FAQs - Frequently Asked Questions

Renters

Is the rent higher when renting through the Yaldi Renting system? 

  • No, the rent is the same as market rent because the cost is covered by the landlord.

Why is the landlord willing to compensate the renter?

  • Most great renters don’t realize the value they bring to a landlord. They save landlords a tremendous amount of time, energy and stress.

  • Yaldi landlords are willing to compensate great renters for making their lives easier and taking care of their property. 

  • Statistically, most rental property owners are part-time ‘mom and pop’ landlords (owning less than five properties) who have their own family, careers and busy lives to live. They really do not have the desire to deal with bad tenants who take a serious financial and emotional toll on them and their retirement planning.

Renter Rewards

When do renters receive their cash reward?

  • The renter receives the cash reward ($200 + 2% of annual rent payments) after they complete their initial lease.

  • After the initial lease is finished, there are two options: 

    • 1) Renters can sign another lease and repeat the reward process stated above. 

    • 2) Depending on what's mutually agreed to with the landlord, renters can go month-to-month or sign a new lease and in turn, be rewarded 2% of the rent for the number of months they have successfully rented.

When would renters not receive their cash reward?

  • The renter does not receive the cash reward if they break their lease, miss a rent payment, cause the landlord to claim for property damage, or get a strongly negative review by their landlord (with evidence to back it up).

Renter Maintenance

What does the maintenance checklist consist of?

  • The maintenance checklist is a simple room-by-room list of standard preventative checks to help identify issues early, that can save the landlord large maintenance bills down the road.

  • Part of the checklist is a walkthrough video of every room in the property.

  • It also ensures the property is abiding by health and safety standards for renters.

  • The average time to complete the checklist is 15-20mins.

What are some examples of maintenance needs that are less than $20 to fix, and in turn, the responsibility of the renter?

  • Changing lightbulbs​.

  • Buying a snow shovel to use to clear the property's pathways. 

  • Repairing drywall scratches and damages.

  • Clogged drains or toilet issues (we educate renters on troubleshooting the first few solutions to try before phoning the landlord).

Credit Score

Why does Yaldi Renting require credit reports and why are renters with a credit score of less than 650 not allowed on the platform?

  • Your credit report is score and credit report are one of the easiest ways to prove you are financially trustworthy. We provide a secure place to hold your credit report and allow you to maintain control over who views it and when. This is much safer in comparison to the current status quo of providing it over email or giving your landlord your SIN number to retrieve it on your behalf. 
     

  • As we want the landlords using the platform to have the lowest chance of broken leases & missed rent payments, we only want renters with the highest likelihood of paying rent on the platform.
     

  • Although we know that there are plenty of trustworthy and great renters with a lower credit, the statistics show a strong correlation between low credit score and missed rent. Hence, we do not want to increase the likelihood of a bad renter for the landlords using the Yaldi Renting platform.

Landlords

What does the landlord gain from renting through the Yaldi Renting system?

  • Yaldi Renting fills vacancies with great renters quickly, reducing vacancy costs. 
     

  • Landlords commonly pay agents or property managers a ‘leasing fee’ to fill a vacancy. This is usually equal to one month's rent or half a month's rent. For landlords who do not want to pay an agent/property manager, they only pay a platform fee to Yaldi Renting of $250 once a lease is signed.  
     

  • The Yaldi renters treat the property as if it was their own and complete a thorough maintenance checklist every four months, reducing the chances of expensive issues arising that could have been caught and prevented if seen earlier.

What happens if there is a dispute regarding property damage between renter and landlord?

  • Any dispute between the renter and landlord where a mutual agreement cannot be made will follow the usual lease dispute proceeding and be settled in small claims court. 

  • Depending on the verdict of the small claims court and if the renter is at fault will dictate if the renter receives their cash reward or not.

Who holds the security deposit?

  • Yaldi Renting does not manage or deal with security deposits. Yaldi landlords still hold the security deposit as they normally would. As such, Yaldi Renting does not participate in security deposit disputes between landlords and renters. Yaldi Renting only controls the cash reward to the renters.

Other

What does Yaldi Renting charge for this service?

  • Yaldi Renting takes a commission from each monthly rent payment of only 0.5% (this is included in the 2.5% fee).

  • Yaldi Renting charges the landlord a $250 leasing fee when a lease agreement is signed with a Yaldi renter.

How secure is Yaldi Renting?

  • Sensitive information such as renter's & landlord's bank information is not held by Yaldi Renting. Instead, these are held by our established and secure online payment processing partner.

  • Rent payments are handled securely by our registered and regulated payment processing partner.

  • For the Yaldi Renting website itself, there is the same safety encryption technology implemented by many major sites, Hyper Text Transfer Protocol Secure (HTTPS), validated by an SSL certificate. This ensures that all landlord and renter data is encrypted, making it secure when they register with the site.