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Screen Smart: Your Roadmap to Reliable Tenants

erin@urbandwell.ca (Erin Carlson) — Wed, 23 Oct 2024 17:41:39 GMT

Screen Smart: Your Roadmap to Reliable Tenants

Screening a tenant is crucial for finding someone reliable and responsible. Here’s a step-by-step guide to help you through the process:

Application Form: Require all prospective tenants to fill out a rental application form. This should include personal information, employment history, rental history, and references.
Credit Check: Obtain a credit report to assess their financial responsibility. Look for factors like credit score, outstanding debts, and payment history.
Background Check: Conduct a background check. Make sure to comply with local laws regarding what you can consider.
Employment Verification: Contact their employer to verify their job status, income, and length of employment. Ideally, their rent should not exceed 30% of your monthly gross income.
Rental History: Contact previous landlords to inquire about their rental behavior. Ask about their payment history, cleanliness, and whether they left the property in good condition. Did they have any disputes with the landlords or neighbours.
References: Ask for personal or professional references and follow up with them to gain insights into the applicant’s character and reliability.
Interview: Consider having a face-to-face or virtual interview to gauge their personality and see if they would be a good fit for your property.
Fair Housing Compliance: Ensure your screening process complies with fair housing laws. Avoid discrimination based on race, gender, religion, etc.
Decision-Making: After collecting all information, weigh the pros and cons of each applicant. Look for red flags, but also consider the overall picture.
Lease Agreement: Once you choose a tenant, ensure they understand the lease terms, including rent payment, maintenance responsibilities, mandatory insurance requirements and house rules.

By following these steps, you can help to secure a trustworthy tenant who is on track to treating your property well.

"Unlocking Your Rental Potential: Furnished vs. Unfurnished – Which Suits You Best?"

erin@urbandwell.ca (Erin Carlson) — Tue, 02 Apr 2024 15:51:05 GMT

"Unlocking Your Rental Potential: Furnished vs. Unfurnished

Which Suits You Best?"

Listing a property as furnished or unfurnished each comes with its own set of benefits, depending on the target market and specific circumstances. Here are the key benefits of listing furnished and unfurnished properties:

Benefits of Listing Furnished:

Convenience for Tenants : Furnished properties offer convenience to tenants who prefer not to invest in purchasing or moving furniture. They provide an immediate living solution without the need to buy or transport furniture.
Attractiveness to Short-term Renters : Furnished properties are often more attractive to short-term renters, such as tourists, business travelers, or individuals relocating temporarily, who require immediate accommodation without the hassle of furnishing a space for a short stay.
Higher Rental Rates : Furnished properties typically command higher rental rates compared to unfurnished ones. The added value of furniture and amenities can justify charging a premium, leading to potentially higher rental income for the landlord.
Target Corporate Clients : Furnished properties are appealing to corporate clients and professionals who need temporary housing for employees or project-based assignments. They offer a turnkey solution for companies seeking accommodations for their staff.
Flexibility for Landlords : Furnished rentals provide landlords with flexibility in terms of lease duration and tenant turnover. Short-term leases allow landlords to adjust rental rates more frequently and accommodate changes in market demand.

Benefits of Listing Unfurnished:

Wider Tenant Pool : Unfurnished properties appeal to a broader tenant pool, including families, long-term renters, and individuals who already own furniture or prefer to customize their living space according to their preferences.
Lower Maintenance Costs : Unfurnished properties typically have lower maintenance costs since landlords are not responsible for repairing or replacing furniture. Tenants are responsible for furnishing and maintaining the property themselves.
Longer Lease Terms : Unfurnished rentals often attract tenants seeking longer lease terms, providing landlords with more stability and predictability in rental income. Long-term leases reduce turnover and vacancy rates, minimizing the hassle of finding new tenants.
Reduced Vacancy Periods : Unfurnished properties usually turn over every 5-7 years based on the tenants needs of upsizing or downsizing, furnished rentals can have gaps between tenancies.
Personalization : Unfurnished properties allow tenants to personalize their living space according to their style and needs. This can lead to higher tenant satisfaction and longer tenancy periods as renters feel more invested in the property.
Lower Entry Costs for Tenants : Unfurnished rentals typically have lower upfront costs for tenants since they don't require a security deposit for furniture. This can make them more accessible to budget-conscious renters or those on a tight moving budget.
Reduced Risk of Damage : With fewer furnishings, there's less risk of damage to the property during tenancy. Landlords may experience fewer issues related to wear and tear on furniture, leading to lower maintenance and repair costs over time.

