By Jarrett Hunter, Realtor® | RE/MAX Your Community Realty

Thinking about renting out your Toronto condo? Before putting it on the market, there are several things worth taking care of to help attract qualified tenants and avoid unnecessary delays.

My advice is to start with the property’s condition, review your condominium corporation’s leasing requirements, confirm what you’re including in the rent and establish a competitive asking price. A little preparation can make the entire leasing process easier.

Get Your Condo Ready for Showings

First impressions matter. Make sure your condo is thoroughly cleaned, minor repairs are completed and everything is in good working order. Check appliances, plumbing fixtures, lighting, smoke alarms and carbon monoxide alarms where required.

Professional photographs are also important. A bright, tidy condo generally presents better online and gives prospective tenants a clearer understanding of the property before booking a showing.

Check Your Condo Corporation’s Leasing Requirements

Before listing, review your condominium declaration, by-laws and rules. Buildings may have requirements involving leasing, pets, smoking, elevator bookings, move-in deposits or tenant registration.

Under Ontario’s Condominium Act, owners must notify their condominium corporation and provide the required leasing information within 10 days of entering into a lease. Tenants must also receive copies of the corporation’s declaration, by-laws and rules.

Confirm What’s Included in the Rent

Determine whether parking, a locker, utilities or internet will be included. If tenants will be responsible for setting up their own utility accounts, make that clear before advertising the property.

It’s also worth reviewing your landlord insurance coverage and any tenant insurance requirements. Where tenant insurance is required under the lease, I recommend confirming that the appropriate coverage is in place before occupancy.

Establish a Competitive Asking Rent

One of the most important decisions is setting the asking rent. I review recently leased condos in the building and surrounding neighbourhood, along with properties currently competing for tenants.

Your condo’s layout, condition, parking, outdoor space and other features all affect rental value. Pricing realistically from the beginning can help attract interest and reduce unnecessary vacancy.

My Advice to Toronto Landlords

Don’t rush to advertise before the property is ready. Confirm the details, prepare the condo properly and make sure prospective tenants know exactly what’s being offered.

When I represent a landlord, I help coordinate the preparation, pricing, marketing, showings and tenant screening so the property is positioned competitively from the beginning.

For more information about renting a condominium, visit the Condominium Authority of Ontario.

Jarrett Hunter, Realtor® | RE/MAX Your Community Realty | Toronto, Ontario