| On PEI there are basically 2 types of landlords. | | | | some built in the 1800’s and with spectacular |
| There are conventional landlords that rent homes | | | | architectural features that have been or can be |
| and apartments to residents. Then there are | | | | converted to apartments. These are potentially |
| specialized landlords that rent cottages and | | | | excellent real estate investments. |
| summer homes to tourists and summer residents. | | | | If you choose to focus on summer rentals, |
| The marketing for these are completely different | | | | cottages and summer homes then you will be |
| but much of the knowledge regarding the | | | | looking for property outside the city probably in |
| business of rental is the same. You may have a | | | | the area of Cavendish or other North Shore |
| property that you are seeking to rent already. | | | | areas. This is the island’s prime tourist area. |
| This may be a home that you are leaving either | | | | Although there is a market for the simple |
| because you are upgrading your residence or | | | | cottage, if you intent to service this market you |
| because you are leaving the island and you want | | | | would be advised to buy a property with several |
| to keep your property as an investment. | | | | or more cottages as you will need the income |
| However if you are looking to purchase a | | | | from many to promote your operation and net |
| property for rental then you have a few choices | | | | an income. Otherwise buy a single luxury rental |
| to make. | | | | that will bring in $2000 per week or more in |
| If you are interested in the local rental market | | | | rental. |
| and renting a home or apartment to an island | | | | As vacation property requires a lot more work |
| resident you should most likely be looking for a | | | | on the part of the landlord including garden, repairs |
| home in the city. Summerside offers a variety of | | | | and maintenance as well as the weekly clean and |
| property. You could purchase a starter home. | | | | check out/check in procedure you might consider |
| There are many in the west end of Summerside. | | | | hiring a property manager experienced in holiday |
| These are small homes on small city lots. | | | | rentals to look after your property. They will |
| However they can start as low as in the 50’s | | | | usually work on a percentage basis and many will |
| and go up from there depending on size, location | | | | look after the marketing of your property as well. |
| and condition. These can be rented with or | | | | There are property managers available for |
| without utilities and create a positive cash flow as | | | | everyday rentals as well but most of the rental |
| well as building equity. Remember that there are | | | | market in PEI would not afford you this option. If |
| some rent control restrictions and that renting | | | | you are renting starter homes you will have to be |
| without utilities will help to ensure that you | | | | your own property manager. The same really |
| don’t get caught in the inevitable fuel oil price | | | | applies to the lower end cottage rental. It comes |
| increases – however you should note that | | | | down to a matter of economics. However PEI |
| rentals that include heating, particularly at this level, | | | | real estate is such a bargain when compared to |
| are more popular. | | | | other provinces that becoming a landlord is very |
| Summerside also offers larger heritage homes, | | | | appealing. |