Simple Ways To Make More Rental Income

If you're an investor with a long term rental unit, chances are you're interested in maximizing your return.

Ontario landlords that own units that are currently occupied however can only legally increase annual rent by a maximum amount and must provide tenants with at least 90 days written notice when doing so. This amount in 2021 was 0% to support renters during the COVID-19 pandemic, but will increase to 1.2% in 2022.

Landlords of new or recently vacated rentals however, have complete freedom to determine what they wish to charge for their unit. While current and recently rented comparative rentals (i.e. age, location, size) will provide a good idea of what renters are willing to pay, there are other factors that will influence whether a unit could rent for higher than the market average.

To generate the most income and return on a rental, check out our following list of easy ways to make more rental income:

1. A professional listing - Most renters use online listing platforms to find available rentals (i.e. Facebook Marketplace, kijiji, realtor.ca). Professional pics and a great description can go a long way in getting more eyes on your listing and getting your unit rented quickly.
2. Deep Clean - Renters are looking for a space that feels like home. Ensure that the unit has been deeply cleaned and is move-in ready.
3. Make key upgrades - Fix, repair and update anything in your unit that isn't working or outdated. Improvements to the kitchen and bathroom can dramatically improve your listing.
4. Fresh paint - One of the easiest updates to make to a rental unit is a fresh coat of paint. It immediately makes a space feel cleaner and more welcoming and will be more attractive to potential renters.
5. Offer in-demand appliances - Rentals with appliances that most renters need and want (i.e. dishwashers, in suite washers and dryers, air conditioning) will attract more attention and can demand higher rent than those without.

Pricing a rental unit too low and there is the risk of losing potential rental income; too high and a rental may sit on the market for an extended period, again losing money. At Condo Culture, our leasing team includes licensed Realtors and professional videographers and photographers whose experience and market knowledge ensures your unit is rented at the highest possible rental rate in as little time as possible. For more information on Condo Culture leasing services read our earlier blog post, Save Time, Money & Find The Perfect Tenant For Your Condo Investment!