With the Toronto rental market seeing the most action ever, tenants are looking for the best places to rent, while landlords are looking for AAA tenants to care for their homes. In the end, it doesn’t matter how great of a deal you got on the property or how strong your projected cash flow and return on investment are. Without great tenants that pay rent on time and take care of your property, the equity, cash flow and returns all evaporate into thin air. So, What are tenants looking for and what are the best ways to find tenants for rental properties in Toronto?
We’ve come up with a list of a few things we think will attract the best Toronto tenants.
Best Ways to Find Tenants for Rental Properties in Toronto
1. Move-In Ready Condition
Your target tenant plans to take care of your property and has high standards of cleanliness and maintenance. If you provide a move-in ready home, you are communicating that you share those same standards.
2. Finding a Rental Close to Work
You can have a great, move-in ready home zoned to great schools, but it won’t matter if your tenant has to drive an hour to work each day. As you look at potential properties, think about where your target tenants are likely to work and how close the property is to that Toronto neighbourhood.
3. Safety in Rental Properties
Cameras in the main lobby and hallways? With today’s technology condo buildings can be outfitted with some of the best security features that are offered. Research shows that newer buildings with top of the line security are high on tenants wish lists.
4. Upgrading Your Rental Property
Therefore, they purchase the most basic starter condo with cheap finishes and rent them to mediocre tenants for mediocre results. Don’t do that; instead, when you purchase a condo or pre-construction unit, get the upgrades in the kitchen and bathroom. Make the condo look as if you were going to live there and seek advice from your buyer or investment agent. The amount you can charge in rent will show you the right decision was made. This is especially true when trying to find renters in a tough market!
5. Access to Public Transit & The Basics
Your tenant won’t have to go outdoors during the winter months to get to work. They could simply take an elevator ride to the PATH and arrive at work if they live in the core or hope on the subway to whisk them away to their office. Something else to think about is proximity of grocery, fitness facilities, pubs, restaurants and cafes in the Toronto neighbourhood you’re looking to invest in.
There are numerous factors that impact your ability to attract the best possible tenant, but keeping these things in mind during the buying process will set you up for success for the long term.
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