As Toronto home prices continue to rise, becoming a landlord and renting out your condo or loft can prove to be a wise long term financial decision. As home ownership continues to become less accessible, renting is becoming a popular choice (and sometimes the only choice) for many. Below is a list of items that I can assist you with when looking for the perfect tenant for your investment property.
Renting out your Toronto condo or loft for the first time can be a confusing endeavour. Below is a list of common questions and answers that potential landlords have when considering the option of renting their Toronto condo or loft.
Q: How long is a typical lease?
A: Lease terms in Toronto are usually for a 12 month period. Once the lease term comes to an end, the lease automatically becomes a month to month lease which means tenants are not required to commit to lease the property for another 12 months. However, during a month to month lease arrangement, the tenant is required to provide at least 60 days notice before moving out. As the landlord, if you prefer to have the tenant commit to another 12 months, you are able to request for the tenant to sign a new lease agreement upon the completion of the original 12 month lease agreement. If the tenant does not wish to commit to another 12 month period, you are then able to provide the appropriate amount of notice and terminate the lease.
Q: How much rent can I charge for my Toronto condo or loft?
A: The amount of rent that you are able to charge will depend on the location, size of the unit, number of bedrooms and bathrooms and what amenities are included. Different areas of the city will demand different rent. For example, a 2 bedroom condo may rent for around $2,200/month in most areas of Toronto but may rent for around $2,500/month in central Toronto. As a Toronto real estate agent, I am able to assist you with determining an appropriate monthly rental amount based on a variety of real estate statistics, including the amount of rent charged for condos that have recently been rented in your area or building.
Q: Am I allowed to restrict pets?
A: As a landlord, you are allowed to decline potential tenants if they have pets. However, once you have rented the unit to a tenant, you are not allowed to evict them for having a pet unless the condo rules specifically do not permit pets.
Q: Am I allowed to access the property once there is a tenant living there?
A: Yes, of course you can, you own it! However, you must provide appropriate notice. Landlords are permitted access to their units in order to maintain, repair or to show the unit to potential new tenants as long as they provide 24 hour notice.
Q: What happens if I want to sell my condo or loft while a tenant is living in it?
A: You are not allowed to evict a tenant in order to sell the property if there is a signed lease in place and it is during the term of the lease. However, you are able to sell the property with the tenant and the lease would then be taken over by the new owner. If the lease is on a month to month basis, you are permitted to provide 60 days written notice on behalf of the new buyer but only if the new buyer is planning on moving in themselves. However, the new buyer can not immediately evict the existing tenant for a new tenant.
CLICK HERE to review the Ontario Residential Tenancies Act
Contact me today to learn how I can assist you with finding the right tenant for your property, negotiating a monthly rental rate and the property management of your Toronto condo or loft. I’m here to help you with making the process an enjoyable and successful experience.
We have worked with other realtors in the past, but our experience with Braden set a new standard of excellence in both customer service and professionalism in the industry. His commitment to help you find the perfect home was clearly demonstrated through making himself available to answer all our questions, providing us with the latest information on available properties and opportunities, and showing us the properties that met our needs. He provided excellent advice on both the purchase and selling processes. Braden was also hired to sell our home and he threw everything behind getting the job done (amazing marketing materials, videos and outreach through social media and the broad connections provided through the Christie’s International affiliates). He helped with preparing the home and providing solid advice on the sale approach. Overall, an amazing experience. I definitely would recommend him to represent any buyer/seller as he goes above and beyond to get the job done and done well.
Braden worked tirelessly to get us into our first condo. He was always available to take us to showings and in the end we purchased a condo that was on the market for only 7 hours thanks to Braden’s quick work. He’s also personable, professional and calm. We felt that he provided us with sound, reasonable advice and his knowledge of the market is extensive. We wouldn’t hesitate to recommend Braden.
I recently used Braden to sell my property. Braden was extremely professional and reliable. He was always available to answer questions when needed. I was especially impressed with the way Braden marketed my property by creating one of the best custom promotional videos I have seen for my property. Braden’s passion for real estate, his first class customer service and his unique marketing approach helped me sell my property for what I believe was a record breaking number at that time. I highly recommend using Braden for all of your real estate needs.
I definitely recommend Braden. He helped us sell our condo in five days, for over our asking price. Prior to that, he spent almost every evening with us over the course of three weeks to help us find a new home. His knowledge of the contracting industry enabled us to gauge what kind of work might be needed to fix a place up, and how that might affect our offer. Braden was incredibly dedicated and is someone I would certainly use again.
Braden is a model real estate agent. His professionalism and diligence is unparalleled. I have had the pleasure of working with Braden for the past two years and have been more than happy with the properties he has helped me find. I would highly recommend him to friends or anyone else looking for a real estate agent here in Toronto.
If you like your phone calls and texts returned within 30 minutes, having all of your questions answered clearly and professionally combined with a personal and calm approach then I would recommend giving a call to Braden White ….It was a very positive experience.
I had the most positive experience with Braden as my real estate agent. I felt relaxed throughout the entire process because he was on my side of the ring. With Braden, I found a great rental in the very first day of our search. Bigger than expected within my price range, in the neighbourhood I wanted, with a beautiful view of the city and amazing amenities. We saw the place and closed it with a couple days. It’s only because Braden was so energetic and committed to me as a client that we were able to get the unit. I couldn’t be happier, and I’m so thankful for all the time that Braden put into my deal. He’s not just an efficient agent, but a thoughtful negotiator. A process that could have dragged on for weeks, happened in the blink of an eye. Thank you Braden!
I usually don’t write online reviews, but given Braden’s unsurpassed professionalism, sound advise and market experience I felt compelled to post.
Braden sold my downtown Toronto condo well above my initial estimate and in record time. He was able to achieve this because of the number of tools and resources available to him, from his team who sent emails informing me of visits from potential buyers and their agents, to the amazing photographer who made my unit sparkle and shine.
Then, he found my dream home! He knew I wanted it the minute I walked through the door. But before we bid he did his due diligence: he looked at upcoming construction projects, local amenities and complied a list of comparables so that the amount I bid put me ahead of the others, which it did, and now I’m home.
Braden is incredibly knowledgeable, approachable, and professional. If you called or emailed him he would respond promptly. He’s a wizard with the paperwork and made the whole process of finding a condo easy and stress free. 10/10 would use him again.
Braden is extremely professional, accommodating and easy to work with – would 100% recommend!
My husband and I needed to find a new rental property as our property owner’s son had decided to move into the unit she owned. This happened 3 months before our wedding, and as you can imagine, we were a little stressed. Braden eased our concerns, patiently showed us numerous places in Toronto, within our price range, and desired neighbourhoods. He was responsive, understanding quick and personable.
Within two weeks we found the perfect spot and we couldn’t be any happier. His guidance throughout the whole process was so appreciated and we are so thankful to have worked with him. Again, would 100% recommend without a doubt.