Do you like the idea of owning an investment property in a booming area but start to get cold feet when you’re confronted with the possibility of having to rent to a post-secondary aged tenant? In areas that have a high student population, such as the Ottawa core, this could most likely become a reality. Don’t let that worry you though, there are many ways to help keep your investment property rented and in good condition. Here are a few tips:
Go Where the People Are – Forget the days of listing your property in the newspaper. Nowadays, the majority of young people find properties they want to rent through online outlets. Also, adding interior and exterior photos to your ad will help capture attention. Photos are especially helpful if a potential tenant does not live in the area and they are relying on what they can view from the ad in order to make a decision. If there are nearby amenities, shops or parks you may want to add those in as well.
Advertise to Your Target Audience – Write an ad that will pull in the type of tenant you are seeking. Not sure what to say? Think about what characteristics you would like for your ideal tenant to have and select some benefits and features in the area around the property that you think would attract those individualities. Being clear and specific in your ad will also help tenants know what they can expect from you as a Landlord as well.
Keep Things Simple – Many students may be living on their own for the first time and get overwhelmed with the notion of setting up and paying utilities on their own. To increase the marketability of your property and to attract more attention, offer rent that has the utilities included. It will likely appeal to more students and result in more applicants for you to choose from.
Request References – Students may not have a credit history to check but they should be able to provide you with character references that you can call. Asking potential tenants for their references when they express interest to apply could result in less headaches from you down the road.
Keep Everyone Responsible and Avoid Confusion – When renting a unit to multiple individuals, you want to ensure that everyone in the unit is held responsible. Having multiple names on the lease for each tenant is one way to ensure that the accountability is shared and there’s no confusion on their part regarding that fact.
We hope this helps with any upcoming or future properties that you may have! If you have questions, learn more by contacting us at 613-288-2455.