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Renting your Palace – Speaking from Experience

Pamela Simons Remax Condo Plus

Pamela Simons, MBA, SRS

Why Renting makes sense?

If you are not ready to sell your condo, take an interim step and lease it. Fact: Toronto has a rental shortage. In October 2015 there were twice as many rental transactions as resale transactions. This means you are in good company as a landlord. Before becoming a landlord you need to know what tenants (your future clients) are saying about their needs and challenges:

1 – Places are too small and with an entry price downtown for one bedrooms at $1900 with parking, it’s expensive!

2 – It’s hard to find larger two bedroom suites downtown and again, these are leased for $2300-$3100.

3 – Some Tenants prefer suites in established buildings where the amenities are operational and in good condition. Some Tenants prefer brand new condos where they are the first to occupy the suite.

4 – Tenants want good transportation options. TTC, Highways, Good Walk-Scores.

I leased two 1-bedroom suites:

• $3.06/sf for 588 sf with parking & locker in mid-town
• $2.36/sf for 890 sf with 2 parking & no locker in Etobicoke

So yes, your Etobicoke suite is highly desirable for people who want lakefront rentals at a much better value and size vs downtown or mid-town.

Pamela Simons rent sign
Pamela Simons renting condo

 

Renting your suite allows more time to increase the value of the property and achieve higher returns when you eventually decide to sell. Your accountant can provide you with details on Capital Gains impact which isn’t as scary as most people think.

When you decide to lease your suite – stay involved in the process. Meet with your tenant to work on creating a good relationship. This will help keep your palace in great shape and ready for future sale or your next tenant.

Article by Pamela Simons, MBA, SRS
A “Boutique-style” Etobicoke-Based Realtor helping clients find their homes in the vast world of condos.

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2121 Lake Shore Blvd West
(On Brooker’s Lane, across Rabba)
416-540-4641

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