Oh, happy days! Rental properties in Toronto are booming again, with demand growing and rent prices increasing. Your chances of finding the ideal tenants and getting your unit rented out seem more promising than ever since the pandemic. It’s a good time to be a landlord again.
But with the rise in demand and with a change in trends of what today’s post-pandemic renters are looking for, you know this means you have to be more competitive and prepared if you want to get the perfect tenants.
A wise landlord knows that this is the time to call their favorite group of superheroes. While it would be amazing to have the X-men, Justice League, or Avengers arrive at your doorstep, you know that this situation calls for the real estate super team – property managers, move-in cleaning specialists, staging professionals, and the rest of the gang.
Aside from getting professional help, it also pays to be a knowledgeable lessor and have a strategy for getting the best return on your rental property investment.
Rental Properties in Toronto
In the past months, there has been more positive news about the revival of the rental property market in Toronto. With more Canadians having received their vaccinations and more people returning to the city as more offices, schools, and pre-pandemic life opens up, there has been an uptick in demand for homes for rent.
Thanks to this rise in demand, landlords are looking at a continued upwards trend in rental prices (sorry about that, dear tenants). They are slowly recovering from the rental property crash of the early pandemic days. A recent report from Rentals.ca shows that Toronto has the second-highest average monthly rate ($2,312 per month) in Canada. Real estate experts say this trend is expected to continue, especially when gas prices and inflation are soaring.
Does this mean that more Canadians will opt to buy a home rather than rent one? Not necessarily, especially when buying property in Toronto is still not that affordable for most. Canada actually has one of the widest gaps between renting and buying a house. Mortgage payments are 32.6% more expensive than what you would pay in rent for a three-bedroom home. So, there is still a bright picture for rental property owners.
However, experts say the market hasn’t completely recovered and remains unpredictable. That’s why landlords would benefit from being on top of the current trends in the rental market, especially when there have been significant changes (again, thanks to COVID-19) to certain rules and regulations in the Residential Tenancies Act.
Having the right knowledge is key to managing your property well, so get in touch with the Landlord and Tenant Board to get up-to-date information.
Requirements for Landlords in Toronto
- Follow the Property Standards Bylaw
- Comply with any municipal or provincial regulations
- Prepare the lease/tenancy agreement
- Maintenance and repair
- Finding and screening tenants
- Make sure property is liveable and ready for occupancy
What is move-in cleaning?
If you want to stay ahead of the competition and find the best tenants, you have to make sure that your rental property in Toronto always looks its best and is ready to welcome new occupants. This is where move-in cleaning comes in.
A move-in clean entails thoroughly cleaning your whole property, from top to bottom, in every part of the house, apartment, or condo unit.
Is it the same as a deep clean?
Technically, yes, because the work entails getting rid of dust, dirt, grime, molds, and other substances that accumulate after a while. Both also involve cleaning areas often neglected during a regular clean, such as ceilings, light fixtures, and under sinks and appliances.
The difference could be that a deep clean is done every couple of months or once a year (like spring cleaning), while move-in cleaning is for transition periods between tenants. You want your property to be in tip-top condition so that prospective renters could easily see themselves living there and better appreciate what your rental unit offers.
What about cleaning for short-term rentals?
Some owners also list their property on Airbnb and other platforms where they can advertise their unit as a short-term/vacation rental. As a host (the person who owns/lives on the property where guests will stay), you need to ensure that your home is safe and clean, particularly when traveling can be riskier since COVID-19 is still a threat.
Airbnb has a new standard of cleaning called Airbnb Enhanced Clean, a 5-step cleaning process backed by global health and hospitality experts. This process ensures that the rental is cleaned, sanitized, and meets industry standards to give your guests peace of mind that they are staying in a clean and safe space. Some hosts do the Airbnb cleaning process themselves. In contrast, others prefer to hire a cleaning team specializing in vacation rental cleaning and are familiar with the Airbnb Enhanced Clean process.
What about cleaning for short-term rentals?
Whether it is for long-term or short-term rentals, you want to make sure your rental property in Toronto gets a professional clean, and for that, you should hire our team of Life Maid Easy professional move-in cleaners. We focus on excellent customer service, use non-toxic and eco-friendly cleaning products, and work with highly trained and experienced staff. We’ll make your property ready for moving in so that you can present it in pristine condition and have better chances of finding the best tenants.
Steps on Making Your Property Move-in Ready
Welcome your new tenants to a safe, clean, and properly working rental home by following these steps:
- After the former occupants have handed over the keys, change all the locks and make copies of the new keys. Make sure to also change all the PINs and codes to your security systems and smart home controls. Ensure that you, each new tenant, and your property manager have a copy of the new set of keys and all the new PINs and codes.
2. Prepare all the necessary paperwork, such as the rental agreement, a consent to sublease, or a landlord’s notice to enter. Remember also to provide your contact details, property rules/building regulations, and other useful information to help with an easier move-in process.
3. Do a thorough inspection of your property. Try to look at it from a new occupant’s point of view. Anything that your tenants will use should be inspected. Check all the detectors and alarms, doors and windows, doorknobs and handles, locks, switches, hinges, appliances, HVAC systems, and water heaters. Also, inspect for molds, pests, leaks, and other issues.
4. Make a list of all the repairs, replacements/updates, and cleaning needed.
5. Hire professionals to do the repairs, updates, and cleaning. Make sure you cover all the areas, including the outdoor spaces. A move-in clean can be a huge task, especially if you have a bigger rental property. No worries! Just set up an appointment with us, and our Life Maid Easy professional cleaners will be there to help. While we take care of the cleaning, you can focus your energy on your other tasks to find the best renters.
6. Once your unit is spic-and-span, move on to home staging. This is your opportunity to present the potential of your rental property in Toronto and help interested renters picture themselves living there.
7. After everything is ready, do a move-in walkthrough with your new tenants. During the process, document the current condition of your property. The documentation is helpful when doing a damage deposit assessment during the final walkthrough at the end of the lease. Some experts even suggest doing the walkthrough twice to ensure you don’t miss anything, first by yourself, then with the new occupants.
Move-In Ready Tips for Lessors and Tenants
Ultimately, landlords want to find the best tenants, and it goes the other way too. These move-in-ready tips can promote a healthier and long-term landlord-tenant relationship.
- Know your rights as a landlord and as a tenant. The more well-versed both parties are in this department, the higher the chance they will be a better landlord or tenant.
- Encourage good communication. Being open to questions and being able to voice your concerns in a direct yet polite manner are advantages.
- Make sure you have done the necessary background checks and research, and ask any questions or make clarifications if needed. Of course, it would be best to do this even before move-in day.
- Work with professionals if possible. They can act as a more objective third party and offer expert input and services for any tenant-landlord issues/concerns.
- Check all the necessary paperwork and make sure you get the required signatures. Do your best to ensure both parties understand what they are signing.
Aim to Be the Best Landlord/Tenant
No one wants to end up with the tenant or landlord from your nightmares. That is why it is vital to put in the necessary work to ensure that both the property owner and renter end up with the best choice. It also helps when you have a team of move-in professionals who understand the challenges and the processes involved in finding and creating the ideal landlord-tenant relationship.
We are here to help you maintain the quality of your property, so make sure you get the best cleaning service in your area with Life Maid Easy. Furthermore, it helps a lot when both parties take good care of the rental home, as it ensures a safe and liveable environment for the occupants and provides security and peace of mind for the owners. Check out our website for more details, including available franchise opportunities, or talk to us at 1 833 247 MAID (6243).