The top 10 amenities your rental property in Toronto should have

As we go into 2024, the Toronto rental market is more competitive than ever. Landlords and property managers have to stay ahead of the curve to attract quality tenants and improve their living experience by offering amenities that will give them an advantage over other properties.

Being rated number one in property management for six years running, Royal York Property Management assures property owners of the ability to relax and diversify their portfolios while professionally managing complexities. Competitive in the Ontario landscape, the property management portfolio is strong and now includes 22,000 properties valued in excess of $10.1 billion in combined assets.

At Royal York Property Management, we appreciate the need to offer the best features that will meet the ever-changing needs of tenants. Following the latest insights and trends, here are the top 10 must-have amenities in 2024 for your Toronto rental property.

1. In-Unit Washer and Dryer  

Having an in-unit washer and dryer is a game-changer for tenants. It saves them time, eliminates the hassle of shared laundry rooms, and offers convenience. In 2024, tenants expect this amenity to be standard. According to a survey conducted by the Toronto Tenants Association, 78% of tenants put in-unit laundry facilities on their priority list while selecting a rental property. That is why landlords should make sure that the appliances are energy-efficient and well-maintained to meet this demand and attract quality tenants.

2. Air Conditioning  

Toronto endures extreme cold and hot weather; thus, air conditioning is a very important amenity. Air conditioning will allow the tenants to maintain a comfortable living environment year-round. Energy-efficient systems, most notably in 2024, are pleasing to tenants who are more concerned with their footprint on the environment. Installing smart thermostats, which can be operated remotely by the tenant, can enhance the property. One can emphasize the savings in energy that tenants could possibly save with the systems to attract more tenants who are looking to save money.

3. Dishwasher  

In modern, hectic city life, tenants appreciate time-saving features. A dishwasher makes daily chores easier, reduces stress, and is perceived as a must-have by most tenants. The Toronto Housing Market Report shows properties with dishwashers usually enjoy shorter vacancy periods. By including a dishwasher in your rental property, you can make it more attractive to potential tenants and reduce the time it sits vacant.

4. Outdoor Spaces  

Balconies, patios, or rooftop terraces are places for tenants to rest, take some fresh air, and even grow some plants. The year 2024 is going to value outdoor spaces greatly for their contributions to quality of life. People living in urban settings often long to connect with nature, and comfortable seating, potted plants, and ambient lighting can create inviting outdoor areas. All this, together with increasing tenant satisfaction, will add to the overall attractiveness of your property and make it stand out in a very competitive market.

5. Pet-Friendly Policies   

By making it pet-friendly, you will, therefore, attract a large base of potential tenants in Toronto, who constitute many tenants who are pet owners. Consider pet amenities such as designated pet areas or nearby parks to accommodate pet owners. In fact, the Toronto Pet Owners Survey says that 62% of pet owners are willing to pay more rent for pet-friendly properties. Marketing your policy towards pet owners who want an environment welcoming to their pets may even go so far as bringing in a segment of tenants.

6. High-Speed Internet Connectivity  

Reliable internet connectivity is very important for any tenant in this era of remote work and online activities. Ensuring quality internet service within your rental property will attract more tenants who are tech-savvy. Fiber-optic internet is the new gold standard in 2024. Partnering with local internet providers for high-speed packages to be offered to your tenants will ensure they have access to reliable connectivity, thereby giving them more reason to be attracted to your property, considering that most of their work and leisure rely on the internet.

7. Fitness Facilities  

Access to fitness facilities within the building or nearby is a huge selling point for many tenants. The amenities include gyms, yoga studios, or even walking trails that help people lead a fit life. According to the Toronto Fitness Trends Report, fitness amenities positively impact tenant satisfaction. Consider partnerships with nearby gyms or the development of an on-site fitness center to meet this demand and attract health-conscious tenants.

8. Secure Parking  

Parking is a great feature, especially in a city like Toronto, where it can sometimes be very difficult to park on the street. Providing your tenants with safe, reserved parking spots can make your property stand out from the competition. In fact, the Toronto Parking Demand Study illustrates that properties with secure parking have a higher occupancy rate. Including this in your property listing can attract tenants who are car owners by providing a secure and convenient place to park.

9. Energy-Efficient Design  

Sustainability is at the top of the tenants minds. So, using energy-efficient features in your property would attract tenants who are environmentally conscious. Such features—LED lighting, smart thermostats, and well-insulated windows—will not only reduce utility bills but also contribute to a greener environment in which to live. The Toronto Green Building Council urges landlords to seek energy efficiency certifications. Being able to highlight the green features in your property will attract tenants who are committed to sustainability and looking for affordable living options.

10. Proximity to Amenities   

Convenience is one of the major factors in tenant satisfaction. The highlighting of nearby amenities such as grocery stores, restaurants, public transportation, and parks can show how your property fits into such a convenient lifestyle. Walkability scores count for a lot with urban tenants, and using tools such as Walk Score can help to show your property as truly proximate to essential services and recreational spaces—making it all the more desirable to future tenants. This could definitely make your property more attractive in the rental market.

Each of these amenities adds value to the appeal of your rental property. Tailoring the amenities to the specific neighborhood and target audience can make your property most attractive. Keeping up to date with trends and intelligence will position your Toronto rental property for success in 2024.

At Royal York Property Management, we are experts at managing your property, placing high-quality tenants, and providing rental guarantees. Our comprehensive services ensure that your rental property stands out in a competitive market and remains a desirable option for tenants. Let us handle the intricacies of property management while you reap the benefits of a well-run, highly sought-after rental property. For more information on Royal York Property Management and our services, visit: royalyorkpropertymanagement.ca