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Being the owner of a condo, especially in a growing city such as Toronto, is an exciting and rewarding experience. The potential to generate some seriously high profits are high due to the demand and desire when it comes to living in the city. With new condos being put up constantly, the competition continues to increase for property owners as they try to offer slightly more than what others can to their future and current tenants. As an owner, there is more leniency when it comes to what you can provide and allow for your tenants (as long as they adhere to the by-laws, rules, and regulations).
If you’re looking to attract more tenants and deliver overall satisfaction and contentment for them, there are a few things you can do for them in order to do just that. Condo property management companies are in place to help you make the most out of your condo in Toronto.
When it comes to individuals leasing/renting a space, there is worry about what restrictions they may have, especially for those who have pets. Most places have some sort of rules intact when it comes to pet, allowing only certain types or none at all. Those with furry friends are left having to find another place to reside when a rental space won’t allow their pets. Provided it adheres to bylaws set in place, creating a pet-friendly space will open up the door for even more tenants who may have previously been rejected by those who didn’t accept their pets.
Many property owners are wary of pets due to the fact that they may potentially cause damages to the property. When screening tenants, it’s important to make note of what type of animal they have and it’s behaviour. You can also opt to accept only small pets such as cats, rabbits, turtles, etc if you are not comfortable with allowing larger, perhaps more energetic animals. Nonetheless, allowing for tenants to bring their furry friends along is grounds for tenant growth and contentment.
As mentioned previously, restrictions are a huge hold-back when it comes to renting/leasing. When drafting a lease to go over with your potential tenants, it’s important to ask yourself the following questions:
While some requests such as limiting noise after a certain time are reasonable, there are others that may not sit well with tenants. For example, barring tenants from having over a certain number of guests, restricting the use of certain appliances, not allowing for any aesthetic changes to be made (hanging pictures, painting, etc), and making frequent visits to the unit. These rules can make a tenant feel uncomfortable and could potentially lead to them looking elsewhere for a living space.
Maintaining a safe and comfortable living space for all those residing in the condo is important however, doing so should not infringe on the comfort and privacy of tenants.
It’s no secret that the cost of living in Toronto isn’t cheap. With the price of a 1 bedroom condo exceeding $2,000, many find it hard to find a place that won’t consume their entire paycheck. Because of this, many are finding themselves moving out of the city or shacking up with friends just to cover living costs. While offering something substantially lower than the average cost of the typical condo in Toronto isn’t a plausible option for generating income, offering something slightly under can drive up tenant traffic. With affordable housing being such a desired medium, something even slightly less than the average will attract a plethora of potential tenants and can fill up your condo faster than expected.
It’s important to discuss with a property management company about what reasonable unit prices will work for both yourself and the tenants. While you want to provide affordable living spaces for Torontonians, you always want to make sure you are generating your income as well.
Parking is a grey area when it comes to condos with some providing one parking space and others providing none. The cost to purchase or rent a parking space in Toronto is astronomical due to the limited amount of available spaces around. If purchasing a space, the cost could easily be in the tens of thousands – on average, $15,000 – $35,000 for a surface level spot and $50,000 for an underground spot. If renting a space on a monthly basis, individuals can expect to shell out anywhere from $80-$400 a month on average.
This cost in addition to the already hefty price tag on new Toronto condos can be the determining factor when it comes to ones decision to reside somewhere or not. Including one parking spot can help attract more tenants and is a desired attribute for many.
When it comes to owning a condo in Toronto, there are many ways you can up the experience of current tenants as well as attract potential tenants – both of which will increase your overall profits and reputation. It’s imperative to give back to your tenants and provide them with a comfortable, safe living space they are happy to call home.
Looking to make some changes to your condominium property? Contact us today and we can help you out!