If you’re entering the business to take advantage of the lucrative rental market, then there are several ways you can maximize your profitability:
1. Your Property Is Key
If you’re buying a property to enter the rental market, then choose a central location close to public transport, schools, businesses, and recreational and entertainment facilities. At rhenti, we bring good renters and good rental property owners together on our platform. And we have great Toronto apartments for rent that are located near these facilities. You can easily conduct market research by browsing listings on our map to see what the competition has to offer.
You can also gauge the value of a property by physically surveying the area. A well-maintained neighborhood with manicured lawns, clean roads, and nice parks is likely to attract good applicants.
Remember, four out of every ten renters are under 35 years old. If you’re interested in attracting the younger demographic, then consider investing in condominiums with multiple amenities. On rhenti, you can check our listings for the many extras that properties offer. Amenities such as a washer, dryer, dishwasher, air condition, heating, a gym, swimming pool, party room, onsite security and more will add to the appeal of your property.
Modern condos look good thanks to stylish fixtures, large windows, and contemporary floor plans. They are also built with energy conservation and sustainability in mind. Such characteristics appeal to millennial renters.
Also, consider investing in a pet friendly home to increase your market reach. Keep in mind that 35% of Canadian households have a dog while 38% have cats. When looking for new homes, such households consider the needs of their pets first. We understand how importance of this. That’s why our listings indicate if the property is pet friendly.
To further appeal to the younger and more affluent renter, consider investing in smart home technology. Homes that feature smart appliances, smart lightbulbs, and smart thermostats will benefit from lower utility bills. Such technology is important to modern professionals who are willing to pay extra for an upscale rental property.
2. You Can Let Others Do the Legwork
In the rental property business, your biggest variable is your renter. While most people are good and responsible, not every renter is a good match for you. That’s why you may conduct credit, employment, and reference checks before renting out your property. After all, you’ve invested a sizable sum in your business and have your own costs to bear.
However, background checks take time and resources to execute. Screening multiple applicants every day, answering their queries, and managing viewings can be exhausting. You may consider partnering with a real estate agent. Unfortunately, many real estate agents are more concerned about securing their own fees rather than serving your needs. They may rush the screening process and pressure you into accepting an application so that they can move on to the next client.
To avoid such headaches, simply use rhenti to find your next tenant and enjoy the many advantages of our services:
- We Find the Best Renters: We thoroughly screen all applicants and recommend the best ones for your rental property. This will significantly reduce your workload. You can use the freed-up resources to focus on improving your rental business.
- We Help You Achieve Market Rent Rate: High vacancy rates can hurt your rental property business. Even in this hot market, your property may not find a renter if your rent is too high. On the other hand, you’ll lose revenue if you’re priced too low. At rhenti, we use historical data and proven pricing techniques to help you achieve true market rent rates.
- We Know How to Market Your Property: We take high-quality photographs and note every detail of your property. What’s more, our website features a modern and intuitive user-interface (UI) that attracts many users to our listings. Moreover, we market your property on the top 10 rental channels in the city, including MLS., to maximize your market reach.
- We Manage Viewings: With such a high demand for housing, many people may regularly apply to see your property. For a rental property owner, entertaining each request is almost impossible. Fortunately, you can free up valuable time by partnering with rhenti. We will manage your viewings and direct applicants to submit offers through our platform.
- We Offer Digital Transactions: We offer digital lease signing and rent collection to save you time and paperwork. With your rent being directly deposited into your account you can worry less about payment delays.
3. You Have Rights
As a rental property owner, you have several responsibilities. This can include regularly maintaining and repairing your property and providing access to heat, electricity, and other services. Likewise, you also have rights:
- You have the right to collect a deposit when you start a lease. This is usually one month’s rent.
- You have the right to be paid rent on time and in full.
- You can increase rent by a certain amount every 12 months. In rare circumstances, you may approach the Landlord and Tenant Board to apply for an increase above the guideline.
- You have the right to inspect your property after giving proper notice to your renter.
- If your renter doesn’t pay rent, damages the property, violates housing laws, or takes part in illegal activities, it may be possible for you to end a tenancy agreement. You may also do so if you or your family need to move into your property.
- Your renter may not sublet their home without your approval.
These are some things to consider before entering the rental market. While the business can be rewarding, it can also be stressful. By being mindful of the details, and letting us manage some of the heavy lifting, you can improve your chances of a successful venture.