It’s a landlord’s market in Toronto where demand for housing continues to soar and rents are at an all-time high.

Against this backdrop, you might be tempted to skip any renovations or upgrades to your unit – tenants, after all, are desperate and willing to pay more for less. But savvy landlords know that keeping their property in mint condition is an investment that pays off over the long-term.

An upscale unit will attract better tenants and allow landlords to charge more. And it doesn’t have to mean a huge investment. Just a few tweaks and finishing touches can make all the difference, without eating into your rental income. 

Upgrading your unit on a budget

Take care of little repairs

If you’ve been letting some things slide, now’s the time to get to work. Little details matter when it comes to attracting and keeping quality tenants. Splintered window sills, cracked tiles, chipped paint, holes in the wall where a picture used to hang – taking care of these minor repairs will make a huge difference to the look of your unit. 

If you’ve tenants in your unit already, make sure you notify them of any repair work ahead of time. This isn’t just good manners, it’s the law. The Residential Tenancies Act requires landlords to give 24 hours notice before entering their unit. 

Redecorate

First impressions are important if you’re showing your unit to potential new tenants. Make sure it looks its best by giving it a DIY makeover. Perhaps it’s time for a fresh coat of paint, or new cabinet doors in the kitchen. Unleash your inner designer and check out the latest trends to give your property a modern-look.

If you really want to be thrifty with your upgrade, just add some simple touches. Inexpensive design hacks like using mirrors to create space or throwing a rug to liven up a scuffed floor can work wonders. 

Upgrade your furnishings/appliances

If your dishwasher keeps springing a leak or your microwave is a decade old, it’s probably time to invest in new ones. New appliances can be costly, but they’re still cheaper than a full scale renovation and will help attract good tenants who are likely to stay long-term.

It also helps to cast a critical eye over your furnishings if you are renting a furnished apartment. Your couch may have been modern in the 70s, but the faux-velvet look isn’t going to win any fans in 2023. 

Tidy up exterior areas

Sprucing up your unit means upgrading outside as well as in. If you’ve exterior areas such as a parking lot, deck, patio, or backyard, these may need a refresh too. You may need to repaint a fence, seal your deck, or just tidy up – get everything neat and clean and then think about how you can add value to the space. This could include something like putting in a railing so the steps are safer in winter. 

Make your finances go further

Rents may be high, but so are costs. Whether you’re planning a big renovation, or a small upgrade, you need to make sure you’re getting the most value for your budget. The team at Highgate Property Management can help. As experienced property managers, we can advise you on what upgrades are worth the investment, and where you can cut corners. 

We’ll help you make your finances go further and, if needed, can also help you take the next step – vetting potential tenants, managing rent collection, and providing round-the-clock maintenance services. We’re a full-service team, ready to help you create a steady stream of passive income without the stress and headaches. Contact us today to get started!