With the cold weather finally gone, many tenants typically look for new rental properties in the spring season. Moving in the spring offers so many benefits for tenants including congenial weather and the ability to settle into their new rental unit to enjoy all summer long. Getting started early helps tenants find a good place to live before the summer rush, where demand for housing hits its peak in Toronto.
This year, the rental market in Toronto is experiencing a higher vacancy rate. This increase in available rental units is due to the fact that people, in general, are not visiting Toronto due to COVID-19; therefore, many landlords of Airbnb units are converting them back to regular long-term rental units.
As a result, landlords with vacant rental units to rent may need to take extra steps to ensure they find a desirable tenant for their rental unit. Here are a few tips for Toronto landlords to help attract tenants to your rental property:
#1 Do Maintenance and Repairs
Perform maintenance and repairs before showing the home to renters. Even if you plan to make a repair before a tenant moves in, the unit will show better if repairs have already been made before potential tenants view it. Further, with vacancy rates for rental units higher than usual, good tenants can pick and choose from several units. Start by checking the fridge, microwave, stove, lightbulbs, fixtures, and plumbing to ensure that everything is working properly. You may consider upgrading certain amenities such as installing stainless steel appliances if you want to demand more rent.
Make sure that the smoke and carbon dioxide detectors in the home are operational and equipped with working batteries. Not only is this good for karma, but it’s also the law.
You should also check your property for damage from the winter. Bugs and critters such as insects, mice, and raccoons often invade homes to seek warmth. Such uninvited guests can disrupt the life of a renter, as well as cause expensive property damage. Likewise, check the gutter and drain for clogs. This type of maintenance can prevent expensive repairs down the road. Your goal is to cover all your bases so that your tenants don’t have to call you regularly for basic maintenance.
#2 Invest in Cost-Effective Upgrades
Upgrades don’t have to be expensive. You can find cost-effective ways to revamp your property by replacing bathroom and light fixtures, doorknobs, and repainting walls. If your rental property is a house, then one of the most inexpensive tips for Toronto landlords is to take steps to improve the house’s curb appeal. Have the lawn manicured, driveway repaired, steps painted, eavestroughs cleaned, and plant some flowers so that your home is inviting.
#3 Set the Right Price
It’s advisable to study the rental market first before you set the right rent for your home. If the rent is too low, then you may lose income. If your rent is too high, then your properties will be left vacant for longer. It’s better to offer a slightly lower rent and match with an ideal tenant than to set a higher rent and sign the lease with a less desirable renter who is phoning you every week for negligible maintenance issues.
#4 Get Professional Help
Many landlords get frustrated with the day-to-day demands of managing their rental property business. When you consider the responsibilities such as performing maintenance and repairs, screening several renters, and worrying about whether cheques will clear, it’s not an easy job.
If you just want to sit back, relax, and generate a rental income, then get help managing your properties from an experienced, professional, qualified, and dedicated property management company like Property Management Toronto this spring. Such a property management business will not only market your property on the leading channels, but they’ll thoroughly screen tenants so that you match with a reliable renter who treats your property like their own.
Because there are more opportunities for renters in Toronto this spring, it’s more important than ever to ensure your unit is attractive to tenants. By following these four tips for Toronto landlords, you should find success as a rental property owner in one of Canada’s busiest housing markets.
You might be interested in reading, “The 5 Most Likely Causes of Damage to Your Home“.