Ultimately, whether to list a property as furnished or unfurnished depends on factors such as market demand, location, target audience, and landlord preferences. It's essential to carefully evaluate these factors and consider the potential benefits and drawbacks of each option before making a decision.

Toronto Rental Market

erin@urbandwell.ca (Erin Carlson) — Fri, 11 Mar 2022 19:56:53 GMT

Toronto’s Rental Market is Bouncing Back and This is What You Need to Know!

Whether furnished or unfurnished, downtown or GTA, house or condo, the pandemic had a huge effect on the Toronto rental market. Executive travel became obsolete as the shift to work from home became the new normal, non essential travel stopped, borders closed and new screening measures were put in place to limit the spread of Covid-19. There is no denying that these past two years have been tough on most, including the Canadian Landlord.

What happened to the furnished and unfurnished rentals?

Unfurnished and Long Term Tenants:

When all the perks of downtown living were no longer something that they could enjoy, tenants fled the city to seek out cheaper rents in the surrounding areas or were financially motivated to move back home to live with family. Some tenants managed to stay and negotiate lower rents, accelerating the already plummeting rental market. The worst came in winter 2021 when rates were down almost 15% over the same months in 2019. The last time rates were this low was 2017, 5 years earlier.

Furnished and Short Term Tenants:

Furnished and short term rentals took the hardest hit. Toronto is the largest and most visited city in Canada and suffered a significant reduction in short term rental requirements. As business travel waned and non essential travel restrictions were set into place, a huge downward shift in demand for rentals came to a head.

Before COVID, the greatest demand for furnished accommodations came from domestic travel; homeowners living in the area and going through home renovations, separations, and people affected by fire or flood. There was also some international business travel mostly in the film/tv sectors. During COVID, condos became less attractive and houses gained in popularity due to their private entrances and exclusive use of outdoor space.

Condo owners saw rental rates drop by 20%-30%, while single family home rentals (with no shared spaces) were largely unaffected. Condo owners were forced to significantly drop their rental rates to remain competitive, and some were even forced to sell.

What is on the horizon:

For those who managed to hold on to their investment properties, there appear to be bright skies ahead. The pandemic has resulted in a shortage of rentals and more recently, demand has begun to bounce back. This lack of rental property inventory has resulted in increased competition amongst potential renters, shorter number of days on market, less vacancies and increased rental rates.

For tenants: Make sure you have all your paperwork ready to submit for when you find your next dream property! Great properties that are well priced will be taken quickly and could even be in a multiple offer situation! Come ready with a tenant application form fully completed with previous landlord & professional references, letter of employment, and recent credit report.

To find out how much your home is worth, contact Urban Dwell at 647-237-1962 for a FREE comparable market analysis.

Get to Know Your New City!

Fri, 29 Oct 2021 13:14:59 GMT

Tenants: What's Going On In Toronto?

Moving to a new city can be emotionally jarring, to say the least. The process can be expensive and spike fears of instability. Learning about your city prior to your arrival may help create excitement and lessen your fears. Let’s explore a few tips for exploring a new neighborhood both before and after your move to a new home.

1. Join some social media feeds, such as Instagram and Facebook. They are a great resource when trying to discover local restaurants, seek out hidden gems, engage in exciting events and visit places to explore. Here are some of my recommendations.

BlogTO: Toronto's source for local news and culture, restaurant reviews, event listings and the best of the city.

NarcityToronto: Discover why Toronto is the most interesting place in the world. Narcity Toronto covers news, events, hidden gems, and the best spots to be in your city.

TorontoLife: Toronto Life is a monthly publication covering daily news, current events, social issues, trends, lifestyle, and listing of Toronto's top restaurants.

TasteToronto: TasteToronto is an online community dedicated to connecting food lovers to the hottest restaurants, drool-worthy dishes, exclusive events and buzz-worthy!

TorEats: TorEats is a Toronto based foodie community dedicated to sharing new, current and classic restaurants. Find the best restaurants in Toronto for any occasion.

2. Get to know your neighbourhood and be sure to map out your daily routine before you make the move. This will cut down on any disorientating feelings that moving can stir up. Make a note of the following spots for an easy transition: work commute, grocery store, bank/ATM, gym, doctor’s office, parks, gas stations, and a vet if needed. Once you get to your destination, ensure that you do something special for yourself that can relieve a bit of stress from the transition. A simple coffee or a walk in the park is a great way to take a breath and enjoy your new city.

