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07/25 - Renting

Strategies for Landlords in a Changing Market

The city is making its post-pandemic comeback, and this time, it’s in favour of the Landlord.

The past few years have been more challenging for Toronto Landlords. Rental rates plummeted, people migrated out of the city core, and nailing down a qualified tenant was a challenge!

However, fast forward two years, and we’re in a rapidly changing rental market!

The city is making its post-pandemic comeback, and this time, it’s in favour of the Landlord.

  • Market rents have returned to pre-pandemic rates.
  • Demand is at an all-time high.
  • And rental inventory is in short supply.

Suppose you’re looking to rent out your home or condo in an accelerating rental market? Or, your Tenant has given notice, and you’re seeking a new candidate to fill a vacancy?

If that is the case, we have some outlined FIVE pro tips to consider before listing your property for lease!

1/ Present your Property in a High-Quality Manner

Many Landlords don’t think putting effort into property presentation is worthwhile when the rental market is robust. However, showcasing your home or condo in a high-quality fashion attracts high-quality tenants. Like attracts like my friends!

Most tenants are selective in their search and want to live in a home where they can see themselves long-term. In fact, Tenants can often be pickier than buyer clients, in our experience. Opting for a Tenant likely to stay for an extended term will save you the hassle (and cost) of finding new Tenants every year.

A fresh coat of paint, patching holes, changing light bulbs, and a thorough deep clean are game changers when attracting new Tenants. And, we’re always big advocates of professional photography for rental properties – ask us why!

presenting your property for rent in Toronto
renting your property
renting your property

2/ Don’t Crack Under Pressure!

Instinctively, you will want to fill your vacancy right away!
Some prospective tenants may push you into making a quick decision. However, don’t crack under pressure! In today’s rental climate, you’ve got the strong end at the bargaining table. Tread carefully. Choose wisely.

Reviewing supporting documents with attention is crucial. It is essential to speak with employers, previous landlords, and other references to ensure that all the Tenant’s information is accurate. We’ve seen much bluffing over the years, so added due diligence is imperative!

Be mindful that you do not need to accept the first applicant. Make sure you consider all your options. Selecting a good fit is far more important than filling your vacancy. Trust us when we say that the Landlord & Tenant Rules are unfavourable to the Landlord. And, being stuck with irresponsible Tenants is not fun to be in!

Read more about our Fox Marin Tenant Screening Strategies.

3/ It’s Not All About the Money (for Real)

An offer came through for more than you expected; they even offered six months of pre-paid rent upfront and want to move in tomorrow! Sounds dreamy right?

However, there are reasons why this may be too good to be true! Perhaps they have unstable employment, a lack of credit history or a reputation for neglecting their rental properties.

That additional $50 per month will NOT be worth the trade-off. Trust us.

You want to be confident that the Tenant will not only be able to pay each month but take good care of your property too.

As experienced agents (and property Landlords) at Fox Marin, we always opt for responsibility and reliability over the rental rate. The cost-benefit for an inferior Tenant isn’t worth the risk.

4/ Clear Communication with Your Outgoing Tenant

We’re living in a time where work schedules are becoming increasingly flexible and unstructured. Some people will be in the office one day or leading a Zoom call from their living room next.

Clear communication with your outgoing Tenant will help make the rental marketing period seamless for all parties.

Work with your current Tenant to create a fair and reasonable schedule for everyone. Trust that it will alleviate headaches along the road. Additionally, it will allow for easier access and a better experience for prospective Tenants when previewing the property. Nothing is more awkward than touring a home when the Tenants are chowing down on dinner and watching Netflix in their sweats!

5/ Hiring a Professional Leasing Agent

The main benefit to leasing a condo or home on your own is to save the money you would pay in commission to a real estate agent (1 month of rent is the standard).

On the other hand? It takes a lot of your time to market the property, conduct showings, screen tenants, manage the associated paperwork and facilitate repairs, keys, rent cheques and everything in between.

Unless you are an experienced landlord with the time and resources to rent out properties, finding that 5-Star Tenant and avoiding mistakes along the way is easier said than done. In fact, 90% of rental properties in Toronto are rented out using a registered real estate agent!

It’s An Excellent Time To Be A Landlord

When it comes to leasing with FM, our listing services for landlords go far beyond simply uploading your property on MLS. From the moment you engage with our team, we will walk you through the entire listing process and manage the transaction from start to finish. All in all, we are here to protect your best interests. That’s why our services include:

  • A comprehensive market analysis
  • In-depth tenant background checks
  • Intelligent leasing agreements and schedules

Working with Fox Marin on your property’s lease guarantees maximum exposure and ensures your property is leasing for its full market value. In addition, our leasing division is highly well-versed in Landlord and Tenant rights and obligations. We keep you informed throughout the leasing process and ensure that you are fully protected under the Act.

Ready to start leasing with FM? Take the first steps in getting your rental property market-ready and ultimately retain an AAA tenant for top market value!

Contact Us (We’re Nice).

This article is written by Susan Wen. Immersing herself in different sectors of design, architecture and the client experience from a young age, it was clear to Susan that the real estate industry was where she belonged! From day one, it was important for Susan to understand the multifaceted nature of the real estate business, including dealing with complex administration paperwork, expert negotiation in a multiple offer scenario or various clients with different visions, needs and wants!