The Toronto rental market slump is over, with prices and demand making their way back steadily from their pandemic-induced lows. As students go back to school, service industries get back into the swing and an immigration restart is on the horizon, experts are expecting to see an uptick in demand. Record-breaking real estate prices and changes to the mortgage stress test will also encourage people to keep renting.
To ensure your rental property has maximum renter appeal, it’s important to understand what tenants are looking for. Here are 7 must-haves that will get your rental property the most attention:
1. Space is everything.
After a year-and-a-half of staying at home, it’s hardly a surprise that square footage is KING. People want more room to live in. Fewer tenants are settling for tiny condos, and there’s been a surge in demand for bigger units.
2. Workspaces are a priority.
After making do with makeshift kitchen and couch “offices,” we’re all ready for proper home office setups, and renters are no exception. People will be working from home more, even when the pandemic is in our rearview, so home offices are pretty high on most checklists. Whether that’s a +1, a second (or third) bedroom or a floor plan with a tucked-away alcove, smart investors are factoring in the new work from home reality.
“Even when everyone returns to the office, it won’t be to the same level as pre-pandemic,” says Julian Kashani, Sales Representative. “Nobody is interested in dealing with competing video calls in the same room or hiding in the closet to get some quiet to work or take a call. Plus, there are always “what ifs” on the horizon: what if there’s a variant the vaccines don’t cover? What if there’s another lockdown?”
3. Outdoor spaces are IN.
After lockdowns left us all feeling locked in, outdoor spaces like balconies and terraces are now a must-have for many.
“If you take a look at a lot of the well-priced rentals that are sitting on the market right now, they’re often the ones that don’t have a balcony or some sort of access to the outdoors directly from the unit,” says Julian.
4. Quiet wins out.
Buying an investment unit in a building that’s next to a construction site may not be the best bet if you’re looking to entice renters.
“A key factor influencing many renters’ top choices is proximity to new construction,” says Adam Hoffman, Sales Representative. “With all the noise and dust it kicks up, they want to be as far away from it as possible.”
5. Good design gets more attention.
There’s a market out there for ALL unit types - if they’re priced right. However, according to Adam, when choice is available at the same price point, most renters will go for a unit with a contained bedroom (as opposed to an open loft-style upper sleeping area), and they prefer a bedroom that has a window over one with a sliding door that opens to an area with windows.
6. Clean and pristine.
It should go without saying that renters are looking for great presentation in the unit itself. Places that are in excellent shape will always win out: clean, painted, undamaged spaces with up-to-date cabinets, appliances and fixtures are a renter’s dream.
7. Strong online marketing.
These days, marketing is everything. Adam says renters are looking for detailed media (photos, video, virtual tours) that give them a clear view into the unit. They want to see inside closets, pulled-back shower curtains, etc. So when you’re creating your listing, it pays to spend the time (and the money) to make it great. An agent who’s experienced in leases can help you with that.
Are you an investor looking to buy a unit that will appeal to renters? Talk to a property.ca agent today to get insights into units with solid renter appeal.
And if you’re a renter who’s ready to land a great new place to live, we can help with that too! Search condo rentals on condos.ca and homes for rent on property.ca, and when you’re ready to look at places, get in touch!