3. Explore Toronto’s neighbourhoods and find the local hot spots! Toronto is Canada’s largest city and one of the most multicultural cities in the world. Many immigrant cultures have brought their traditions, languages, food and music to Toronto. If you are looking for local hotspots, spark up a conversation with a small business owner and ask for recommendations. Canadians are extremely polite and eager to help new arrivals!

The Best Time to List

Thu, 28 Oct 2021 13:16:32 GMT

Owners: When is the Best Time for You to List?

The answer is, NOW!

The earlier the better! Why? Some people look well in advance, others last minute. You will want to capture all possible opportunities. The average days on market before renting, for a property with good pictures, price and terms should be under 2 weeks. That being said, tenants with larger budgets usually are very location specific, so your rental will need to be in the area that they desire. Check out next month's Blog to review the most desirable neighbourhoods for tenants in Toronto!

How To Maximize Your ROI

Wed, 13 Jan 2021 13:28:16 GMT

Owners: 5 Tips to Rent Faster And For More Money

1. Staging - prepare your home to rent so it appeals to the most potential tenants who will pay the highest possible price. Relative to the amount of time and money involved, staging may be one of the most lucrative projects you ever undertake. The living room, kitchen, bathrooms, bedrooms, and outdoor living spaces are all important areas to focus on when staging your home.

Recommended home staging tips:

Declutter, depersonalize, clean and remove all items (eg. soaps, personal photos/items, small appliances, dishes, fridge magnets, etc.) from countertops.
White bed linens and sheets - make people think “hotel”, as they enter your home. Throw pillows can add some personal touch and make the space more inviting. Purchase fresh and matching neutral towels. White is always recommend so it’s easy to bleach and replace to match existing.
Most importantly, get rid of any odors.

2. Professional Photos - hire a professional that will make your property shine! This shows a level of professionalism, and makes your property stand out from the crowd. It’s cost effective and best to do when your home is staged and no one is living in the property.

3. Competitive Pricing - The market is saturated with rental units. Always ensure you are listed at, or just slightly below, current market rates. This will not only attract the best possible tenants, but prevent vacancy gaps that can cost you much more than 50$ per month with competitive pricing. Good tenants don’t overpay for properties because they know they will be attractive to any homeowner. Contact an agent who is an expert in the field to give you the inside scoop of market trends and pricing.

4. Flexible Terms - The more flexible you can be, the better! Allowing for both short (1 month) and long term (one year plus) leases increase the amount of interest you will have. With all the uncertainty in today's market, some tenants want to commit to as little as possible and have the option to extend. Tenants who have been displaced due to construction, home renovations, or insurance claims want to ensure they are not paying beyond the expected date they can return to their unit. Be open as sometimes they end up being the most lucrative guests. If you can allow for pets, do it! There is more domestic travel now, and that means more families with furry little friends are looking for a home. It’s best to always be open, and depending on the type, size, and amount, determine then if it would be a good fit. They often offer a pet security deposit that can put your mind at ease.

5. Hire a Professional - as in anything in life, let the people who do this day in and day out take all the pressures off listing. Everyone is busy, and answering calls, emails and texts when you're trying to live your best life can be time consuming and distracting. Good tenants can be lost if not responded to in time, so it’s best to hire someone who's dedicated to renting your property out for the most amount possible, without leaving you vacant. They have their finger on the pulse and can offer some excellent tips and additional exposure.

You must spend money to make money.

- Plautus

urban-dwell-urbandwell

Screen Smart: Your Roadmap to Reliable Tenants

Screen Smart: Your Roadmap to Reliable Tenants

"Unlocking Your Rental Potential: Furnished vs. Unfurnished – Which Suits You Best?"

"Unlocking Your Rental Potential: Furnished vs. Unfurnished

﻿ Which Suits You Best?"

Toronto Rental Market

Toronto’s Rental Market is Bouncing Back and This is What You Need to Know!

Get to Know Your New City!

Tenants: What's Going On In Toronto?

The Best Time to List

Owners: When is the Best Time for You to List?

How To Maximize Your ROI

Owners: 5 Tips to Rent Faster And For More Money

You must spend money to make money.

Which Suits You Best?"