Retirement Home Rent Prices on Ontario Soar

Performance Property Management

Millennials aren’t the only cohort feeling the rental squeeze.  The Toronto Star reports that an average rent for a one-bedroom space in Toronto retirement residences now costs more than $4,700/month.  This kind of rent of course comes with security, medical attention, and common areas for socializing etc., but it is very expensive for individuals already dealing with high medical bills and possibly no pension. With demand rising, vacancy in Ontario old-age homes reached an all time low in Ontario old-age homes reached their lowest point since 2001 at 10.4%, according to the Canada Mortgage and Housing Corporation’s latest seniors’ housing report.  Regions such as Niagara, Windsor and Kingston have become destinations for Toronto’s elderly as areas such as Etobicoke, Scarborough, Whitby and Oshawa are too expensive.  Read more here. 

5 Reasons Why The Toronto Housing Market Will Not Crash

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With all the huff and puff surrounding the real estate market in Toronto, and Premiere Kathleen Wynne’s recent measures to calm the market, here is an article by the Huffington Post with 5 reasons why the Toronto housing marketing will NOT crash anytime soon.  Especially number 5!

http://www.huffingtonpost.ca/nathan-dautovich/5-reasons-why-the-toronto-housing-market-wont-crash_a_22492197/?platform=hootsuite

Toronto City Council – New Proposed Regulations for Short Term Rentals

Performance Property Management

Over the weekend, the Toronto City Council released their new Proposed Regulations for Short Term Rentals that would put extreme limitations on renting your secondary home for short periods of time.  If passed, the proposal would ban short-term rentals in secondary homes. These proposed regulations will hugely effect owners of second homes, Toronto residents, small businesses, and the broader tourism community.  Websites such as Airbnb will suffer most.  How does this effect you?

Read the full report here: http://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-104802.pdf

 

3 Of the Most Common Tenant Complaints

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The Rental Isn’t Clean Enough Upon Moving In

It is rare that a tenant, who is moving out, leaves the rental move-in-ready for the next tenant. The simple solution to this problem is hiring a professional cleaning service to get it back to 100% clean. If you don’t want to pay a cleaning company than just make sure you clean it yourself just as thoroughly. Moving into a new place that isn’t totally clean will make your tenants think less of your professionalism.

The Rental is Too Loud

A noisy neighbour is common. Tenants should confront complaint situations with the noise making tenant themselves. If the noise maker is not a tenant of yours, it’s a good idea to contact the landlord of the noise maker and ask them to resolve it. Otherwise, you can approach the tenant yourself. Just make sure your tenant knows you’re taking the issue seriously.

The Rental Unit Needs To Be Painted

As a Landlord, you must decide whether you are against allowing tenants to paint your unit or if you are going to let them paint it is as they wish provided they re-paint it back to the original colour at the end of the lease. A good compromise with your tenant can be agreeing to any colour but the tenant agrees to repaint at the end of the lease, or limiting the surface area you are willing to let them paint.

There are probably 10 more constantly issued complaints from tenants that landlords and property managers hear every day. Reach out to Performance Property Management if you’d rather let professionals handle your complaints.

3 Tips for Getting Ready to Rent out Your Cottage

Performance Property Management

Cottage season is a time of great opportunity for cottage owners and investors. People are happy to pay premium prices for a chance to relax with family and friends for a week in the nice weather. If you’re looking to rent out your cottage, follow these tips to make sure you’re attracting tenants the right way.

Make It Safe

Cottagers are more often than not, families. To make your cottage work for your main demographic, it has to be safe enough for children. Inspecting dock gates, the deck, stair railings and shower mats is a good place to start. Pay special attention to the fire pit and make sure it’s well protected from the yard and trees.

Offer Technology

When renters are in search of a cottage in the summer, they always prefer a retreat that provides them with technology such as Wi-Fi and TV over one that does not. If your tenants can access Netflix during their visit and hook up their children’s Play Station system, you will have better success renting out your cottage.

Get Professional Help

Did you know that many cottage owners and investors are partnering with property management companies to make the entire process a lot easier? If you’re thinking of renting your cottage contact Performance Property Management through our website and we’ll help you get it done.

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