My Basement Suite Sat Vacant for 7 Months… Here’s What I Learned

My basement suite in Surrey sat vacant for 7 months.

• No rent since October 31
• ~$10,000+ in lost income
• A unit that used to help pay my bills… doing nothing

At first, it was intentional.But then it wasn’t.And that’s where things got interesting.

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Why I Even Have a Basement Suite

For years, this worked perfectly.

• Extra income to help with the mortgage
• Affordable housing for younger renters
• Simple, all-in rent (Wi-Fi, utilities, everything included)

And honestly?👉 It’s been a 9/10 experience as a landlord

• Great tenants
• Minimal issues
• Easy setup

The “noise and privacy” concerns people worry about?Not really a thing.Sometimes you hear something… but I always joke:👉 “That’s the sound of someone helping pay the mortgage.”

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Why It Went Vacant

Typical tenant cycle:

• 12–18 months
• Sometimes up to 3 years

So turnover is normal.But this time:

• Tenant left October 31
• We temporarily moved into the suite for renovations upstairs
• Moved back upstairs in the new year

Then…👉 I tried to rent it againAnd that’s where everything changed.

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The Shock: The Rental Market Has Changed

I expected:

• Young professionals
• First-time renters
• Clean, simple applications

What I got instead:

• Groups trying to share a 1-bedroom
• Families of 3+ applying
• Retirees with unclear financials
• People asking about space for grandkids

That was new.And it told me something important:👉 Demand for “affordable housing” has explodedBut not in a way that fits a unit like this.

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Why I Said No (And Why That Matters)

I’ll be blunt:

• I’m not putting a family of 3 into a 1-bedroom
• I’m not compromising on tenant quality
• I’m not risking my home to fill a vacancy

That meant:👉 I turned down a LOT of applicantsAnd eventually…👉 I just pulled the listing entirely

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The Financial Reality

Vacancy hurts.

• No rental income
• Carrying costs stay the same
• Opportunity cost adds up fast

This is what most people don’t think about:👉 Rental income is not guaranteedMarkets change.And when they do:

• Rents drop
• Tenant pools shift
• Vacancies increase

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The Biggest Lesson: Never Compromise on Screening

This is the most important part.My rules:

• Max 2 people in a 1-bedroom
• Strong credit (ideally 800+)
• Verified employment
• Clean references

If it’s not a perfect fit:👉 It’s a noBecause bad tenants lead to:

• Missed rent
• Property damage
• Stress in your own home

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The Hard Truth About Being a Landlord

Two ways this goes wrong:

• You get desperate and accept the wrong tenant
• You try to “help someone out” and ignore red flags

Both usually end badly.I know that sounds harsh.But for me:👉 My family comes first

• It’s my home
• It’s my responsibility
• It’s my standard

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Why I Waited (Even With the Loss)

I held out.

• No settling
• No shortcuts
• No compromises

Even though it cost me thousands.Because:👉 A bad tenant costs WAY more than a vacancy

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The Outcome

As of June 1:👉 I found a tenant

• Strong credit
• Stable job
• Good fit

Exactly what I was waiting for.

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Final Takeaways

• Vacancies are real
• Rental income is not guaranteed
• Screening is EVERYTHING
• Never settle for the wrong tenant
• Market conditions can change fast

And maybe the biggest one:👉 Being a landlord is not for everyone

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Written by:
Steve Karrasch PREC
Karrasch Real Properties Team
Macdonald Realty