Waterloo Student Rental with 7 bedrooms
Hi,
I have recently purchased my first student rental property at Waterloo which is 1500 sqr feet with 7 bedrooms(3 second story, 2 main floor, 2 basement) and 2 bathrooms. It was after i purchased that i started reading up on the rental licenses and how they limit the number of rooms allowed to be rented to just 4.
https://www.waterloo.ca/en/government/resources/Documents/By-law/Residential-Rental-License-bylaw.pdf
However, I see other investors in the area with houses similar to mine and they are renting at max capacity. So either they are doing it illegally or there are methods around this system that I am not aware of.
Anyone have any similar experiences with my situation? Any suggestions on how would I would proceed? Ideally of course I would want to rent out all 7 rooms.
Most Popular Reply
@James Bronze - We see similar restrictions with our student housing in Athens, OH.
Landlords either do it illegally by only putting the permitted amount on the lease and leave the others off (I don't recommend this), or by applying for more occupancy with the city.
Truth is the students might rent the other bedrooms out either way but I would work on getting the right permits in place.
Best of luck!