Why Toronto Is a Great Place to Enter the Rental Property Business
Renting out your property can be one of the safest ways to diversify your income stream. With the right steps, you can grow your capital, stress-free. At Property Management Toronto, we’ve been in the property management business for over a decade. We’re proud to have exceeded our customers’ expectations by going the extra mile and offering excellent services.
From our expertise, we can confidently say that few cities offer a rental market as productive as Toronto. Here are several reasons why Canada’s most populous city is a great place to enter the rental property business:
#1 Low Vacancy Rates
According to census data from Ryerson University’s Centre for Urban Research and Land Development, Toronto is the fastest-growing city among central cities in Canada or the United States. This has resulted in an unprecedented demand for accommodation.
As the top property management company in Toronto – we know that Toronto’s high occupancy rates a boon for landlords who want to maximize their revenue. With the right team of professionals on your side improving your market reach, you can avoid vacancy.
#2 Good Tenants
Because of the skyrocketing demand for housing, there are many opportunities to match with the right tenant in the city. Here are three attributes of a good tenant:
- They’re Responsible: A good tenant will treat your rental property like their own and take responsibility for their actions. They’ll manage their home with love and respect and inform you promptly in case of any concerns that need your attention.
- They’re Financially Capable: The right tenant takes their financial obligations seriously. They’ll pay their rent on time and in full every month.
- They Respect the Lease: A good renter follows the terms and conditions of the lease they signed. They understand that that the lease is a contract and take responsibility for their actions.
Of course, matching with the right tenant isn’t simple. The tenant selection process requires time and resources. Instead of exhausting your energy, leave the screening to the professionals. With the help of Property Management Toronto’s proven system, you can find tenants for your property that tick all the right boxes.
Our vetting specialist is experienced and has a degree in criminology. This helps us shield your property from high-risk applicants. We also may use some the following procedures to maximize your chances of matching with a good renter:
- Employment Letter: An income verification letter helps us determine if a prospective renter’s employment status matches the information on their application. We also make sure that they’ve been gainfully employed for a respectable period with a verifiable income that matches the other data we’ve cross-checked.
- Credit Bureau Report: A thorough examination of an applicant’s credit report helps us check their financial history. Bad financial decisions are usually a red flag. For example, a renter who has regularly missed their credit card or car payments or has a huge circular debt may be unreliable.
- Reference Checks: Even if an applicant is financially sound, they may not be an ideal renter. For example, a renter who has a history of poor relationships with previous landlords may not treat your property with respect. That’s why it’s important to try and speak with a potential tenant’s former landlord.
#3 Property Management
An important advantage of entering the rental property business in Toronto is the abundance of property management companies. However, not many have our record of excellence. At Property Management Toronto, we’re proud of our 25 years of experience and our 5-Star Google reviews. We’re also proud to offer comprehensive services. As a one-stop-shop, we help you with everything from buying to selling and everything in between.
We assist landlords by finding them good tenants through our powerful marketing tools and screening process. We also help you maintain your relationship with your tenant by managing rent collection, maintenance requests, and 24/7 support. We’re available every day of the week and at all hours, including evenings, weekends, and holidays.
We go the extra mile with our additional services. Our team can conduct inspections twice a year to make sure that your property is well maintained. We provide reports with photos to help you assess the state of your property.
Also, we offer real estate services that are crucial to your property investment business and set you up for a lifetime of earnings. We help you locate, assess, inspect, negotiate, purchase, and manage your investment property with our experience and insight into Toronto’s dynamic property market. As leaders in Toronto’s real estate market, we know what properties and neighborhoods are worth investing in. Our knowledgeable consultants also help you maximize your property’s investment potential, whether you’re new or an experienced investor.
If you use our real estate services to buy your next investment, you’ll earn our valuable property management services for free for a year.
We don’t just serve investors and landlords. We also help tenants find a place to live in condominiums, townhouses, houses, or apartments across the GTA through our listings page that features high-quality photographs and many details, such as the number of rooms, amenities, location, and more.
At Property Management Toronto, we care about landlords and tenants. By keeping both parties happy with our services, we develop strong tenancies. If you’re a trustworthy and reliable renter, then use our platform. We match A+ tenants with A+ properties.
#4 Modern Condos
Toronto has excellent condominiums going up rapidly to satiate the increasing demand. Many of these condos feature modern architecture and the latest amenities such as swimming pools, gyms, party rooms, recreational areas, rooftop patios and around-the-clock concierge security, and eco-friendly design. They’re also located near restaurants, parks, entertainment venues, schools, and public transport.
Toronto condominiums are an excellent investment opportunity because they’re a great place to live. Whether you’re interested in buying or renting out your condo apartment, get in touch with us. Our services can help you achieve your goals.
These are just some of the reasons why Toronto is a great city to enter the rental property business. There are many excellent investment opportunities for you to take advantage of. With our services, you can quickly find a trustworthy and reliable tenant for your rental property and increase your income.