Torontoโs strong economy, population growth, and rental demand make it a top destination for real estate investment.
Investors benefit from long-term property appreciation, low vacancy rates, and a diverse, reliable tenant pool.
Professional property management helps streamline operations and improve rental profitability in a competitive market.
Toronto, the largest city in Canada and one of the most multicultural cities in the world, is often considered a top-tier destination for real estate investors. With a growing population, a strong job market, and a stable political climate, Toronto continues to attract both local and international buyers.
At CMG Toronto, we recognize the cityโs unique appeal for rental property owners seeking long-term opportunity and security.
Here are the top reasons to consider investing in Toronto.
One of the biggest draws for investors is Torontoโs resilient and diverse economy. The city is Canadaโs financial and business capital, home to major banks, global tech firms, and large corporations. Key industries such as film and television production, education, health care, and real estate also contribute to its economic strength.
A strong economy leads to job creation and higher income levels. As people move to Toronto for work, demand for rental housing increases. This creates a reliable source of rental income and protects investors during economic downturns.
2. High Population Growth and Migration
Torontoโs population has seen consistent growth over the years, and that trend shows no signs of slowing down. As a top destination for immigrants, the city benefits from Canadaโs welcoming immigration policies. More than half of Torontoโs residents were born outside of Canada.
Newcomers often choose to rent before buying, driving steady demand for rental units. Investors who offer well-maintained properties in accessible neighborhoods can attract families, students, and young professionals from this growing population.
3. Booming Rental Market
Torontoโs rental market remains one of the most active in the country. High home prices make renting the more practical choice for many, especially among millennials, students, and professionals who prioritize flexibility.
This creates a stable pool of renters. Well-located and well-maintained units tend to command competitive monthly rents and experience low vacancy rates. In popular neighborhoods near transit lines, business districts, and universities, listings often receive multiple applications shortly after posting.
4. World-Class Education and Healthcare
Toronto is home to top-ranked institutions such as the University of Toronto, Toronto Metropolitan University, and George Brown College. These schools draw thousands of local and international students each year, many of whom prefer off-campus housing.
The city also offers excellent healthcare, with leading hospitals and research centers. This attracts families, retirees, and skilled professionals, all of whom seek quality rental housing close to services and amenities. These factors help investors attract and retain quality tenants.
5. Excellent Public Transit and Urban Planning
Torontoโs public transit system, managed by the Toronto Transit Commission (TTC), makes commuting easy across the city. Access to reliable transportation is a major priority for renters. Properties near subway stations, streetcars, or major bus routes typically see higher rental income and longer tenant retention.
Ongoing investments in walkability, green spaces, and infrastructure upgrades continue to raise property values and improve quality of life. These urban planning efforts add long-term value to rental investments in the city.
Although the market experiences occasional cooling, the long-term trajectory of Toronto real estate is upward. Limited housing supply, combined with steady demand, drives property appreciation over time.
Rental property owners benefit not only from consistent rent payments but also from increased property value. Whether investing in a downtown condo or a duplex in a residential neighborhood, Toronto offers real potential for long-term capital gains which is why one of our top tips for investing in Toronto is to know which type of property works best for you.
7. Multicultural and Livable City
Toronto consistently ranks among the worldโs most livable cities. Clean streets, low crime, abundant green space, and a vibrant arts and dining scene make it a welcoming place to live.
Its multicultural population includes communities from around the globe. This diversity attracts international students, expats, and young professionals who often choose to rent. As an investor, you gain access to a broad and dependable tenant base that values safety, amenities, and inclusivity.
8. Government Support and Investor-Friendly Environment
Canadaโs legal and financial systems are transparent and stable, giving investors peace of mind. In Toronto, landlord-tenant laws offer protections to both renters and property owners, helping maintain a fair and manageable rental market.
Mortgage options are available for both Canadian and foreign investors. Although regulations such as rent control and foreign buyer taxes exist, Toronto still offers a more favorable environment than many global cities of similar size. Working with knowledgeable professionals helps investors navigate these policies effectively.
Why You Should Work with a Professional Property Management Company
Managing a rental property in a market as competitive as Toronto requires time, local knowledge, and experience. From marketing and tenant screening to maintenance and legal compliance, managing day-to-day operations can quickly become overwhelming.
This is where a professional property management company like CMG Toronto becomes essential. Property managers help reduce vacancies, protect your investment, and maintain positive relationships with tenants. With their support, you can minimize risk, improve cash flow, and focus on other priorities.
Experienced property managers also understand Torontoโs rental trends, pricing, and tenant expectations. Their expertise helps ensure your property remains competitive and profitable year-round. Whether youโre a local owner or an international investor, the right property management team can make a significant difference in your returns.
Toronto offers one of the most compelling real estate markets in Canada. Its economic strength, growing population, cultural vibrancy, and high demand for rental housing make it a top choice for property investors.
By working with a professional property management company, you can simplify the process and maximize your returns. To learn more or get started, contact CMG Toronto today.
Disclaimer: This article is for informational purposes only and does not constitute legal, financial, or investment advice. Please consult with qualified professionals before making any real estate decisions.
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In-Depth Market Research Is Essential: Success in Torontoโs real estate market starts with understanding neighborhood dynamics, rental demand, and local regulations. Investors should evaluate vacancy trends, rent prices, and transit access before buying to ensure steady income and long-term growth.
Positive Cash Flow Is More Important Than Appreciation Alone: While Toronto properties have appreciated significantly, smart investors prioritize cash flow. Ensuring that rental income covers operating costs helps maintain financial stabilityโeven when the market slows.
Professional Property Management Adds Long-Term Value: Hiring a property management company can reduce vacancies, handle legal compliance, and streamline day-to-day operations. In a complex, fast-paced market like Toronto, expert support can protect your investment and boost profitability.
Toronto remains one of the most attractive cities for real estate investment in Canada. With a thriving economy, growing population, and consistent rental demand, the city offers excellent long-term opportunities for investors.
However, buying an investment property in a city as dynamic and competitive as Toronto requires careful planning and smart decisions.
Here are the top tips to help you make informed choices and maximize your returns from CMG Toronto:
Understand the Rental Market First
Torontoโs rental market is fast-paced and highly competitive, which is one of the best reasons to invest in Toronto real estate. The city attracts a mix of tenants, including students and professionals, each with their own housing needs. High demand for housing has kept vacancy rates low, especially in areas close to public transit, universities, and employment centers.
Before investing, research average rental prices, tenant demand, and vacancy trends in your target neighborhoods. This will help you estimate your rental income and choose a location that aligns with your investment goals.
Pick the Right Neighborhood
Toronto is made up of diverse neighborhoods, each offering different investment potential. Central areas like Downtown and Midtown are more expensive but offer high rental yields due to their convenience and lifestyle offerings. On the other hand, areas like Scarborough, Etobicoke, and North York offer more affordable property prices and appeal to tenants looking for space.
Look for neighborhoods with ongoing development and access to public transit, as these factors often translate to higher property values and rental demand. Understanding the community and its growth potential is key to making a profitable investment.
Focus on Cash Flow, Not Just Appreciation
While Toronto has seen strong appreciation over the years, successful rental property investments rely on positive monthly cash flow. This means your rental income should ideally cover mortgage payments, property taxes, insurance, and maintenance, while still leaving you with a profit.
A common mistake investors make is focusing too much on property value gains and underestimating operating costs. To avoid this, make sure you evaluate the propertyโs cash flow performance before buying. Even if appreciation slows down, positive cash flow ensures long-term financial stability.
