How to Attract High-Quality Tenants for Your Rental Property: A Guide for Canadians

Finding the right tenant for your rental property is crucial to ensuring a successful and stress-free landlord experience. High-quality tenants pay rent on time, take care of your property, and minimize the need for constant intervention. In Ontario, Canada, the rental market is competitive, with over 30% of households living in rental units[1]. This article will provide tips and strategies for attracting high-quality tenants in Ontario, helping you to make the most of your investment.

Improve Your Property's Curb Appeal

First impressions matter, a well-maintained property is more likely to attract responsible tenants. Invest in landscaping, fresh paint, and clean exteriors to create a welcoming environment. A study by the Appraisal Institute of Canada found that improving curb appeal can increase property value by up to 7% [2].

Market Your Property Effectively

To attract high-quality tenants, it's essential to showcase your property's best features. Consider hiring a professional photographer to take high-quality photos and write a compelling property description. Advertise your property on popular rental websites like Kijiji and Rentals.ca, as well as on social media platforms.

Set the Right Rental Price

Setting the right rental price is essential for attracting high-quality tenants. Research comparable rental properties in your area to determine a competitive price. According to Zumper, as of March 2023, the average rent for a two-bedroom apartment in Ontario is $1,688 per month [3]. Be prepared to adjust your rent based on the current market and the unique features of your property.

Thorough Tenant Screening

A thorough screening process is critical for identifying high-quality tenants. Request references from previous landlords, verify employment and income, and conduct a credit check. In Ontario, the Landlord and Tenant Board recommends using Equifax or TransUnion for credit checks [4]. In Ontario, you can use services like RentCheck or Tenant Verification Service to perform credit checks. Be sure to follow the guidelines of the Ontario Human Rights Code during the screening process to avoid discrimination [5].

Offer Incentives and Amenities Offering

Incentives and amenities can help you stand out from the competition and attract high-quality tenants. Consider including utilities, providing on-site laundry facilities, or allowing pets. A 2021 Rentals.ca survey found that 35% of respondents listed in-suite laundry as a top priority when searching for a rental property [6].

Maintain Open Communication

High-quality tenants appreciate landlords who are responsive and easy to communicate with. Provide potential tenants with multiple ways to contact you, and be prompt in responding to inquiries. Open communication will also help to address any concerns or issues that may arise during the tenancy.

Build a Positive Reputation

A positive reputation as a landlord can help you attract high-quality tenants. Encourage current and past tenants to leave reviews on rental websites, social media, or Google. Word-of-mouth referrals from satisfied tenants can also be a valuable source of new, responsible renters.

Ensure a Clear and Comprehensive Lease Agreement A detailed lease agreement outlining the terms and conditions of the tenancy can help to attract high-quality tenants who value transparency and clear expectations. In Ontario, landlords must use the standard lease form provided by the government for most residential tenancies [7]. Customize the standard lease to include any additional terms or conditions specific to your property, such as rules around smoking or maintenance responsibilities.

Offer Flexible Lease Terms

Offering flexible lease terms, such as short-term rentals or rent-to-own options, may attract a broader range of tenants. According to a Rentals.ca survey, 29% of Ontario tenants prefer month-to-month leases, while 25% prefer one-year leases [8].

Attracting high-quality tenants in Ontario, Canada, requires a combination of strategic marketing, competitive pricing, and thorough screening processes. By following these tips, you can maximize the return on your investment and enjoy a successful, long-lasting relationship with your tenants.

References:

[1] Statistics Canada. (2017). 2016 Census of Population. Retrieved from https://www12.statcan.gc.ca/census-recensement/2016/dp-pd/hlt-fst/pd-pl/Table.cfm?Lang=Eng&T=1301&SR=1&S=45&O=A&RPP=9999&PR=35

[2] Appraisal Institute of Canada. (n.d.). Home Renovation Tips. Retrieved from https://www.aicanada.ca/home-renovations/

[3] Zumper. Retrieved from https://www.apartments.com/ontario-ca/2-bedrooms/

[4] Landlord and Tenant Board. (n.d.). Information for New Landlords. Retrieved from http://www.sjto.gov.on.ca/ltb/information-for-new-landlords/

[5] Ontario Human Rights Commission. (n.d.). Housing discrimination and the Ontario Human Rights Code. Retrieved from http://www.ohrc.on.ca/en/housing-discrimination-and-ontario-human-rights-code

[6] Rentals.ca. (2021). 2021 Tenant Survey Report. Retrieved from https://rentals.ca/blog/wp-content/uploads/2021/10/Rentals.ca-2021-Tenant-Survey-Report.pdf

[7] Government of Ontario: Renting: Standard Lease. Retrieved from https://www.ontario.ca/page/renting-standard-lease [8] Rentals.ca: 2021 Tenant Survey Report. https://rentals.ca/blog/wp-content/uploads/2021/10/Rentals.ca-2021-Tenant-Survey-Report.pdf