Smallworks clients know that laneway houses are not only a solution to affordable housing in Vancouver, but can also be rented out for a profitable source of extra income.
Many laneway homes start out as rental properties, and homeowners typically make $1,400 to $1,900 a month for one bedroom, and $1,600 to $2,400 for two bedrooms.
And it’s not just the money-making potential that makes renting out these small houses so attractive – there’s also the safety that comes with being in such close proximity to your tenants.
Here are four factors that make laneway houses one of the safest real estate properties you can rent out:
1. Attracting “good” tenants
Laneway house tenants know from the start that you will have easy access to check in with them, so this close living arrangement will minimize your risk of attracting anything but the best of tenants.
2. Problem prevention
With your tenants and rental unit literally in your own backyard, you won’t have to rely on your neighbours to check in with them or go out of your way to make visits. You’ll be able to catch warning signs early on and address them before they have the potential to escalate.
2. Relationship-building with your tenants