Common Areas in a Rental Property

Описание: So, you want to own or buy a Rental Property? Join Upper Edge Property Management where, in the next installment of this Guide to Real Estate Wealth, Garret Wong discusses Common Areas in a Rental Property.

This episode specifically refers to how to set up leases the proper way in a multi-family dwelling.

Perhaps there is a common hallway light but you only have two hydro meters. One for the upstairs and one for the main floor. A lot of these old duplexes would have a single light in the common hallway wired into the main unit’s meter. You and I might “think” a single light bulb isn’t a big deal but the truth is, if Manitoba Hydro ever heard that the common area light was wired into the main floor tenant’s hydro bill, they will automatically put that bill into the landlord’s name, regardless what the lease says.

What is your recourse in this specific situation? You’d have to include hydro in the main floor unit’s lease and pay it yourself, which affects your cashflow. Or, you can include it in the lease, but make sure you increase the rent accordingly.

Upper Edge Property Management, located in Winnipeg, Manitoba, Canada, has been successfully managing rental property for their investors since 1999, and chooses to specialize in the management of single family homes, condominiums and smaller multiplex buildings and apartment blocks.

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   / @garretwong