Apartment Rental: Our Advice
Renting an apartment is an important process in rental management. As a property manager you need to take a proactive approach to vacant apartments to optimize the profitability of your building(s). It makes sense, by limiting the rental vacancy, you can get better rental income.
So here are some tips on how to put your apartments up for rent effectively!
Steps to Take to Rent an Apartment Effectively
A tenant informs you of their decision not to renew his lease. As they must notify you 3 to 6 months before the end of his lease, you have a few months to take care of the rental of the apartment.
Read « Housing Lease: All You Need To Know About Lease Management »
Here are 5 steps to take to make this rental profitable!
Check the Apartment’s Condition
When a tenant informs you that he will not be renewing his lease, he must allow visits from potential tenants. However, it may be best to start by checking that the apartment is in good condition. This will give you the opportunity to ensure that you provide decent housing to the future tenant, while protecting the rental investment.
This might be a good time to do some renovations to the apartment before renting it out and arranging viewings. This will allow you to increase the price of the rent.
In any case, it is important to check that the apartment meets building standards.
Set the Price of the Rent
Be sure to research the market and consider similar units, location, amenities, and other factors that could affect the cost of rent.
You want to set a fair rental price that will attract quality tenants while generating profitable rental income.
Marketing
To rent your vacant apartments, you must advertise them. You will need photos and an attractive description of the apartment.
As for the photos, make sure they are of good quality. This will have an impact on the perception of potential tenants. Beautiful photos will attract more visitors. This will make it less difficult for you to rent the apartment.
With a convincing description and beautiful photos, you will be able to promote the apartment on different platforms. Social networks are also good promotional tools!
Choosing Tenants
You are now at the visit stage! Potential tenants will want to see what the apartment looks like. If a tenant is still living there at this time, you will need to inform them of the scheduled viewing dates. They will then be able to do a minimum of cleaning before.
Obviously, it is important to carefully select the future tenant who will settle in the apartment. For this, you can check their background, their credit report, and the references from previous owners.
You will have a better idea of the type of tenant they are. You will be able to see if they are compatible with the proposed living environment.
Choosing the ideal tenant could save you a lot of trouble with rent payments, housing maintenance and the relationship between tenants.
The Rental Lease
The lease is a rental agreement between the tenant and the owner of the rental property. The form available on the Tribunal administratif du logement (TAL) website is mandatory. It includes building regulations.
Tips for a Successful Rental
The key to a successful rental apartment is understanding the rental market and being able to attract the right tenants.
Several factors must be considered, such as: location, amenities, prices, marketing strategies, tenant selection processes, etc.
Writing Real Estate Ads
Your ad will make you stand out! But for that, you must apply yourself when it comes to writing. For example, it is interesting to ask yourself about the ideal tenants to adapt your speech.
Be sure to include the following:
- The type of rental/lease;
- Number of rooms;
- Number of bathrooms;
- Living area (apartment size);
- Location close to public transport, schools, shops, hospitals and parks;
- Equipment available (swimming pools, gymnasiums, etc.);
- Rent amount/price range;
- Parking availability;
- Security devices (alarms or surveillance cameras);
- Features such as air conditioning or washer/dryer;
- Pet policy and any fees associated with having a pet in the apartment.
Also try to describe life in the apartment you are renting. It is necessary that by reading the announcement the potential tenants can imagine living there.
Photo Taking & “Home Staging”
You have renovated a unit and you want to rent it at the best price? Doing “home staging” can help you demonstrate the full value of housing to future tenants.
Adding quality photos highlighting the apartment main features will also help make the ad more attractive.
Where to display the apartment?
There are specialized sites for renting apartments. You can post your ad there or register it on real estate sites as well as share it on social networks for more visibility.
When is the Best Time to Rent out an Apartment?
The time of year when Quebecers are most looking for an apartment to rent is between February 15 and March 31. This corresponds to the lease renewal period; the offer is therefore also greater (and the competition stronger.)
Thus, it may be interesting to rent an apartment at another time of the year.
