Landlording Advice - Lease Terms

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Landlording Problems - Lease Terms

Q: What is the difference between renting and leasing?
Is there a difference between renting/leasing unfurnished or partially furnished house?
A: There are really only two common tenancy agreements found in BC: month-to-month or fixed term (lease). In month-to-month tenancies, the tenant can end the tenancy with one full calendar month's notice whereas a lease locks them in for the full period set out in the paperwork. If the tenant takes to the hills, the landlord can come after the tenant for lost rent, subject to the landlord's attempts at mitigating his losses.
Many tenants like month-to-month agreements because of the rent increase protection, and because it is tough for a landlord to move out a tenant who doesn't want to go.
Many landlords like a lease because it gives them the security of steady income for x period of time, which can assist in obtaining a mortgage. Some landlords also like a fixed term agreement because they can get rid of an unwanted or troublesome tenant when the period ends, versus having to fight in arbitration and even pay the tenant compensation in some circumstances.
It gets complicated but that's the short version.
As for the furnished or unfurnished bit, that is really up to the negotiating skills of the parties. Some landlords want the rental income but balk at paying the costs of storing their own furniture, so they rent furnished. Others find a niche market for short term rentals where the renter doesn't want to spend weeks at IKEA and the Home Depot; he just wants a place to sleep, eat and watch a working TV. Then again, many renters think the landlords' choice of furnishings are ghastly, and they want no part of them, so the unfurnished unit is much preferred.


 
 

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