What is Every Landlord’s Worst Nightmare
Tenants that don’t pay rent and damage your unit, or as they’re called on the street, “Professional Tenants,” are every landlord’s worst nightmare. For landlords in Ontario, the Residential Tenancies Act (RTA) states that it is against the law for landlords to evict a tenant by forcing them to move out without an order from the Landlord Tenant Board (LTB).
AVERAGE TIME TO EVICT
According to FRPO, the average eviction process takes 75 days. Most landlords have never been to court and the process for doing so is not so straight forward. This causes an average increase of 28 more days due to landlord error during the eviction process. That’s a total average time of 103 days to evict a tenant.
AVERAGE COST OF EVICTION
Let’s say you’re renting a 1 bedroom in downtown Toronto for $2,000 a month. With the average eviction process of 3 months and time to find a new tenant placed at 1 month, that’s $8,000 in lost rent. Other fees include the eviction fees paid to the court, legal fees, and sheriff fees to handle the eviction. That totals over $9,000 as a cost to the landlord. This estimate doesn’t include any assessment of damages that a tenant can cause during the eviction process.
HOW TO PROTECT YOUR INVESTMENT AS A LANDLORD
At Casalova, we set out to solve this problem for landlords and create a protection package that would alleviate these fears and provide insurance on your investment properties. That’s why we’ve introduced Canada’s first $50,000 Rent Guarantee and $50,000 Vandalism Coverage on units rented through Casalova. Through an exclusive partnership with Aviva Insurance, landlords can finally rent their properties with the peace of mind knowing that they are protected.
For more information, visit www.casalova.ca