The Toronto rental market is on fire. We are experiencing an all-time low vacancy rate (approx 1% as of Q1 2017). So you've decided it is time to rent your house or condo and you are looking to get the best possible tenant and rent for it. Marketing your home to reach the most amount of eligible tenants is the goal. On top of exposure, you will need to find qualified tenants, do background checks, check references, review credit reports, show the property and prepare lease agreements.
Finding the Right Tenants
While posting your property on Kijiji or Craigslist may find suitable tenants, it may also bring you many unqualified applicants. You should consider using a professional Realtor to represent your property. Not only will it increase your online exposure but it will also reach a large network for Realtors who have vetted and qualified tenants. The knowledge and dedication of your Realtor is crucial to the successful lease of your property. A good agent will ensure a smooth, successful and stress-free lease.
Pricing Your Rental
When you want to list your rental, make sure to know what the going rate is in your neighbourhood for similar properties. Use the comps in the area to help gauge if your property is very similar or if has features that could warrant a higher rent? Maybe you have parking included? Or maybe you have a rooftop pool or a spa in your building? Who wouldn't pay more for that!?
According to TREB, in Q1 of 2017 the following were the average rents for condos in Downtown Toronto (C1 Area):
- Bachelor - $1,543
- One Bedroom - $1,947
- Two Bedroom - $2,890
Become a Landlord
Have you heard of horror stories from a co-worker or family member about their landlord experience? Has it left you diswayed about becoming a Landlord? Well, in my experience there are some bad tenants but with the proper vetting and background checks of prospective tenants a lot of bad experiences can be avoided. Becoming a Landlord is also a great source of secondary income to help offset your own expenses. If you are interested or just a little curious about what it's really like, contact me and we can chat in detail about becoming a landlord.
Q1 2017 Average Rents in Toronto C1