Do You Want to Be a Successful and Profitable Toronto Student Landlord?
If you own rental properties in Toronto there has been a lot of good news in 2014.
It has nothing to do with changes in the Residential Tenancy Act or improvements at the Landlord and Tenant Board.
It’s all about the rising prices of real estate, including your rental properties.
According to Moneysense the average price of a property in Toronto is up 9% over last year and a leading place for people to live.
Detached homes were up 12% while condominiums saw a rise of 9.7% and semi-detached houses increased by 6.6%.
According to the Financial Post we should get ready for house prices to continue to rise in Toronto.
How To Find Good Tenants For Your Increasingly Expensive Property?
Your rental property is a financial asset that is going up in value.
So you want to make sure rent to good tenants.
With property prices going up you would hate to be stuck with a ‘tenant from Hell.’
One Idea Is To Rent To Students
Many Toronto Landlords Rent to Students. It’s a great opportunity.
Some of the reasons include:
1. Students are too busy to manipulate the Landlord & Tenant Board
2. Students have guaranteed income via the Ontario Student Assistance Program (OSAP)
3. It’s normal for students to have ‘Guarantors’
4. Students are often eager to leave campus and rent a private property.
5. Toronto has some very large universities and a large student population
We have the biggest university in Canada…the University of Toronto (U of T).
The University of Toronto also has satellite campuses in place such as Scarborough.
How Can You Become a Successful Toronto Student Landlord?
The Ontario Landlords Association has a terrific interview with Jennifer Radley.
Jennifer is the manager of the University of Toronto Housing Services Department.
Her job is to help students find safe, affordable and high quality rental housing.
The interview was very helpful.
While some of the questions seem simple, the answers are very helpful for landlords to know what you need to do to find good student tenants.
For example, students are looking for excellent rental properties.
Landlords want good tenants….Students are also looking to rent from good landlords
1. So what does a typical university student think makes a good landlord?
2. How can a landlord make sure they are doing what good students tenants want?
3. What do tenants not want their landlord to do?
Jennifer explained that tenants are looking for a landlord that maintains the property.
They also want a landlord who provides affordable rents and is aware of the Ontario Human Rights Commission rules and the laws landlords must abide by.
For example, tenants appreciate landlords who know they must provide 24 hour notice before entering the property.
You can read the full interview by clicking “Renting to Students in Ontario.”
In Our Era of Rising Property Prices It’s Essential You Rent to Good Tenants
Renting to students is an excellent option for landlords.
Stories of successful landlords are out there.
Whether you are an Ottawa landlord renting to students at U of O or even an Alberta Landlord renting to students in Lethbridge, it’s a great option for landlords to consider.
To discuss this and other landlords ideas and issues welcome to the Toronto Landlords forum.