Donโt Skip Inspections and Due Diligence
Even properties that look move-in ready can have hidden issues. Older Toronto homes may have outdated electrical systems, leaky basements, or structural wear. A professional home inspection is essential to uncover any underlying problems that could cost you down the road.
If youโre buying a condo, review the status certificate to learn about the buildingโs financial health, upcoming repairs, and bylaws. Be wary of properties with low reserve funds or planned special assessments, as these could significantly increase your expenses.
As a landlord in Toronto, you must follow the Ontario Residential Tenancies Act. This includes rules about rent increases, eviction processes, maintenance standards, and tenant rights. Rent control laws apply to many units, especially those built before November 2018, which limits how much you can increase rent each year.
You should also understand local bylaws regarding basement units, property standards, noise regulations, and fire safety. Ignoring these laws can lead to fines and legal trouble. Staying informed and compliant protects both your property and your reputation as a landlord.
Think Long-Term
Toronto real estate should be viewed as a long-term investment. Market conditions can shift with changes in interest rates, government policy, and global economic trends. Rather than trying to time the market, focus on steady income, property improvements, and tenant satisfaction.
Owning a rental property is a long-term commitment that involves planning, budgeting, and ongoing management. If youโre patient and proactive, your investment is more likely to grow in value and generate reliable income over the years.
Hire a Professional Property Management Company
Managing a rental property can be time-consuming, especially if you own multiple units or donโt live near your investment. A professional property management company can take care of marketing, tenant screening, lease preparation, rent collection, maintenance, and legal compliance.
Having a skilled team manage your property ensures timely responses to tenant concerns, fewer vacancies, and less stress on your end. Property managers are also familiar with Ontarioโs landlord-tenant laws, helping you avoid legal pitfalls.
While they charge a fee (usually a percentage of monthly rent), the time, energy, and potential legal issues they save you often outweigh the cost.
In Torontoโs active market, having local experts by your side can give you a competitive edge, especially in responding to maintenance emergencies, negotiating lease terms, and advising on rent adjustments.
Final Thoughts
Toronto is a strong market for real estate investors, but buying a rental property here is more than just picking a nice home. You need to research the area, calculate the numbers, plan for ongoing expenses, and comply with provincial laws. A strategic approach is essential.
Most importantly, having a reliable property management company can help you enjoy the benefits of your investment without the daily stress of managing tenants and maintenance yourself. Contact CMG Toronto today.
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There is little doubt that it is easier to get a home mortgage today than it was last year. Theย Mortgage Credit Availability Indexย (MCAI), published by theย Mortgage Bankers Association,ย shows that mortgage credit has become more available in each of the last several years. In fact, in just the last year:
More buyers are putting less than 20% down to purchase a home
The average credit score on closed mortgages is lower
More low-down-payment programs have been introduced
This has some people worrying that we are returning to the lax lending standards which led to the boom and bust that real estate experienced ten years ago. Letโs alleviate some of that concern.
The graph below shows the MCAI going back to the boom years of 2004-2005. The higher the graph line, the easier it was to get a mortgage.
As you can see, lending standards were much more lenient from 2004 to 2007. Though it has gradually become easier to get a mortgage since 2011, we are nowhere near the lenient standards during the boom.
โMeasures the percentage of home purchase loans that are likely to defaultโthat is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates โฆ it is easier to get a loan.โ
Here is a graph showing their findings:
Again, todayโs lending standards are nowhere near the levels of the boom years. As a matter of fact, they are more stringent than they were even before the boom.
Bottom Line
It is getting easier to gain financing for a home purchase. However, we are not seeing the irresponsible lending that caused the housing crisis.
Source: The KCM Team |ย https://www.keepingcurrentmatters.com/2017/11/22/bubble-alert-is-it-getting-too-easy-to-get-a-mortgage/ | 11.24.2017
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With a rental lease set to expire, most landlords want to show the apartment as often as possible, which means they’ll need a notice of entry to get into your place. They’ll beย eager to find new renters, but the law states they can’t justย unlock your door at any time and pop in for a visit. They also aren’t allowed to show the apartmentย soย many times that it creates a nuisance for you and disrupts your life.
If you’re a renter, read on for the rules of landlord entry, so you know what to expect.
Landlords are legally obligated to provide a renter with notice that they’ll be entering the premisesโforย anyย reason. Whether that’s to show the property to a potential renter or to fix aย leaky faucet, the law is clear: Legal tenants have the right to quiet enjoyment of their home.
“The landlord must provide reasonable notice in writing (generally, 24 hours) of his intent to enterโand to do itย only during normal business hours,” explainsย Bryan Zuetel, a Realtorยฎ and real estate attorney from Irvine, CA.ย If a tenant is home and consents to entry, the 24-hour notice can be waived. Then again, it is OK for a tenant to deny entry to their landlord if they show up unannounced.
If the landlord intends to rent or sell the property to someone new, they may ask you to allow additional showings, Zuetel says. And depending on what’s spelled out in yourย lease agreement, you may have to comply. “For example, under certain conditions, a landlord may require that the tenant permit a weekend open house during regular business hours, and the landlord may provide oral notice of entry to the tenant,” he says.
So pull out the paperwork you signed if you’re worried that your landlord is crossing the line. Landlords who are following those guidelines are probably in the clear.
How often can aย landlord show anย apartment?
Rental law does not specifically stipulate a maximum number of timesย a landlord is allowed to show an apartment to prospective tenants. It does, however, provide some cover for tenants. “The landlord may not abuse the right of access, or use it to harass the tenant,” Zuetel explains.
That might sound vague, but if you do feel like your landlord is abusing the right of access and bothering you too often, you should try talking to them first, before calling an attorney. “Let themย know that you are feeling stressed fromย all the showings and ask for a break for a few daysโthat seems more than reasonable,” saysย Holly Pasut, a Realtor with Hines and Associates Realty in Cornelius, NC. If that doesn’t help, you can then seek legal action.
Jeanne Sager has strung words together for the New York Times, Vice, and more. She writes and photographs people from her home in upstate New York.ย Follow @JeanneSager
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Picking a roommate is a bit differentย from picking a spouse, a pet, or a nice couchโit’s a giant leap into the great unknown. What are some questions to ask a potentialย roomie to help you separate the special someone you can happily live with from all the freaks and weirdos who will drive you nuts? After all, even ifย everything seems fine atย first blush, onceย a person moves in, all kinds of unsavory habits might suddenly rear their headโand by then, you’reย kindย of stuck. So, before signing on the dotted line with a stranger, be sure toย review this list of questions for screening purposes. Trust us, you’ll be so glad you did!
Living with a smoker is a deal breaker for many people; hence, thisย question is a staple on roommate matching websites.
Marin King, a real estate agent at Keller Williams NYC who specializes in rental properties, says potential roommates should absolutely clear the air not only on whether they smoke, but alsoย on where it’s allowed if it’s allowed. For instance, some might not take kindly to seeing ashtrays on the back porch, even if it’s outdoors.
2. Are you a morning person or a night person?
Night owls and early birdsย donโt tend to mix well as roommates. Because youโre on opposite sleep schedules, youย might feel you always have to tiptoe around. Researchย shows earlyย risers and nightย people have different personality traits and behaviors that can make themย clash worse than polka dots and plaid. (Fun, and not entirely surprising, fact: One studyย found that night owls, on average, consume more alcohol than morning people.)
