Rents go sky-high
Rents in central Montreal are going sky-high, which makes me wonder what the Régie du logement is doing with its time.
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Kate
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Seb 18:31 on 2020-11-07 Permalink
Going through a name change.
https://www.tal.gouv.qc.ca/
mare 11:51 on 2020-11-08 Permalink
If apartments are not rented for a year, the landlord can ask any price they want. The Regie has no influence on that.
Apartments that were previously on AirBnb fall in that category and their owners are used to a much higher ROI, so they feel entitled to ask a high rent. If the market bears that price and they find tenants you can’t really blame them, that’s capitalism. Another upside for them is that tenants don’t stay super long —since they can find something else that’s cheaper— and are less likely to transfer their leases to someone else so the apartments are empty every x months, and available to (illegally) put on Airbnb again when tourism is back in full swing.
(I’m a landlord but have only long term tenants and they sometimes do pass on their leases, but one picks up some of these ‘tips’ on the grapevine.)