July 6, 2022

The Queens County Citizen

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Lease transfer, the most common method?

Lease transfer, the most common method?

Concerned about the growing number of property owners, tenants have chosen to allocate their leases.

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According to a survey by the Corporation of Real Estate Owners of Quebec (CORPIQ), one in four landlords is facing an unprecedented number of lease transfer situations.

“Last year, we’re talking about 10% owners, there, it went up to 25%,” CORPIQ general manager Benoit Saint-Mary said in an interview with TVA Novelles.

However, by using this method, the latter warns that tenants are playing a dangerous game.

“It’s a disturbing phenomenon that I’m saying for the quality of homes and for the prices that have been in place in Quebec in the medium term,” he said.

If tenants begin to make greater use of the lease allocation, landlords may decide to further increase their tenants’ rents, Mr. Saint-Mary opined.

“These are owners who are very friendly given by the little ones [à leur locataire]. There, the landlord asks himself: What if the tenant assigns his lease and he does not necessarily get back the unpaid sums? [à son locataire]He says to himself: “What did I do there?”, He manages.

For tenants’ associations, leasing is not only a right, but also a tool to combat rising rental prices.

“The allocation of the lease, as provided by law, is a tenant’s right. It can also be used as a self – help strategy when there is a shortage of housing. The law already provides that rent fixing is possible at the change of tenant. This section does not cite its references or sources.

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This practice is also very widespread on social networks, where there are a large number of pages and accounts dedicated to the allocation of leases.

Some real estate leasing companies are also increasing the popularity of lease assignments.

“It simply came to our notice then. Tenants are willing to call us so we can help them with their lease assignments, ”explains David Bluin, President and Founder of Bluin Real Estate Rental.