3. Whatโs your work schedule?
Ideallyย your work schedules willย be compatible, saysย Joe DeFilippo, a real estate agent and rental specialist with City Chic Real Estate in Washington, DC. This is especially important if youโre going to be sharing a bathroom,ย because you want to have ample time to get ready in the morning. (Having a roommate who’s impatiently waiting for you toย get out alreadyย isn’t a great setup.)
4. Do you have pets?
Hate cats? Allergic to dogs? Well, don’t liveย with a roommate who has one! Ifย you donโt mind having a four-legged friend around, though, you should still make sure your landlord allows pets,ย because many don’t.
5. Do you work from home?
Office dwellers might skip this question, but if youโll be working from home, you should check to see whether youโd have the place to yourself. After all, one of the best things about working from home is that you have fewer distractions from co-workers, but your roommate could prove equally distracting, or even more so if heโs a chatterbox!
6. What do you like to do on nights and weekends?
If you enjoy hosting game night and dinner parties, rooming with a homebody canย cause problems. After all, you should be able to entertain at home without feeling like youโre invadingย your roommateโs privacy.
Asking thisย question can also help you gauge if your prospective roommate is a party animalย who’s going to treat your apartment like a frat house.
7. Have you ever had any issues with rent payments?
A landlord or property management company will usually look into each personโs rental history before approving a roommate, but you should still vet your roommate yourself. Why? Because if your roommateย canโt payย his portion of the rent, youโre typically on the hook for payingย his share. So, if someone says she’s had trouble paying rent on time in the pastโor has hadย other issues with a previous landlord (e.g., arguments, fines, eviction)โlook for aย roomie who is more drama-free.
8. Are you in a relationship?
If you don’t want an unofficial third roommate, you need to set clear expectations about how often romantic partners can sleep over. This can become a big issue if your roommateโs significant other is a constant presence in your apartment; at that point, the person should be paying rent!
9. What indoor temperature do you prefer?
This might seem minor, butย plenty of folks living in close proximityย have strong disagreements over who controls the thermostat. This issue can alsoย present financial concernsโif the person in the next room likes to constantly blast the air conditioning during the summer, for example, you could be looking at a fatterย utility bill.
10. How often do you clean?
This is a better approachย than asking someone straight up, โAre you a clean person?โโbecause few people will admit to being a slob. If you’re someone who can’t fall asleep if there are dishes in the sink, make sure you find someone who’s the same way. If youโre both lazy cleaners, you could agree to split the cost of a professional cleaning service once a month.
11. Are you still friends with your old roommates?
You certainly donโt have to become bestiesย to be good roommates, but you do want someone who is pleasant and easy to spend time with. Ifย your prospective co-tenantย has had a long string of โbad roommates,โ this could beย a case of the pot calling the kettle black.
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If you had to choose betweenย having the perfect apartmentย or a sweet, sloppy, loving pet, which would you pick?
Fifteen years ago, my husband and I found ourselves inย thisย situation when we adopted a strayย dog namedย Rockyโall high-strung energy and cuddles concentrated in a tiny Chihuahuaย body. He suited us perfectly.
The only problem? We didn’t check withย our landlord first.
Worse yet, weย loved our apartment:ย The kitchen was painted a burnt Tuscan orange, the bedroom was expansive with a walk-in closet and a brilliant blue color that made us feel relaxed and right at home. The location was perfect, a quarter-mile from my favorite yoga studio and a stone’s throw from the subway. Best of all? The rent was an affordable $900.
But that dog.
After we brought Rocky home, we did the right thing. We called our landlord. We figured since he’d approved our corpulent cat, he’d almost certainly approve the dog, too. Especially such aย littleย dog!
Alas, our landlord said no. No dogs allowed.
What should we do? Well, we never really had a choice. Our hearts were set on that sweet littleย pooch with his big brown eyes and curly tail. So we found another apartment a few doors down that allowed pets.
Our new apartmentย had no dishwasher. It had no closet. It was in a run-down building with a bathroom so disgusting, we wore shower shoes the whole two years we lived there. It’s noย wonderย it allowed dogs.
The kicker? It was smallerย andย $400 more expensive than the place we’d just left.
The move was depressing and long. We did a terrible job packing,ย because we didn’t want to leave. We walked our things box by box down the street, feeling more and more angry with every trip. But we moved. And we settled Rocky and Melvin (the fat cat) into our new place.
A few weeks later, we were at the local dog park when weย met a new couple who,ย to our surprise, had just moved into our old place. Even more shocking? They also had a dogโa Chihuahua named Percy.
“We just didn’t tell him,” they explained after weย revealed howย our own Chihuahuaย had been the reason we’dย had to move out. “And once he found out when he saw us walking the dog and met him, he just let us stay.”ย Wait,ย what?
So what did Iย take away from this infuriating experience? Plenty. Here are five thingsย I learned about mixing apartments and pets.
Ask your landlord before you meet the dog
We made the mistake of falling forย Rockyย before we confirmedย that our landlord would approve.ย The best path is to clear the dog question with your landlord before youย lose your heart to a furry one.
‘Don’t ask, don’t tell’ is a gamble, but it can sometimesย pan out
Hiding a pet from your landlordย is, of course, terrible legal advice. But it’s also possible that once or if your landlord finds out, he willย OK it rather than go through the annoying and expensive process of finding a new tenant. It’s a gamble, of course. You could end up on the financial hook if your puppy or dog destroys something or if your landlord considers it a breached lease. But mostly, the worst-case scenario is mutually parting ways with your landlord and then you are no worse off than if you’d asked and he’d said no.
Introduceย your pet to your landlord, andย maybe he’ll melt
This isn’t going to work with a landlordย who hates all animals, but our landlord was alreadyย OK with cats. The only difference between us and the tenants who followed us is that he’d metย theirย Chihuahua. Had he met ours, he might have had a different reaction.
Offer to sign additional paperwork
If we hadย offered to sign liability clauses in the lease indicating that we would pay for any damage incurred by Rocky, our landlordย might have been more amenable to his presence. We asked without that offer and, in retrospect,ย we could have made our requestย more appealing, and harder to turn down.
Propose payingย more rent
If all else fails and you really want to keep the apartment, put more money on the table. For the dishwasher, the nice bathroom, the walk-in closet, and the feeling of home, we would have upped our rent considerably. We simply didn’t argue enough. We gave up too soon.
If all of these tactics fail and your landlord says it’s a no-go, the good news is this: We left that apartment in 2003. In theย 14 years since, we have had three children and five houses. We moved out of the bad apartment and boughtย a condoโand never rented again.ย Rocky has been with us through it all. Today,ย he is gray around his temples and has lumps and bumps too numerous to count. He limps a bit and sometimes pees on the carpet, but he’s been in our lives for almost as long as my husband and I haveย been togetherโand we almost couldn’t imagine life without him.
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Hiring aย real estate agentย to handle the logistics ofย rentingย out your propertyย can beย a smart moveโone that many homeowners make. An agent can create a listing for you, help youย check outย applicants, and generally manage other aspects of renting so you don’t have to. But before you sign a contract with an agent, you’ll want to figure out how muchย it will cost so you stillย come out ahead. Do the math!
Let’s take a look at how much it costs to rent out your home through an agent.
Real estate agent fees associated with rentals
The amount your agent will charge you depends on the list of responsibilities and the rate they plan on charging you.
โThere is no set commission,โ saysย Beverley Hourlier, aย Realtorยฎ with Hilltop Chateau Realty in San Diego. But there are some common guidelines.
โI usually charge half of the monthly rent if I am just helping to lease,โ Hourlier says. She adds that some agents charge a โlease upโ fee, which is half the rent plus costs like running a credit report, plus a property management fee.
