Zoocasa
Real Estate Sold Prices
Calculator
Map
Property Trends & Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
Zoocasa
Home Guest Posts

What Property Managers Look for in Tenants

Amanda Pereira - 4Rent.ca by Amanda Pereira - 4Rent.ca
November 30, 2017
in Guest Posts, Renting a Home
3 min read
What Property Managers Look for in Tenants
Share4
Tweet
Share5
9 Shares

With the ever-erratic housing market in Toronto, both home buyers and tenants alike have their work cut out for them. It seems like Canadians can never catch a break with increasing interest rates, tightened mortgage rules, and now, fluctuating rental availability.

According to a CMHC rental market survey conducted in 2016, vacancy rates in Toronto fell to 1.3 per cent – and the shortage didn’t stop there. Availability dropped to as low as 2.1 per cent across Ontario, the weakest since 2001.

As a result, finding a rental property in major cities like Toronto, Calgary, Edmonton, Ottawa or Vancouver has never been more difficult. Whether it is a private landlord or a property management firm, landlords have a plethora of options when it comes to picking the right candidate. So, with tighter rules, more regimental screening processes, and competition against the masses, how do you stand out amongst the crowd?

We reached out to our property manager clients, and they offered this advice to tenants seeking to gain a competitive edge over other prospective occupants:

1 – References

With vacancy rates as low as they are, references are some of the most crucial tools you have at your disposal. “Whether a prospective tenant is new to the country or seeking a change in environment, as a property manager, it is necessary for us to know the credibility of each person who searches for placement,” said Ian Ford, residential leasing manager for Toronto-based Pinedale Properties Ltd.

Winnipeg-based property manager Sunrex Management Ltd. shared, “When dealing with applicants, first and foremost we look for someone who has good references.” Your rental history and previous landlords act like former employers – they can vouch for your reliability when it comes to making your rent payments, and the state of which you left your previous rentals in.

2 – Confirmation of employment

In today’s rental market, if you do not have a dependable source of income, the chances of you scoring a great rental in comparison to someone who does have a steady cash flow are incredibly slim. Financial stability is imperative when trying to secure a rental or lease. If you are a freelancer, this poses a challenge. If you can provide bank statements that can support your ability to meet your rental obligations, landlords may be more flexible when it comes to accommodating you.

3 – Credit report

Have you missed a few payments on your credit card in the past few years? Failed to make your rent payment on time? It can come back to haunt you and hurt your chances of getting that great apartment in the city. “Unfortunately, we find that the most common reason for these financial issues is that the tenants are living beyond their means and have rented a suite that is simply out of their budget,” Sunrex Management advised.

“What many people do not realize is that a late or missed rent payment can have dire consequences for the landlord, too. Building owners have expenses such as heating and water bills, mortgages, and property taxes that we rely on those rent payments to cover, and are ultimately the reason why paying your rent on time is so important.” If your credit report reveals this about you, landlords may move onto another tenant who is more financially responsible.

4 – The number of people occupying the rental

You may be scratching your head on this one, but with the average cost of a one-bedroom apartment in Toronto reaching $1,800 per month, landlords are seeing all sorts of scenarios involving tenants trying to cram as many people as they can into one unit to cover the cost of rent. This may seem all fine and dandy to you – who doesn’t want to be cost-effective in this market? However, it is a liability and safety issue for your landlord that can see them receiving hefty fines in the event of a tragedy.

Amanda Pereira is the Communications Coordinator for Media Classified, the parent company of 4Rent.ca. 4Rent has been successfully connecting apartment hunters and property managers since 2009.  Prospective tenants can explore a variety of rental listings across Canada, including condo-like apartments, single home-dwellings, student housing and more.

Previous Post

What Is a Co-Signer on a Real Estate Deal?

Next Post

The Reverse Latte Effect: Home Prices Near Starbucks in Hamilton [INFOGRAPHIC]

Amanda Pereira - 4Rent.ca

Amanda Pereira - 4Rent.ca

Amanda Pereira is the Communications Coordinator for Media Classified, the parent company of 4Rent.ca. 4Rent has been successfully connecting apartment hunters and property managers since 2009. Prospective tenants can explore a variety of rental listings across Canada, including condo-like apartments, single home-dwellings, student housing and more.

Related Posts

Guest Posts

Moving Company or Moving Truck Rental: What Is The Best Option For Your Move?

February 23, 2021
Buying a Home

7 Things to Consider Before Moving from the City to the Suburbs

January 31, 2021
Guest Posts

What Condo Insurance Rates Look Like in the Greater Toronto Area

November 10, 2020

Blog Search

No Result
View All Result

Recent Articles

Rent or Buy? Average Monthly Rental Prices vs. Monthly Mortgage Payments in the GTA

August 10, 2022

Should You Purchase a Home With an Open Floor Plan?

August 8, 2022

Condo Apartments Remain the Most Affordable and Second Most In-Demand Property Type in Toronto and GTA: TRREB

August 4, 2022

Your Home’s Screen Appeal: How to Stage Your Home for Photos and Videos

August 3, 2022

Rent or Buy? Average Monthly Rental Prices vs. Monthly Mortgage Payments in the GTA

August 10, 2022

Should You Purchase a Home With an Open Floor Plan?

August 8, 2022

Condo Apartments Remain the Most Affordable and Second Most In-Demand Property Type in Toronto and GTA: TRREB

August 4, 2022

Your Home’s Screen Appeal: How to Stage Your Home for Photos and Videos

August 3, 2022

The Most Expensive and Affordable Homes Sold in July in the GTA

July 29, 2022

Where Can You Buy a Home on a Single-Income in Canada in 2022? [REPORT]

July 28, 2022

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

Social Media

Featured Listings (Updated Weekly)

The Most Expensive and Affordable Homes Sold in July in the GTA

July 29, 2022

The Most Viewed Homes in June 2022

July 22, 2022

Condos for Sale with Amenities in the GTA

July 11, 2022

Hidden Gems for Sale in Kitchener Under $500,000

July 4, 2022
first-time home buyer programs and rebates

About Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions.

Newsletter Sign-up

Join 130,000+ weekly subscribers. Don’t miss important real estate news, market data, and buying and selling tips: sign-up here.

Social Media

Zoocasa Tools

MLS Listings Canada
Search Sold Listings
iOS App
Android App
Find an Agent
Contact Us

  • Homes & Real Estate Properties
  • Terms of Use
  • Privacy Policy
  • Contact Us

© 2015 - 2022 Zoocasa Realty Inc., Brokerage

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
No Result
View All Result

© 2015 - 2022 Zoocasa Realty Inc., Brokerage