Setting the Right Rent Price
Overpricing is the single most expensive mistake new landlords make. A unit that sits vacant for 6 weeks at $200/month too high costs you more than $1,200 in lost income — more than a full year of the extra revenue you were hoping to capture. Research active comparable listings on RentDetective, Rentals.ca, and Kijiji. Price at or slightly below market to attract more applicants and fill faster.
Writing a Listing That Gets Responses
The listing is your advertisement. Include: exact square footage, number of bedrooms and bathrooms, included utilities, parking situation, pet policy, available date, and nearest transit or major landmarks. Photos are non-negotiable — units with 8+ quality photos receive dramatically more inquiries than those with 1–2. Natural light, clean surfaces, and wide-angle shots make the biggest difference.
Tenant Screening: The Most Important Step
Under the Alberta RTA and Human Rights Act, you can legally screen for: creditworthiness, income (rental-to-income ratio of 30% is standard), rental history, and references. You cannot discriminate based on race, religion, family status, gender, or source of income. Always run a credit check — verbal income claims mean nothing without documentation.
The Lease Agreement
Alberta does not mandate a standard lease form (unlike Ontario), but you must have a written agreement. Include: names of all tenants, address, start and end dates, monthly rent amount, deposit amount, rules on smoking, pets, subletting, and maintenance responsibilities. Alberta's RTDRS provides a standard lease template as a starting point.
Security Deposits
You can charge up to one month's rent as a security deposit. It must be held in trust and returned within 10 days of the tenancy ending, minus documented damages. Always conduct a written move-in inspection and have the tenant sign it. Without a signed inspection report, you have minimal legal grounds to make deductions.
Your Ongoing Obligations
As a landlord you are responsible for: maintaining the property in a habitable condition, completing repairs within a reasonable time, providing 24 hours written notice before entry, and complying with all municipal bylaws. Neglecting maintenance is the fastest way to lose a good tenant and invite an RTDRS complaint.