โIf I property manage, then I charge 10% of the monthly lease,โ Hourlier says. Keep in mind, property management is a little outside the wheelhouse of most real estate agents. If that’s what you’re looking for, youย might want to hire a company separately. Some property management companies will find your tenant for an additional fee.
Although there isn’t a set commission for real estate agents involved in rentals, a common range is around the cost of one month’s rent.
โMy charge to all of my rental clients is one monthโs rent, which will be split between my broker and the renting broker,โ saysย Juan Vazquez, aย Realtor with RSVP Homes Realty in Hollywood, FL.
John Klein, aย Realtor in Coral Springs, FL, also says a commission of 10% of the monthly lease or one monthโs rent is standard.
With those ballpark figures in mind, make sure you and your real estate agent make a list of services they’ll provide to get your home rented out. That way you’ll know what their fees cover. If an experienced Realtor can bring you a responsible renter who can pay more, it could be well worth the fee.
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At least, that’s what I thought before I was kicked out ofย my own illegal rental when I was, oh, about eight months pregnant. Worst of all, I had no ideaย my cellar apartment was illegal.ย That’sย a horror story for another time, but it has a universal takeaway: Knowing what’s legal in your rental market can save you a boatload of trouble in the long run.
Laws differ by location,ย so you can protect yourself by researchingย the building and its local ordinances.ย One starting point is simply to Google the building’s address (with quotation marks around it for best results), whichย might turn upย reports of prior or outstanding violations. If you’re suspicious about something, it’s also worth checking yourย local department of buildings or building safety, whichย will have the certificate for your buildingย (in my city, it’s viewableย online).
So before you move into a rental, if you suspect something’s up, here are some features that are red flags.
1. You’re rentingย a basement, cellar, or attic
Basement apartments might seem sweet, but watch outโas I learned in my cellar fiasco,ย unusualย often means illegal.
In New York City, in fact, basements areย the most common form of an illegal apartment, and cellars and attics may not be far behind.ย (What’s the difference between “basement” and “cellar” for lower-level spaces?ย A basement rises at least 50% above street level, while a cellar has the majority of its space below street level, and different laws can apply to each.)
To be declared legal, a basement, cellar, or attic apartment has to meet criteria like having a minimum ceiling height (in New York, it’sย 7 feet)ย andย being zoned as living space. So if the space is mostly below street level, if its ceiling seems suspiciously low, or if its windows are tiny, definitely do more research on whether this space is legal to rent as a residence.
2. You’re renting aย loft or converted warehouse
Love the industrial vibe of living inย a loft or convertedย warehouse space? You’d better check local zoning ordinances and codes. Many of these former factories weren’t legally converted to residential units, or they aren’t up to snuff in terms of safety and fire codes. So, ask the landlord for a residential Certificate of Occupancy, and beware of lofts whereย typical residential amenities like bathrooms, plumbing, and electrical seem hacked into the layout in a way that seems less than safe.ย As the deadlyย Ghost Ship fireย proved, some warehouse conversions are done without regard toย fire codes. If living spaces seem crammed in a haphazard manner, if electrical wires are exposed, or if paths to exit are scarce, look elsewhere.
3. You’re renting anย in-law suite
In-law suites, also called secondary units, areย the common name for self-contained suites in private homes, with a separate entrance, kitchen, and bath. But if you’re considering paying rent to live in such a suite in a stranger’sย home, proceed with great caution.
“What we typically find is that in-law suites were never permitted as such, making them illegal apartments,” saysย Robert Pellegrini, president of the PK Boston law firm. He explains that when homeowners add a new residential unit, they often don’t know they need to get permits for this second dwellingโeven if a family member is moving in. So if you’re considering such a unit, make sure to ask to see permits.ย They may also be required to provide other features such as a separate electric meters and a parking spot.
4. Utilities are included
Great! How can you goย wrong with free utilities? Here’s how: Ifย everyone living in the building is on one gas meter, the building may not beย zoned for separate dwellings. It’s aย possibleย sign that the landlord is hoping to hide illegal rental units. Similarly, if you’re told you can’t have mail delivered to the apartment’s address, it may be an attempt to hide you, the less-than-legal renter.
But this is not always the case. “Often, it is less costly for landlords to simply include the utilities rather than remeter and/or separate the utilities,” points out Pellegrini. So go ahead and ask the landlord for documentation on the number of dwellings allowed in the building to make sure everything’s on the up and up.
5. There aren’t enough windows or exits
If you’re renting a bedroom in a larger apartment with other people, make sure that “bedroom” is legit. To officiallyย qualify as a bedroom, in addition to a door, rooms mustย have a window, but there is some wiggleย space here. For instance, aย skylight counts as a window in some locations, and the window need not be facing the great outdoors; even a window facing another interior room with a windowย could pass muster. There also needs to be another exit from the dwelling other than your main entrance.
“If there are no other doors, the landlord must provide a fire escape,” says Pellegrini. “Failing this, there is no way you can rent there.”
Laws differ by location, but in New York, youย might have a wrought-iron, balcony-style fire escapeย or emergency stairwells.ย Newer buildings may even haveย evacuation elevators.The old adage to never take an elevator in case of a fire may no longer apply across the board.
Colleen Kane has written for Fortune, Money, and other publications and websites.
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If you’re familiar with the struggle that isย finding an apartment online, the idea of a real estate agent who can help you in your search might sound like a godsend. We all knowย real estate agents help people buy a home, but did you know theyย can alsoย help people find properties to rent?
A real estate agent can save youย the hassle of tracking down landlords and property managers from Craigslist, especially in bigger cities, though the services they provide (and theย feesย they charge) vary by location. Here’s what you need to know.
Real estate agents and rentals
What aย real estate agentย does to help you find a rentalย depends on theย locationโwhether it’s a large city or a small townโand theย agent. Sometimes the agent will guide your search from the very start, helping you find the right neighborhood, apartment size, and price range, then go with you to open houses. More likely though, you’ll already have a lot of that information decided, and the agentย will send you listings that mightย be of interest to you.
No matter what, once you’ve decided on a rental and have been approved by the landlord or management company, your agentย should help you read and understand your lease.
“Most tenants can find a place without a real estate agent, but they forget to seek out someone who can help them understand what theyโre signing when they sign a lease,” saysย Dillar Schwartz, a Realtorยฎ in Austin, TX.
Your lease has all kinds of vital information in it, including what repairs you’ll be responsible for, the penalties for late rent, and even the terms for breaking the lease. You want to be sure you’re not signing anything that puts you in a bad position financially or violates your rights as a tenant.
Where you’re looking to live makes a difference
In cities such asย New York or San Francisco with huge populations of renters, it’s common to use a real estate agentย to find a rental property, and there are entire agencies that specialize in doing just that. In some cities, it’s more common for agencies that focus on rentals to be calledย “apartment locators,” but they provide essentially the same service.
In places where rentals are not as common, you mightย find that apartments, townhouses, and condos are more commonly handled by the complex’s management company. People renting out their homes in primarily owner-occupied suburban areas, especially those withย HOAs, will often use real estate agentsย to help find renters whoย meet the neighborhood association’s requirements.
Howย do you find aย real estate agent who deals with rentals?
“One place to start isย realtor.comยฎ,ย and do a search for rentals in the area you wish to live in, then contact the agents that represent those properties,” saysย Teri Andrews Murch, a Realtor in Auburn, CA.
