Queen’s University Landlord Contract Program Just Ended! What's next for the Landlords?
Queen’s University has run a voluntary program for landlords who have had their units inspected by an independent third party for compliance with the City of Kingston’s property standards by-law. In addition, tenants of units in the Landlord Contract Program benefit from extra protection under the Residential Tenancies Act--including getting to agree on a Termination Agreement right at the start. This allows tenants and landlords alike more certainty as they enter into their lease agreement, knowing that when it’s time for renewal, there will be an opportunity to extend or alter existing arrangements if both parties are interested. All this is possible because each landlord signs and delivers a copy of their specially tailored Landlord Program Contract at signing - giving everyone peace-of-mind about what lies ahead.
This program has just ended last December 1, 2022, and there are benefits that landlords in the program will no longer be able to take advantage of. But all hope isn’t lost; Portsmouth Residential can help offset some of these losses. Let’s break down what these losses are and how Portsmouth Residential can step in to pick up the slack.
What Landlords Will Lose with The End of the Program
Landlords will lose the ability to advertise their units as having passed a third-party inspection. While this won’t necessarily make their units any less attractive to potential tenants, it could put them at a disadvantage when compared to other rental properties that still have this advantage. Additionally, landlords could lose out on potential tenants who may opt for units that are part of another inspection program instead.
The end of the program could also mean higher costs for landlords due to less competition for tenant business and fewer opportunities for discounts from service providers such as contractors or pest control companies. Furthermore, without regular inspections from a third-party inspector, landlords may find themselves dealing with more maintenance issues due to lack of preventative measures being taken on their properties.
How Portsmouth Residential Can Help Offset That Loss
Portsmouth Residential offers comprehensive property management services designed to help landlords maximize the value of their investments while minimizing the hassle associated with managing rental properties. From marketing vacant units and screening potential tenants, right through to collecting rent payments and handling maintenance requests — our team has you covered every step of the way! We also provide regular assessments of your rental unit(s) so you never have to worry about meeting local safety codes or ensuring proper upkeep on your property(ies). In addition, our team provides ongoing discussions with tenants regarding necessary improvements or upgrades they feel are needed — helping you keep your tenants happy while avoiding costly repairs down the road.
By partnering with Portsmouth Residential, landlords who were previously part of Queen's University's voluntary program can rest assured knowing that their investment is being looked after professionally and efficiently at all times — without having to worry about losing out on some benefits that come along with having one's unit inspected by an independent third party annually. Our team is dedicated to making sure our clients get maximum value out of each property they own — so don't hesitate reach out today! We look forward speaking with you soon!
Read more: Queen’s University – Landlord Information
