Renting your Condo, Do’s and Don’ts
| Read time: 1 min
One of the common questions we get asked is what the regulations are about renting out your condominium. Some people travel for extended periods and might want to rent it out while they are away, while others might even move out entirely while keeping it as an investment property to rent out and have the expenses covered.
So, the first question is; can an owner rent out their condominium?
Yes, in Manitoba, condominium owners are allowed to rent their properties. Condo corporation by-laws cannot prevent owners from renting out their condo.
Tenants who are renting out the unit are required to comply with both The Condominium Act, and any additional by-laws or rules of the Condo Corp.
Does the owner need to notify the Condo Corp?
Yes, owners are required to notify the condo corporation within 30 days of a new tenant taking residence. Owners are also required to notify the condo corporation if a rental agreement is terminated.
Further to this, once Condo Corporations are aware of unit owners renting out their properties, they can require owners to provide a deposit of up to $1500 for renting out their properties. This is essentially a damage deposit and would be returned to the owner if there are damages to the property or other expenses incurred by the corporation.
Once a condo is rented out, even though the property is still governed by the Condominium Act, the relationship between the unit owner (now landlord) and renter (now tenant) is governed by the Residential Tenancies Act which sets out the rights and obligations of each party.
If you have any questions about renting out a condo unit, gladly contact your property manager to learn more.
by Dani Schulz, Property Manager