Personal referrals are also a great way to find someone. Ask friends for the names of reliable real estate agents theyย have worked with. Even if those agentsย don’t work with rentals, they probably have a colleague they canย connect you with who does. It’s important to find someone you trust, since thatย person will be helping you find your new home.
How much are real estate agent fees for rentals?
Broker feesย are another thing that vary widely by location. In many places, the landlord pays the real estate agentย to help find a desirable tenant. Apartment locator services are almost always paid by the landlord. In more competitive rental markets, the tenant will often be responsible for the real estate agent fee, sometimesย called a “broker fee.” In fact, even if youย find the listing on your own, someย rentals will require you to pay a fee to the landlord’s brokerย for listing the property.
Feesย can be as low as $50 to $75 for a credit check or application, but more common rates areย one month’s rent orย 15% of the annual rent on the apartment.
Before you start to work with an agent, make sure you askย what fees you will be responsible for paying.
Landlordsย wield an awful lot of power over their tenantsโand where there’s power, it’s likely to be abused. We’re not sayingย allย landlords are awful, but someย sure can get annoying or offensive, or leave you in the lurch. To help you navigate these diceyย scenarios, here’s a field guide to the five types of landlords you might encounter. We’ll show you how to deal with their worstย behaviors so you can find a way to live happily under their roof.
1. The MIAย landlord
You know that landlord who’s so impossible to reach, you wonder if he’s a figment of your imagination? Playing hard to get mightย work great for him, but tenants often need to get in touch with landlords for all kinds of issues, many of them urgent.
โAll landlords, property managers, and building owners should be providing the tenant with emergency phone numbers,โ saysย Denise Supplee, co-founder ofย SparkRental.com.
But if yours doesn’tโor rarely returns your calls or emailsโit mightย be time to ignore polite decorum and be a squeaky wheel. Call and emailย daily if you mustโit’s annoying, but it will likely get his attention. Or send a certified letter. Or, since you have toย send a rent check every month, include a letter, pictures, or other evidence that details your problem with that check. If and when the check gets cashed, you’ll know your landlord received your complaints.
You mightย be tempted to withhold rent, but that’sย rarely a good idea. Doing so can damage your rental payment history and credit score, or even give your landlord cause to evict you. In some states, withholding moneyย isย a viable option, but you should set that money aside in an account, because if you go to court and lose, youโll have to pay it back.
2. Theย landlord without boundaries
On the opposite end of the spectrum are those landlords whoย are aroundย wayย too much.ย Your landlord mightย call at all hoursโor worse, drop by unannounced.
โA landlord is not permitted to drop by without notice,โ says Supplee. That’s true even if he’s rapping on your door because you’re late on rent! In fact, in most places a landlord is required to give you 24 to 48 hours notice before visiting, and those visits are usually kept between the hours of 9 a.m. and 5 p.m.
So if your landlord’s barging in whenever he wants, you’ll want to politely but firmly make those restrictions clear. If you’re uncomfortable with being so direct, tryย something along the lines of,ย “I work long hours, so I prefer peace and quiet when I get home.”
If the problem persists, though, you might have to draw a harder line.
โWrite down every date and time a landlord violates your privacy and send himย a written request to stop,” says Supplee. “If the behavior continues, you may have to contact an attorney to file suit.โ
3. The lazy landlord
Whether itโs a leaky faucet or a collapsed beam, your landlord is responsible for arranging and following through on certain repairs. So if heย is dragging his feet, you have a few options.
โThereโs a little-known tip called โrepair and deduct,โโ saysย Supplee. โEach state has itsย own requirements, but generally speaking, if the tenant gets the repair done, he or she can deduct the receipted amount from the rent.โ
Thomas Mark, an attorney who specializes in tenant-landlord disputes, explains: โIn court, you must show that the landlord knew about the problem and that heย failed to repair the problem within a reasonable time.โ
You can bolster your case withย photos of the flaws, documented repair requests, inspection reportsย from professionals, and evenย witnesses in your apartment who can testify on your behalf.
4. The subtly discriminating landlord
Of course, you’d never choose toย live under a landlord who’ll discriminate against you because of your race, gender, sexual orientation, or some other factor, but you can’t always tell right away.ย Some studiesย have shown that discrimination can manifest in subtle ways, like when landlords show you the laundry room and other facilities when showing youย an apartment. Once you’ve moved in, a biased attitudeย might affect howย long it takes themย to respond to an email or phone call.
Andย โdiscrimination doesnโt have to be overt to be illegal,โ says Mark. If a landlord makes you feel uncomfortable or unwelcome, you could have a case.ย When in doubt, contact theย Leadership Conference on Civil and Human Rightsย to find out about housing discrimination enforcement agencies in your state.
5. The BFFย landlord
Being pals with your landlord: What could be better? Don’t get too excited, though, because there’s a reasonโseveral, actuallyโwhy it’s risky to do business with friends. For example, what toll will a rent hike take on your friendship?ย And what about repairs? At first, your landlord buddy might rushย to fix your problems, but who’s to say he won’t count on your “understanding” that he can’t get to something right away?
Bottom line: Even if you’re pals, make sure there’s aย rental leaseย in place outlining expectations in terms of rent, repairs, and other sticky issues. If you care about your friendshipโand your homeโit’s the best way to avoid messy misunderstandings.
Matt Christensen, who lives in Westlake, OH, has written for Maxim, Cosmopolitan, Men’s Journal, and other publications.
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Reasons to Invest in Toronto Real Estate
Key Takeaways
Toronto, the largest city in Canada and one of the most multicultural cities in the world, is often considered a top-tier destination for real estate investors. With a growing population, a strong job market, and a stable political climate, Toronto continues to attract both local and international buyers.
At CMG Toronto, we recognize the cityโs unique appeal for rental property owners seeking long-term opportunity and security.
Here are the top reasons to consider investing in Toronto.
1. Strong and Stable Economy
One of the biggest draws for investors is Torontoโs resilient and diverse economy. The city is Canadaโs financial and business capital, home to major banks, global tech firms, and large corporations. Key industries such as film and television production, education, health care, and real estate also contribute to its economic strength.
A strong economy leads to job creation and higher income levels. As people move to Toronto for work, demand for rental housing increases. This creates a reliable source of rental income and protects investors during economic downturns.
2. High Population Growth and Migration
Torontoโs population has seen consistent growth over the years, and that trend shows no signs of slowing down. As a top destination for immigrants, the city benefits from Canadaโs welcoming immigration policies. More than half of Torontoโs residents were born outside of Canada.
Newcomers often choose to rent before buying, driving steady demand for rental units. Investors who offer well-maintained properties in accessible neighborhoods can attract families, students, and young professionals from this growing population.
3. Booming Rental Market
Torontoโs rental market remains one of the most active in the country. High home prices make renting the more practical choice for many, especially among millennials, students, and professionals who prioritize flexibility.
This creates a stable pool of renters. Well-located and well-maintained units tend to command competitive monthly rents and experience low vacancy rates. In popular neighborhoods near transit lines, business districts, and universities, listings often receive multiple applications shortly after posting.
4. World-Class Education and Healthcare
Toronto is home to top-ranked institutions such as the University of Toronto, Toronto Metropolitan University, and George Brown College. These schools draw thousands of local and international students each year, many of whom prefer off-campus housing.
The city also offers excellent healthcare, with leading hospitals and research centers. This attracts families, retirees, and skilled professionals, all of whom seek quality rental housing close to services and amenities. These factors help investors attract and retain quality tenants.
