Hey, we got new tenants!

I am super happy to announce that Brian and I were able to find new tenants for the rental condo.  They just officially signed the rental agreement and handed over their deposit yesterday morning.  I was a bit concerned when our previous tenants gave notice but looks like everything is going to work out just fine!

sunny apartment

Sunny apartment

All in all, the transition will cost us about $500:

  • $25 for the credit check
  • $100 for paint
  • $50 for miscellaneous supplies like paint rollers and drop sheets
  • $200 of car share usage
  • $100 for new blinds

Luckily, we save $40 a month in a condo maintenance fund, so it is all “paid” for.  We did not pay for any advertising, instead, we used Craigslist and just made sure to write a detailed ad and included lots of bright, beautiful photos.  I received at least 20+ inquiries and over half of those resulted in showings.

Now that we have guaranteed renters for May, we’ll need to hustle to get the place ready!  The old tenants are in the process of cleaning and moving out so hopefully we’ll have a few days to work on things.  We’ll be doing all of the minor repairs and painting this coming weekend when Brian is back.  Actually, Brian will probably be doing the majority of it since I’ll likely be working over the weekend.  Thanks Brian!  😉

And our new tenants?  Well, they are a couple who are both employed at engineering firms.  One is an Aussie – she has the cutest accent ever! – and the other is from BC.  I haven’t met the guy yet – Brian did the showing last week while I was working, but I met the girl and she seems very down to earth.

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  1. Fantastic! Much faster and less of a struggle than anticipated! Always wonderful when things work out in our favor!

    With the change in tenant, were you able to increase the rent over the previous lease period?

    • CF says:

      We kept the rent at the same price point because we’re already charging at the upper end of rents for the neighbourhood. 🙂

  2. Pauline says:

    Congrats! Don’t you count the lost rent while the property is empty?

    • CF says:

      The unit won’t be empty! 🙂 The old tenants paid for April and the new ones will start April 1. It worked out quite well actually.

  3. Nice job getting the place rented out. I am sure you feel much better now.

  4. Great! Glad to hear it went so smoothly and so quickly.

  5. Glad to hear! I’m sure that’s a load off your mind!

  6. Mike@WeOnlyDoThisOnce says:

    Glad to hear! The apartment looks phenomenal.

  7. Mackenzie says:

    Congrats! That’s awesome that you were able to get a renter so fast!! 🙂

    • CF says:

      I was actually starting to get concerned – we had shown it to 6 or 7 people already without luck. So I was really happy that we finally got a couple that worked out.

  8. Justin says:

    Good luck with the tenants. Since, their engineers, hopefully they’ll be really good tenants.

  9. Well done, good for you. It may cost a bit but it’s better to have someone in there than it costing you cash. I’d use craigslist too for free adverts. Cheers mates

  10. Yay, good news! I’ve had a lot of good luck with craigslist (roommates, finding apartments, tennis buddies, furniture etc.).

  11. Vicky says:

    Congrats on getting it rented out so quick! I’m sure Brian appreciates being nominated for all the painting! 🙂

    I adore the Aussie accent as well, and hopefully they will be great tenants for you guys!

  12. Liquid says:

    Looks like the transition is going smoothly. My parents recently rented out their basement suite without much trouble. They used Craigslist as well. I think as long as the listed price is decent there will be lots of inquiries. It’s no wonder why housing prices aren’t cheap in Vancouver. Lots of people want to live here 😀 Good for landlords like you two 😉

  13. Thats awesome! You can relax a bit now!

  14. Hey that’s great! I’m glad you got new tenants so quickly and that you didn’t have to put your emergency plan into effect.

  15. Congrats! Hopefully they become good long-term tenants for you!

  16. Congrats! Our tenant is moving out end of July :/ Hopefully we can find a new one.

  17. Good job on getting new tenants. The unknown as to whether or not somebody will be renting from you next month is scary. And they sound really trustworthy, too, which is important.

  18. Catherine says:

    Good to hear, not having tenants would stress me out! Hope they work out for you!

  19. Congrats guys! So glad you found tenants!

  20. Jim says:

    Hope all is going well with your new tenants!

    • CF says:

      So far so good – we touched base with them last month when we were in the building for a strata AGN, but other than that, haven’t heard from them at all.

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