Choosing Investment Property that will Attract the Best Tenants – copy

on General May 1st

by Lucille Yates

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 will your tenant be.  What type to tenant would bring you the best income and would take care of the property?

condo development in Toronto

Downtown Toronto Condos

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, 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 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!

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