5. Excellent Public Transit and Urban Planning
Torontoโs public transit system, managed by the Toronto Transit Commission (TTC), makes commuting easy across the city. Access to reliable transportation is a major priority for renters. Properties near subway stations, streetcars, or major bus routes typically see higher rental income and longer tenant retention.
Ongoing investments in walkability, green spaces, and infrastructure upgrades continue to raise property values and improve quality of life. These urban planning efforts add long-term value to rental investments in the city.
6. Strong Real Estate Appreciation Over Time
Although the market experiences occasional cooling, the long-term trajectory of Toronto real estate is upward. Limited housing supply, combined with steady demand, drives property appreciation over time.
Rental property owners benefit not only from consistent rent payments but also from increased property value. Whether investing in a downtown condo or a duplex in a residential neighborhood, Toronto offers real potential for long-term capital gains which is why one of our top tips for investing in Toronto is to know which type of property works best for you.
7. Multicultural and Livable City
Toronto consistently ranks among the worldโs most livable cities. Clean streets, low crime, abundant green space, and a vibrant arts and dining scene make it a welcoming place to live.
Its multicultural population includes communities from around the globe. This diversity attracts international students, expats, and young professionals who often choose to rent. As an investor, you gain access to a broad and dependable tenant base that values safety, amenities, and inclusivity.
8. Government Support and Investor-Friendly Environment
Canadaโs legal and financial systems are transparent and stable, giving investors peace of mind. In Toronto, landlord-tenant laws offer protections to both renters and property owners, helping maintain a fair and manageable rental market.
Mortgage options are available for both Canadian and foreign investors. Although regulations such as rent control and foreign buyer taxes exist, Toronto still offers a more favorable environment than many global cities of similar size. Working with knowledgeable professionals helps investors navigate these policies effectively.
Why You Should Work with a Professional Property Management Company
Managing a rental property in a market as competitive as Toronto requires time, local knowledge, and experience. From marketing and tenant screening to maintenance and legal compliance, managing day-to-day operations can quickly become overwhelming.
This is where a professional property management company like CMG Toronto becomes essential. Property managers help reduce vacancies, protect your investment, and maintain positive relationships with tenants. With their support, you can minimize risk, improve cash flow, and focus on other priorities.
Experienced property managers also understand Torontoโs rental trends, pricing, and tenant expectations. Their expertise helps ensure your property remains competitive and profitable year-round. Whether youโre a local owner or an international investor, the right property management team can make a significant difference in your returns.
Bottom Line
Toronto offers one of the most compelling real estate markets in Canada. Its economic strength, growing population, cultural vibrancy, and high demand for rental housing make it a top choice for property investors.
By working with a professional property management company, you can simplify the process and maximize your returns. To learn more or get started, contact CMG Toronto today.
Disclaimer: This article is for informational purposes only and does not constitute legal, financial, or investment advice. Please consult with qualified professionals before making any real estate decisions.
Top Tips When Buying Investment Property in Toronto
Key Takeaways
Toronto remains one of the most attractive cities for real estate investment in Canada. With a thriving economy, growing population, and consistent rental demand, the city offers excellent long-term opportunities for investors.
However, buying an investment property in a city as dynamic and competitive as Toronto requires careful planning and smart decisions.
Here are the top tips to help you make informed choices and maximize your returns from CMG Toronto:
Understand the Rental Market First
Torontoโs rental market is fast-paced and highly competitive, which is one of the best reasons to invest in Toronto real estate. The city attracts a mix of tenants, including students and professionals, each with their own housing needs. High demand for housing has kept vacancy rates low, especially in areas close to public transit, universities, and employment centers.
Before investing, research average rental prices, tenant demand, and vacancy trends in your target neighborhoods. This will help you estimate your rental income and choose a location that aligns with your investment goals.
Pick the Right Neighborhood
Toronto is made up of diverse neighborhoods, each offering different investment potential. Central areas like Downtown and Midtown are more expensive but offer high rental yields due to their convenience and lifestyle offerings. On the other hand, areas like Scarborough, Etobicoke, and North York offer more affordable property prices and appeal to tenants looking for space.
Look for neighborhoods with ongoing development and access to public transit, as these factors often translate to higher property values and rental demand. Understanding the community and its growth potential is key to making a profitable investment.
Focus on Cash Flow, Not Just Appreciation
While Toronto has seen strong appreciation over the years, successful rental property investments rely on positive monthly cash flow. This means your rental income should ideally cover mortgage payments, property taxes, insurance, and maintenance, while still leaving you with a profit.
A common mistake investors make is focusing too much on property value gains and underestimating operating costs. To avoid this, make sure you evaluate the propertyโs cash flow performance before buying. Even if appreciation slows down, positive cash flow ensures long-term financial stability.
Donโt Skip Inspections and Due Diligence
Even properties that look move-in ready can have hidden issues. Older Toronto homes may have outdated electrical systems, leaky basements, or structural wear. A professional home inspection is essential to uncover any underlying problems that could cost you down the road.
If youโre buying a condo, review the status certificate to learn about the buildingโs financial health, upcoming repairs, and bylaws. Be wary of properties with low reserve funds or planned special assessments, as these could significantly increase your expenses.
Learn the Local Laws and Regulations
As a landlord in Toronto, you must follow the Ontario Residential Tenancies Act. This includes rules about rent increases, eviction processes, maintenance standards, and tenant rights. Rent control laws apply to many units, especially those built before November 2018, which limits how much you can increase rent each year.
You should also understand local bylaws regarding basement units, property standards, noise regulations, and fire safety. Ignoring these laws can lead to fines and legal trouble. Staying informed and compliant protects both your property and your reputation as a landlord.
Think Long-Term
Toronto real estate should be viewed as a long-term investment. Market conditions can shift with changes in interest rates, government policy, and global economic trends. Rather than trying to time the market, focus on steady income, property improvements, and tenant satisfaction.
Owning a rental property is a long-term commitment that involves planning, budgeting, and ongoing management. If youโre patient and proactive, your investment is more likely to grow in value and generate reliable income over the years.
Hire a Professional Property Management Company
Managing a rental property can be time-consuming, especially if you own multiple units or donโt live near your investment. A professional property management company can take care of marketing, tenant screening, lease preparation, rent collection, maintenance, and legal compliance.
Having a skilled team manage your property ensures timely responses to tenant concerns, fewer vacancies, and less stress on your end. Property managers are also familiar with Ontarioโs landlord-tenant laws, helping you avoid legal pitfalls.
While they charge a fee (usually a percentage of monthly rent), the time, energy, and potential legal issues they save you often outweigh the cost.
In Torontoโs active market, having local experts by your side can give you a competitive edge, especially in responding to maintenance emergencies, negotiating lease terms, and advising on rent adjustments.
Final Thoughts
Toronto is a strong market for real estate investors, but buying a rental property here is more than just picking a nice home. You need to research the area, calculate the numbers, plan for ongoing expenses, and comply with provincial laws. A strategic approach is essential.
Most importantly, having a reliable property management company can help you enjoy the benefits of your investment without the daily stress of managing tenants and maintenance yourself. Contact CMG Toronto today.
Bubble Alert! Is It Getting Too Easy To Get A Mortgage?
There is little doubt that it is easier to get a home mortgage today than it was last year. Theย Mortgage Credit Availability Indexย (MCAI), published by theย Mortgage Bankers Association,ย shows that mortgage credit has become more available in each of the last several years. In fact, in just the last year:
This has some people worrying that we are returning to the lax lending standards which led to the boom and bust that real estate experienced ten years ago. Letโs alleviate some of that concern.
