How to Make Your Toronto Condo More Attractive to Renters

It’s no secret that condominium units have become harder to rent out, especially in condos where short-term rentals are banned or strictly limited. If you want to attract a long-term renter to a typical one or two bedroom condo in Toronto or the GTA, you may have to consider taking some extra steps.

Don’t Skip the Basics

In a hot market, you were probably able to get away with showing the unit while the previous tenant was still there, doing a deep clean, and then handing over the keys. These days, it’s not that simple. You won’t want to skip the deep clean, obviously, but you’ll also want to fix up any smaller items such as drawers that don’t open easily, broken latches/handles on cabinets, and anything else that may show as “off” to prospective tenants. You’ll want to give yourself at least a month between tenants to do repairs and show the unit empty. 

Take Professionally Staged Photos 

Usually, professionally staged photos are reserved for real estate listings because they involve the cost of the photographer, the cost of rented furniture, design accents, and so on. The cost of doing this for a smaller condo will generally run about $1,000-$2,000 in Toronto, at or slightly over the cost of a month’s rent. 

The cost may seem high, but if it means your property attracts better tenants and is sitting on the market for less time, it pays for itself quickly. Plus, you can do things to mitigate the cost such as just renting furniture and providing your own design accents – just don’t cheap out on the photographer. There’s no point in spending the money on staging if the photos aren’t top-notch. 

Consider Offering Tenants Choice of Paint Colours

If you’re going to be painting anyway, consider offering your prospective tenants their choice of colour once a lease agreement has been signed. Yes, it will mean some extra work bringing it back to “neutral” colours when they leave, but the option of making the space their own could make your property stand out. 

Spend Money Wisely 

In a smaller condo property, there is no point in completely refurbishing the kitchen with new appliances or conducting similarly high-cost renovations unless the existing items require replacement. If everything is clean, reasonably upscale, and in good working order, save your money for other things that will attract good renters. 

Check Your Rent 

If you are in a condominium, it is easy to find out how much other similarly-sized units are renting for in the building. Ask around, check MLS, and search online to find out what comparable units are renting for. Prospective tenants will be doing the same thing, and are unlikely to rent your property if they think it is overpriced. Don’t give into the temptation to drop your rent unless you find that you’ve really overpriced the unit, and make sure the rent reflects the previous year’s RTA-approved increase if you’re looking at least year’s numbers.

If prospective tenants try to negotiate on price, show them your research so they know you aren’t overcharging. Most will appreciate this level of transparency and won’t fight you too hard on it. You can’t blame them for trying, but you’ll want to be prepared for it. 

Consider Renting Furnished

Condos, especially in a location like Toronto, tend to be attractive to young professionals. This cohort would absolutely love it if they didn’t have to buy furniture and could just move right in. Removing this cost from the equation will definitely attract renters, and you may be able to charge a slightly higher rent for doing it. If you do this, all you need to do for your staged photos is bring your own accent pieces and pay for the photographer. 

Tips for Especially Small Condos

Part of the current downfall of the Toronto condo market arises from the glut of smaller one-bedroom properties that were built pre-2020 to maximize the number of units in one building. 

If you bought one of these, it wasn’t a terrible bet at the time, but you may find it hard to rent now. For these units, consider all of the above tips, as well as upgrading finishes and appliances where it makes sense to do so. Installing blackout curtains, making sure ceiling fans are in each room to allow for good airflow, and other minor touches will help “sell” these units too. 

No Money for Professional Photos, Staging, or Renos – What Can I Do?

If your condo has been between renters for a while, and you don’t have the extra money to significantly fix it up, consider addressing all minor issues and painting it in neutral colours. Even doing something as small as upgrading lighting fixtures can make it more attractive to renters. You should definitely also do your pricing research to make sure your unit isn’t priced above similarly sized units in the same building. 

Of course, the best tip we can give you is to hire us as your property management firm. The units that we manage don’t stay on the market long, we can help you set the right rental price, and we significantly vet tenants to make sure you’re not taken advantage of. In addition, smaller condos are on the lowest end of our pricing tier. Contact us today to get started.