At rhenti, we encourage everyone to tap into their entrepreneurial side. We want to see everyday people become rental property rock stars. One of the ways that we do this is by educating people about the numerous benefits of becoming a rental property owner and as Toronto’s most trusted condo rental management company, we know a thing or two about renting in this beautiful city.
We know that being a rental property owner is a big responsibility. You have to take care of your renters, stay up-to-date with expenses and deal with a variety of issues as they arise. But, these tasks shouldn’t scare you. We’ve put together a list of all the reasons why you should become a rental property owner in Toronto. By the time you’re done reading this, you’ll be ready to take this exciting plunge.
1 – Source of Primary or Side Income
One of the main reasons that you should become a rental property owner is that properties are a huge source of income. With some hard work and a bit of creativity, you can earn thousands of dollars per month off of your Toronto rental properties.
If you own a single condo, triplex, or apartment in Toronto, renting is a fantastic source of side income. Having some extra money in your pocket gives you personal and financial freedom. In turn, you can travel to new places, invest in more rental properties in Toronto or retire at an early age.
On the other hand, if you own numerous condos or apartments, you can make these properties your primary source of income. This gives you a sense of independence and the ability to be your own boss. What could be better than that?
Being a rental property owner has never been easier thanks to rhenti. For those that aren’t familiar with our services, we are a rental real estate matching company that matches top-notch property owners with the best renters. We offer a professional price guiding service, allowing you to choose the perfect price for your rental properties.
rhenti also makes being a renter a breeze because there are endless ways that our team of experts can help you find a home in Toronto today. We make submitting applications, setting up viewings and finding the perfect rental property in your area quick and easy.
2 – Toronto is Growing…Quickly
A recent study shows that Toronto is currently the fastest growing city in North America. The city’s newcomers need a place to live.. If you play your cards right, you can be the person who provides them with that space.
And because renting has become more popular in Toronto, it is easy to see why it is the perfect time to invest in a rental property like a condo or apartment.
At rhenti, we can help you find a renter that fits your individual needs. We do this with a one-of-a-kind matching service. rhenti uses key pieces of information, such as rental history, credit score and references to find renters and property owners that were made for each other. If you are tired of waiting for the phone to ring, then you should check out some of these renters in Toronto because they are professional, respectful and clean.
3 – Work with Interesting People
If you own multiple rental properties, you likely spend a lot of time introducing yourself to potential renters, repair people and even the odd contractor. This constant flow of change keeps the workweek exciting. If you are friendly, outgoing or consider yourself a “people person”, then you should definitely consider becoming a rental property owner in Toronto.
Not to mention, if you partner up with rhenti, you get to meet and work with our fantastic team!
Bonus Tip – List of Things to Do Before Becoming a Rental Property Owner
Our experienced team members are aware of all of the insider tips for renting in downtown Toronto and we suggest that all new or soon-to-be rental property owners take the time to learn these tips. They can not only help you avoid issues down the road, but they can also help you save a few dollars.
i) – Start a Rainy-Day Fund
When you own multiple rental properties, there is no shortage of surprises. You never know when there’s going to be a leak, a crack or an appliance that needs to be replaced. Instead of scrambling for cash at the last minute, you should always have some back-up money stashed away for emergencies. Having a rainy-day fund will ensure that you can provide your renters with timely repairs and maintenance (without having to dip into your savings account).
ii) – Brush Up on Your Marketing Techniques
Unbeknownst to the average person, marketing is an enormous part of the rental industry. Property owners that don’t know how to market their rentals properly can end up with stagnant, vacant properties.
Thankfully, when you team up with rhenti, we take care of all the marketing for you. We post your listings on platforms such as MLS, Kijiji, PadMapper and ViewIt. Our team also provides you with professional photography, allowing you to showcase the best aspects of your condo or apartment. You can share these photos on your social media accounts and show off your rental property to potential renters.
iii) – Get Familiar with the Trades
Unless you want to pay for every single repair, you should take the time to familiarize yourself with the basics of at least one trade. Whether it’s carpentry, plumbing or anything in between, it can give you an edge. However, you should never try to fix something unless you are confident in your ability to complete the task properly.
Some people are wary about becoming a rental property owner because it can be a large investment. Thankfully, after reading this list, you’ll be ready to take that next big step and purchase some rental apartments and condos in Toronto.