The graph below shows the MCAI going back to the boom years of 2004-2005. The higher the graph line, the easier it was to get a mortgage.
As you can see, lending standards were much more lenient from 2004 to 2007. Though it has gradually become easier to get a mortgage since 2011, we are nowhere near the lenient standards during the boom.
Theย Urban Instituteย also publishes aย Home Credit Availability Indexย (HCAI). According to the Institute, the HCAI:
Here is a graph showing their findings:
Again, todayโs lending standards are nowhere near the levels of the boom years. As a matter of fact, they are more stringent than they were even before the boom.
Bottom Line
It is getting easier to gain financing for a home purchase. However, we are not seeing the irresponsible lending that caused the housing crisis.
Source: The KCM Team |ย https://www.keepingcurrentmatters.com/2017/11/22/bubble-alert-is-it-getting-too-easy-to-get-a-mortgage/ | 11.24.2017
Notice of Entry, and Other Rules Your Landlord Needs to Follow
Byย Jeanne Sagerย |ย Oct 2, 2017
With a rental lease set to expire, most landlords want to show the apartment as often as possible, which means they’ll need a notice of entry to get into your place. They’ll beย eager to find new renters, but the law states they can’t justย unlock your door at any time and pop in for a visit. They also aren’t allowed to show the apartmentย soย many times that it creates a nuisance for you and disrupts your life.
If you’re a renter, read on for the rules of landlord entry, so you know what to expect.
If you need help with property management, tenant management services, or looking into a property investment – contact CMG Toronto today. The best property management company in Toronto.
Landlord notice of entry
Landlords are legally obligated to provide a renter with notice that they’ll be entering the premisesโforย anyย reason. Whether that’s to show the property to a potential renter or to fix aย leaky faucet, the law is clear: Legal tenants have the right to quiet enjoyment of their home.
“The landlord must provide reasonable notice in writing (generally, 24 hours) of his intent to enterโand to do itย only during normal business hours,” explainsย Bryan Zuetel, a Realtorยฎ and real estate attorney from Irvine, CA.ย If a tenant is home and consents to entry, the 24-hour notice can be waived. Then again, it is OK for a tenant to deny entry to their landlord if they show up unannounced.
If the landlord intends to rent or sell the property to someone new, they may ask you to allow additional showings, Zuetel says. And depending on what’s spelled out in yourย lease agreement, you may have to comply. “For example, under certain conditions, a landlord may require that the tenant permit a weekend open house during regular business hours, and the landlord may provide oral notice of entry to the tenant,” he says.
So pull out the paperwork you signed if you’re worried that your landlord is crossing the line. Landlords who are following those guidelines are probably in the clear.
How often can aย landlord show anย apartment?
Rental law does not specifically stipulate a maximum number of timesย a landlord is allowed to show an apartment to prospective tenants. It does, however, provide some cover for tenants. “The landlord may not abuse the right of access, or use it to harass the tenant,” Zuetel explains.
That might sound vague, but if you do feel like your landlord is abusing the right of access and bothering you too often, you should try talking to them first, before calling an attorney. “Let themย know that you are feeling stressed fromย all the showings and ask for a break for a few daysโthat seems more than reasonable,” saysย Holly Pasut, a Realtor with Hines and Associates Realty in Cornelius, NC. If that doesn’t help, you can then seek legal action.
11 Questions to Ask a Potential Roommate to Weed Out the Weirdos Fast
Byย Daniel Bortzย |ย Nov 6, 2017
Picking a roommate is a bit differentย from picking a spouse, a pet, or a nice couchโit’s a giant leap into the great unknown. What are some questions to ask a potentialย roomie to help you separate the special someone you can happily live with from all the freaks and weirdos who will drive you nuts? After all, even ifย everything seems fine atย first blush, onceย a person moves in, all kinds of unsavory habits might suddenly rear their headโand by then, you’reย kindย of stuck. So, before signing on the dotted line with a stranger, be sure toย review this list of questions for screening purposes. Trust us, you’ll be so glad you did!
If you need help with property management, tenant management services, or looking into a property investment – contact CMG Toronto today. The best property management company in Toronto.
1. Do you smoke?
Living with a smoker is a deal breaker for many people; hence, thisย question is a staple on roommate matching websites.
Marin King, a real estate agent at Keller Williams NYC who specializes in rental properties, says potential roommates should absolutely clear the air not only on whether they smoke, but alsoย on where it’s allowed if it’s allowed. For instance, some might not take kindly to seeing ashtrays on the back porch, even if it’s outdoors.
2. Are you a morning person or a night person?
Night owls and early birdsย donโt tend to mix well as roommates. Because youโre on opposite sleep schedules, youย might feel you always have to tiptoe around. Researchย shows earlyย risers and nightย people have different personality traits and behaviors that can make themย clash worse than polka dots and plaid. (Fun, and not entirely surprising, fact: One studyย found that night owls, on average, consume more alcohol than morning people.)
3. Whatโs your work schedule?
Ideallyย your work schedules willย be compatible, saysย Joe DeFilippo, a real estate agent and rental specialist with City Chic Real Estate in Washington, DC. This is especially important if youโre going to be sharing a bathroom,ย because you want to have ample time to get ready in the morning. (Having a roommate who’s impatiently waiting for you toย get out alreadyย isn’t a great setup.)
4. Do you have pets?
Hate cats? Allergic to dogs? Well, don’t liveย with a roommate who has one! Ifย you donโt mind having a four-legged friend around, though, you should still make sure your landlord allows pets,ย because many don’t.
5. Do you work from home?
Office dwellers might skip this question, but if youโll be working from home, you should check to see whether youโd have the place to yourself. After all, one of the best things about working from home is that you have fewer distractions from co-workers, but your roommate could prove equally distracting, or even more so if heโs a chatterbox!
6. What do you like to do on nights and weekends?
If you enjoy hosting game night and dinner parties, rooming with a homebody canย cause problems. After all, you should be able to entertain at home without feeling like youโre invadingย your roommateโs privacy.
Asking thisย question can also help you gauge if your prospective roommate is a party animalย who’s going to treat your apartment like a frat house.
7. Have you ever had any issues with rent payments?
A landlord or property management company will usually look into each personโs rental history before approving a roommate, but you should still vet your roommate yourself. Why? Because if your roommateย canโt payย his portion of the rent, youโre typically on the hook for payingย his share. So, if someone says she’s had trouble paying rent on time in the pastโor has hadย other issues with a previous landlord (e.g., arguments, fines, eviction)โlook for aย roomie who is more drama-free.
8. Are you in a relationship?
If you don’t want an unofficial third roommate, you need to set clear expectations about how often romantic partners can sleep over. This can become a big issue if your roommateโs significant other is a constant presence in your apartment; at that point, the person should be paying rent!
9. What indoor temperature do you prefer?
This might seem minor, butย plenty of folks living in close proximityย have strong disagreements over who controls the thermostat. This issue can alsoย present financial concernsโif the person in the next room likes to constantly blast the air conditioning during the summer, for example, you could be looking at a fatterย utility bill.
10. How often do you clean?
This is a better approachย than asking someone straight up, โAre you a clean person?โโbecause few people will admit to being a slob. If you’re someone who can’t fall asleep if there are dishes in the sink, make sure you find someone who’s the same way. If youโre both lazy cleaners, you could agree to split the cost of a professional cleaning service once a month.
11. Are you still friends with your old roommates?
You certainly donโt have to become bestiesย to be good roommates, but you do want someone who is pleasant and easy to spend time with. Ifย your prospective co-tenantย has had a long string of โbad roommates,โ this could beย a case of the pot calling the kettle black.
