How to Attract Tenants Who Value Your Property as Much as You Do
Renting out a part or all of your home can be a challenging experience. While the financial benefits can be substantial—whether it’s a source of additional income after a child moves out or a crucial part of your mortgage plan with a duplex—finding the right tenant can make all the difference. It’s a well-known fact among Ontario landlords: not all tenants are equally responsible, and many people worry about potential issues that can arise when renting.
With some careful planning and due diligence, however, you can find a tenant who respects your property, pays on time, and treats the space well. Here’s how to attract and retain a reliable tenant.
1. Start by Being a Good Landlord
Set the tone by making sure your rental practices are fair and in line with Ontario law:
- Avoid Discrimination: Ensure you’re following Ontario’s Human Rights Code, which prohibits discrimination based on race, religion, gender, and disability, among other factors.
- Keep Your Property Up to Code: Before renting, complete any necessary repairs or renovations to meet Ontario Building Code standards.
- Secure the Right Insurance: Obtain adequate landlord insurance to protect your investment.
2. Diversify Your Advertising Strategy
To attract a broad pool of potential tenants, advertise widely:
- List Online: Use popular rental websites and share professional-quality photos.
- Leverage Social Media: Platforms like Facebook, Twitter, and Instagram can reach more prospective tenants.
- Think Local: For those who may not look online, post in neighborhood newspapers or display a “For Rent” sign on the property. Also, spread the word through friends, family, and community groups.
3. Be Readily Available
Make yourself accessible to interested renters:
- Respond Quickly: Return emails and calls promptly.
- Offer Flexible Viewing Times: Many people can only view properties on evenings or weekends, so try to accommodate these times.
- Present the Property Well: Ensure the space is clean, clutter-free, and well-aired for showings. If possible, offer convenient parking for prospective tenants during their visit.
4. Know Your Property Inside and Out
Being familiar with your property’s features and amenities can make a strong impression:
- Provide Essential Information: Be prepared to answer questions about utility coverage, garbage collection days, and other essentials.
- Clarify Lease Terms: Clearly state any shared resources (like laundry facilities) and outline the rules for these areas.
- Share Local Highlights: Mention nearby schools, transit options, and amenities, showing you care about their experience as a tenant.
5. Screen Your Tenants Carefully
A thorough screening process can help you avoid issues down the road:
- Request Proof of Income: Ask for recent pay stubs or a job letter from their employer to confirm their ability to pay.
- Contact Previous Landlords: Learn about their rental history and whether they were good tenants.
- Consider a Co-Signer: For first-time renters, consider asking for a co-signer and first and last months’ rent as a precaution.
- Run a Credit Check Responsibly: Verify credit through Equifax or other service with the tenant’s consent.
6. Prioritize Tenant Satisfaction
Once you’ve secured a good tenant, it’s often easier to retain them than find someone new:
- Maintain Open Communication: Address any issues promptly and stay accessible for reasonable requests.
- Keep the Property in Good Shape: Regular maintenance can keep tenants happy and reduce turnover, saving you time and stress.
By focusing on these areas, you’ll be well on your way to securing a tenant who values and respects your property. The right tenant not only brings peace of mind but can also be a long-term ally in keeping your investment in excellent condition.