Tips for Finding The Right Tenant
While both extremes have their rationales, somewhere in the middle lies a happy medium. If you focus on a few key points, you will know when the right tenant has come your way. Here are some pointers to always bear in mind:
- Picture the people who will want to live in your property. Before you even start to advertise the property for rent, do you even know who you're targeting? Different types of properties will suit different people. Although this may seem blatantly obvious, it is easy to lose track of this when hunting for tenants. If you own an old low-rise '60s flat, is it really worth your time aiming to score a doctor/lawyer couple? You might be better off pursuing students or young recent graduates who are looking to save money and live in a reasonably-priced accommodation. To remedy this, make sure you have an idea of the type of person who will most likely want to live in your property, and keep your expectations reasonable.
- Choose from a pool of applicants. If you select the first tenant who comes along, you may have unwittingly passed up a better opportunity. Rental markets in Canadian cities are very tight right now (less than 1% vacancy rates are common), so wait for at least a second application; you probably won't have to wait very long. When you interview the person, imagine yourself dealing with this person in a less-than-happy scenario. Are they tolerable? Will the two of you be able to resolve any problems? Being selective now can save you headaches later. That being said...
- Know when to call it a day. If weeks go by and nobody is applying to rent your unit, you should consider what is wrong. Is it a slow time of year? People tend to move more often in the summer than they do in the winter. Are there are lot of other units for rent in your area? Look at the price points. Perhaps your rent is too high.
While renting a unit can sometimes be a hassle, if you follow these three basic tips you can save yourself a lot of undue stress. Keep in mind that once you select the perfect tenant, you will have an easy road ahead of you in the coming months. | 
