January 18th, 2013
Every landlord wants to find good tenants and avoid bad ones.
Owning properties which attract the good tenants everyone is looking for is one of the keys to being a successful landlord.
After all you want to be able to attract people who can pass your strict tenant screening process.
According to a report at Conda.ca more renters are turning to condos in Toronto as their rental property of choice.
The Toronto Real Estate Board (also known as TREB) shows that the fourth quarter of 2012 saw an impressive number of condo rental transactions. The number of condo rental transactions was up 13% over 2011 at 3,648.
Equally impressive was that the number of condo rentals listed was up 18% over 2011.
Why are condos attracting tenants?
TREB states that condos consisting of one and two bedrooms are most popular with Toronto renters.
These condos are usually much more expensive than normal rents of the same size. So why the popularity?
Elite Condos Rule
Want your condo to be in demand by tenants? Condos in good locations with up-scale amenities and elite finishes will get you attention as many renters are willing to pay for quality and location.
Elite properties can attract great tenants you desire …although you still must be careful. The last thing you want is to have a great property and rent to a bad tenant who you have to eventually evict.
How much are these condos renting for?
A typical 1 bedroom condo rented for $1620/month. This was up four per cent compared to 2011.
A typical 2 bedroom condo rented for around $2090/month. This was in an increase of two per cent compared to 2011.
I keep hearing the Toronto condo market is going to crash in the media
Jason Mercer is a market analyst for the Toronto Real Estate Board. Despite some media reports, Mercer states there aren’t any real indication of a an oversupply of rentals in the Toronto condo market. This is why it’s important to join a real provincial landlord association consisting of landlords to make sure you are up to date on the facts of the marketplace.
Mercers says that while there has been an increase in supply, rents have also gone up. In fact, he says there are so many tenants out there looking to rent, condo owners can still raise prices.
More people are choosing condos as their rental home than ever before.
CMHC (aka Canada Mortgage and Housing Corporation) has stated that 22.6% of all Toronto condos are now rented. This has provided a huge supply of rental housing for the city.