Landlords

Thinking of renting your Toronto condo or Loft?

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.

 

  • ADVERTISING & MARKETING: As a full-time, Toronto real estate agent,  I will market your property to potential tenants through a wide range of advertising and marketing methods.

 

  • SCREENING: Screening potential tenants is probably the most important step in finding the right tenant for your property. You want to have a tenant who is going to respect the property as if it were their own, follow any rules and restrictions of your building or home and most importantly, pay the rent on time. I will assist you with pre-screening any potential candidates to ensure you are comfortable with your options before making a final commitment.

 

  • HANDLE THE LEASE AGREEMENT: Once you have selected your tenant of choice, I will assist you with reviewing and accepting the offer/lease agreement and will ensure that your rights and interests are protected. During this process, you will be able to dictate the length of the lease, terms and conditions, the monthly rent amount along with other details.

 

  • SUPPORT: My commitment to you doesn’t end once you have found the right tenant for your property. I am available to answer any questions or concerns you may have throughout the lease term. I’m always happy and here to help you.

Frequently Asked Questions

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.

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+1 (416) 294-3776 braden@chestnutpark.com