What rental features are most popular in Ontario in 2024?

As the Ontario rental market evolves, the features that make a property tick are taking center stage for landlords and tenants alike. Whether you are a property owner looking to attract quality tenants or a renter seeking a comfortable and convenient living space, understanding the latest trends is essential.

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.

In this blog, we are going to take a closer look at the most sought-after features for rentals in Ontario in 2024.

Location, Location, Location  

Location is probably one of the prime moving forces determining the state of demand for rentals across Ontario's various neighborhoods. Downtown Toronto, Ottawa, and Hamilton are the most highly sought-after areas because of their proximity to the centers of employment, cultural attractions, and good transit facilities. Also, the neighborhoods surrounding the University of Toronto, Ryerson University, and McMaster University remain in high demand, as they present the most significant accessible source from which students are always drawn. These locations are desirable, not only for providing assurance of a large demand for rental properties but also for a stable rental return for the landlord.

Smart Home Features  

Smart technology has migrated from a luxury to a sort of standard expectation in modern rental properties. Tenants are really looking for homes or apartments to come already installed with smart thermostats, which maintain energy efficiency by controlling temperature according to the residents' schedules. Keyless entry systems offer ease and convenience by allowing entrance without using traditional keys, while security cameras provide safety and peace of mind. It not only improves the quality of living but also enhances the value of the property, making it more attractive to potential tenants.

Pet-Friendly Amenities   

More and more people have pets, and tenants are looking for places that cater to their four-legged companions. Properties with pet parks offer open spaces for the dogs to frolic and mingle, while the grooming stations provide a neat area for pet grooming. Clear policies on pet-friendliness set standards for responsible pet ownership, making these properties very attractive to pet owners.

In-Unit Laundry   

Convenience that saves time is one of the prime considerations of tenants, and in-unit laundry facilities fulfill this qualification very well. Washer-dryer combinations in units dispel the nuisance of shared laundry rooms and make life easier for tenants. Moreover, the quality of tenants is likely to improve in properties with in-unit laundry because quality tenants appreciate such added conveniences and are often more responsible.

Fitness Facilities   

Health and wellness are key concerns for many tenants, and thus the facilities for exercise act as a lure. State-of-the-art gym equipment, yoga studios for relaxation and exercise, and outdoor exercise areas for fresh air and physical activity all combine to represent a healthy lifestyle that will attract tenants sensitive to fitness.

Sustainable Living  

Eco-friendly features are very important to tenants sensitive to environmental concerns. These use energy-efficient appliances that help reduce utility bills and, in turn, reduce the impact on the environment. The recycling programs encourage tenants to be responsible with their waste, and using green building materials in construction furthers sustainable living practices.

Parking and Storage  

Other practical amenities, like secure parking or storage options, increase the enjoyment of the entire rental experience. Covered or underground parking spaces mean safety and convenience for vehicle owners, while storage facilities for bikes further support alternative eco-friendly transportation options, answering a wide array of needs for tenants.

Balconies and Outdoor Spaces  

More emphasis has been placed on outdoor living spaces since the pandemic. Balconies and patios are private spaces for relaxation and fresh air, while rooftop terraces open up expansive views and communal gathering spaces. These features make the rental property considerably more attractive, allowing tenants to enjoy outdoor space from the comforts of their homes.

Proximity to Public Tansit  

Many tenants still want easy access to public transit. Other properties near subway stations, bus stops, and GO Train lines become more attractive to tenants who will need this commute option.

Flexible Lease Terms  

Flexibility in the terms of the lease is geared toward the different lifestyles and situations of tenants. Short-term rentals will suit the needs of newly arrived students or temporary residents, while co-living arrangements include shared space for an affordable lifestyle. Month-to-month leases can be flexible for those whose situation might change, and this flexibility allows the rental properties to attract a varied mix of tenants.

In other words, both landlords and tenants have the need to keep updated on the hottest renting trends. Adding such popular features to your property or looking for them as a tenant will keep you on top of the curve in the dynamic rental market of Ontario in 2024.

If you have a rental property in Ontario that fits all the features mentioned above, or if you are planning to invest in one but don't know how to take care of it since you are busy, then professional property management services by Royal York Property Management can lift that headache. Our comprehensive services will include tenant placement, property management, and rental guarantees. Contact us today to see how we can support your property management needs while keeping your rentals competitive in the market. For more information on Royal York Property Management and our services, visit: royalyorkpropertymanagement.ca