perspective.
# Maintaining the outside area including any gardening in the summer and clearing away snow in winter
# Promoting peace and harmony among tenants by allocating parking and sorting out anti-social behaviour
The ‘Good Governance’ Aspects of Being Landlord
Tenants don’t always understand the breadth of a landlord’s responsibilities. Canada law requires they maintain their properties in good order, and grant new tenants orderly and vacant space when they move in.
Alberta law further places tight constraints on what happens to key / security / damage deposits if a landlord requires these. They may not exceed one month’s rent as at the start of the lease.
Furthermore, these monies must the placed “in an [individual] interest-bearing trust account in a bank, treasury branch, credit union or trust company in Alberta within two banking days of the time they collect them from the tenant.”
Interest should be paid across to tenants at the end of each tenancy year unless agreed differently. Finally, landlords must retain deposit records for at least three years after a tenancy ends.
Good Money To be Made with Multi Family Space
The duties of a landlord may appear taxing at first, although they soon click into place because they are logical.
Stonegate Equity offers a complete service to investors wishing to receive a regular income from a solid investment. We are in Calgary, Alberta at (587) 500-0417 if you would like to call, or send us an email message when convenient.