How to Attract Good Tenants & Keep Them
1. Properties in the best locations attract the best tenants.
2. The property must be clean and well maintained.
3. Neutral decor in light colours will appeal to the majority of prospective tenants.
4. The person showing the property should have a pleasant attitude.
5. Be sure the applicant has the ability to pay the rent (do a credit check).
6. Be prompt to start the eviction process when rent is not paid on time.
7. Fix maintenance problems promptly.
8. Respect the rights of your tenant, and they will usually respect you.
Choosing Investment Property that will Attract the Best Tenants
Once you get past the financial considerations, next is deciding on the location and type of investment property to purchase. The thing to think about is who your tenant will be. What type of tenant would bring you the best income and would take care of the property?
Often it is the location of the property that attracts a particular type of tenant. In my experience, most tenants tend to be under age 35, and often single or couples without children. These are people starting out in life; they want to live where their friends live. They want to be close to their work, especially if they are young professionals putting in lots of hours to get established in their field. They want the convenience of amenities close to home. They often want to eat out, so the proximity of restaurants and grocery stores is important.
They also like good amenities at home. So it is important to have laundry facilities on-site, ensuite is even better. They want to be close to public transit as many are choosing not to buy cars. However, parking space is an extremely important consideration when choosing a property. It will enhance the value for sure.
In Toronto, the property that will attract this type of tenant is usually along the subway line or in the downtown core. The distance the property is away from these areas will affect the rental value and the time it will take to find a good tenant. So keep location at the top of your list when choosing investment property!
Forms for Tenants
Forms for Landlords