How can Ontario landlords attract reliable, on-time paying tenants?

With today's competitive rental market, Ontario landlords must find reliable tenants who will pay rent on time. As one of Canada's leading property management and leasing companies, Royal York Property Management manages over $10.1 billion in a portfolio of more than 22,000 properties. With this many years of experience in property management, we have gained experience in what it takes to attract and maintain good tenants. The blog identifies some of the practical ways through which landlords can ensure that their houses remain occupied with reliable tenants who are going to pay on time.

Understand the Current Market Trends

The Ontario rental market, though challenging, presents an opportunity for landlords in 2024. On the whole, based on economic reasons such as inflation and changeable interest rates, most tenants are being more cautious about their decision on a rental. Moreover, demographic shifts—the huge pool of young professionals and remote workers—bring a change in tenant preferences. According to recent data, the prices of Ontario rentals have increased by approximately 3-5 percent in the past year. This trend underlines the need to understand the market dynamics for setting competitive rental prices to attract high-quality tenants.

Offer Competitive and Fair Rental Prices

Setting competitive, reasonable rental prices is among the most effective ways to attract reliable tenants. Do a good amount of market research to learn the going rates for similar properties in your area. Online platforms and local real estate reports may provide some insight into the prevailing rental trends. Modify your prices accordingly, based on the condition and amenities your property has. A slightly below-market rental will make the property look more attractive to tenants looking for long-term stability.