‘We Gave Up the Perfect Apartment for Our Pet’
Byย Sasha Brown-Worshamย |ย Nov 2, 2017
If you had to choose betweenย having the perfect apartmentย or a sweet, sloppy, loving pet, which would you pick?
Fifteen years ago, my husband and I found ourselves inย thisย situation when we adopted a strayย dog namedย Rockyโall high-strung energy and cuddles concentrated in a tiny Chihuahuaย body. He suited us perfectly.
The only problem? We didn’t check withย our landlord first.
Worse yet, weย loved our apartment:ย The kitchen was painted a burnt Tuscan orange, the bedroom was expansive with a walk-in closet and a brilliant blue color that made us feel relaxed and right at home. The location was perfect, a quarter-mile from my favorite yoga studio and a stone’s throw from the subway. Best of all? The rent was an affordable $900.
But that dog.
After we brought Rocky home, we did the right thing. We called our landlord. We figured since he’d approved our corpulent cat, he’d almost certainly approve the dog, too. Especially such aย littleย dog!
Alas, our landlord said no. No dogs allowed.
What should we do? Well, we never really had a choice. Our hearts were set on that sweet littleย pooch with his big brown eyes and curly tail. So we found another apartment a few doors down that allowed pets.
Our new apartmentย had no dishwasher. It had no closet. It was in a run-down building with a bathroom so disgusting, we wore shower shoes the whole two years we lived there. It’s noย wonderย it allowed dogs.
The kicker? It was smallerย andย $400 more expensive than the place we’d just left.
The move was depressing and long. We did a terrible job packing,ย because we didn’t want to leave. We walked our things box by box down the street, feeling more and more angry with every trip. But we moved. And we settled Rocky and Melvin (the fat cat) into our new place.
A few weeks later, we were at the local dog park when weย met a new couple who,ย to our surprise, had just moved into our old place. Even more shocking? They also had a dogโa Chihuahua named Percy.
“We just didn’t tell him,” they explained after weย revealed howย our own Chihuahuaย had been the reason we’dย had to move out. “And once he found out when he saw us walking the dog and met him, he just let us stay.”ย Wait,ย what?
So what did Iย take away from this infuriating experience? Plenty. Here are five thingsย I learned about mixing apartments and pets.
Ask your landlord before you meet the dog
We made the mistake of falling forย Rockyย before we confirmedย that our landlord would approve.ย The best path is to clear the dog question with your landlord before youย lose your heart to a furry one.
‘Don’t ask, don’t tell’ is a gamble, but it can sometimesย pan out
Hiding a pet from your landlordย is, of course, terrible legal advice. But it’s also possible that once or if your landlord finds out, he willย OK it rather than go through the annoying and expensive process of finding a new tenant. It’s a gamble, of course. You could end up on the financial hook if your puppy or dog destroys something or if your landlord considers it a breached lease. But mostly, the worst-case scenario is mutually parting ways with your landlord and then you are no worse off than if you’d asked and he’d said no.
Introduceย your pet to your landlord, andย maybe he’ll melt
This isn’t going to work with a landlordย who hates all animals, but our landlord was alreadyย OK with cats. The only difference between us and the tenants who followed us is that he’d metย theirย Chihuahua. Had he met ours, he might have had a different reaction.
Offer to sign additional paperwork
If we hadย offered to sign liability clauses in the lease indicating that we would pay for any damage incurred by Rocky, our landlordย might have been more amenable to his presence. We asked without that offer and, in retrospect,ย we could have made our requestย more appealing, and harder to turn down.
Propose payingย more rent
If all else fails and you really want to keep the apartment, put more money on the table. For the dishwasher, the nice bathroom, the walk-in closet, and the feeling of home, we would have upped our rent considerably. We simply didn’t argue enough. We gave up too soon.
If all of these tactics fail and your landlord says it’s a no-go, the good news is this: We left that apartment in 2003. In theย 14 years since, we have had three children and five houses. We moved out of the bad apartment and boughtย a condoโand never rented again.ย Rocky has been with us through it all. Today,ย he is gray around his temples and has lumps and bumps too numerous to count. He limps a bit and sometimes pees on the carpet, but he’s been in our lives for almost as long as my husband and I haveย been togetherโand we almost couldn’t imagine life without him.
In other words: Itย was worth it.
Source:ย https://www.realtor.com/advice/rent/we-gave-up-our-apartment-for-our-pet/ |ย 11.03.2017 |
Need help? Contact the best property management company in Toronto.
The Cost of Hiring a Real Estate Agent to Rent Out Your Home
Byย Adriana Velezย |ย Oct 13, 2017
Hiring aย real estate agentย to handle the logistics ofย rentingย out your propertyย can beย a smart moveโone that many homeowners make. An agent can create a listing for you, help youย check outย applicants, and generally manage other aspects of renting so you don’t have to. But before you sign a contract with an agent, you’ll want to figure out how muchย it will cost so you stillย come out ahead. Do the math!
Let’s take a look at how much it costs to rent out your home through an agent.
Real estate agent fees associated with rentals
The amount your agent will charge you depends on the list of responsibilities and the rate they plan on charging you.
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โThere is no set commission,โ saysย Beverley Hourlier, aย Realtorยฎ with Hilltop Chateau Realty in San Diego. But there are some common guidelines.
โI usually charge half of the monthly rent if I am just helping to lease,โ Hourlier says. She adds that some agents charge a โlease upโ fee, which is half the rent plus costs like running a credit report, plus a property management fee.
โIf I property manage, then I charge 10% of the monthly lease,โ Hourlier says. Keep in mind, property management is a little outside the wheelhouse of most real estate agents. If that’s what you’re looking for, youย might want to hire a company separately. Some property management companies will find your tenant for an additional fee.
Although there isn’t a set commission for real estate agents involved in rentals, a common range is around the cost of one month’s rent.
โMy charge to all of my rental clients is one monthโs rent, which will be split between my broker and the renting broker,โ saysย Juan Vazquez, aย Realtor with RSVP Homes Realty in Hollywood, FL.
John Klein, aย Realtor in Coral Springs, FL, also says a commission of 10% of the monthly lease or one monthโs rent is standard.
With those ballpark figures in mind, make sure you and your real estate agent make a list of services they’ll provide to get your home rented out. That way you’ll know what their fees cover. If an experienced Realtor can bring you a responsible renter who can pay more, it could be well worth the fee.
If you need help with property management, tenant management services, or looking into a property investment – contact CMG Toronto today. The best property management company in Toronto.
Need help? Contact the best property management company in Toronto.
Adriana Velez is a food, wellness, and home writer . Her work has been featured in Healthyish, Prevention.com, Lifehacker, She Knows, and CafeMom.
Source:ย https://www.realtor.com/advice/rent/how-much-will-it-cost-me-to-rent-my-house-through-a-realtor/ | 10.26.2017
5 Illegal Rentals You Might Be Living in Right Now
By Colleen Kane | Oct 12, 2017
You, holing up in an illegal rental? Never!
At least, that’s what I thought before I was kicked out ofย my own illegal rental when I was, oh, about eight months pregnant. Worst of all, I had no ideaย my cellar apartment was illegal.ย That’sย a horror story for another time, but it has a universal takeaway: Knowing what’s legal in your rental market can save you a boatload of trouble in the long run.
Laws differ by location,ย so you can protect yourself by researchingย the building and its local ordinances.ย One starting point is simply to Google the building’s address (with quotation marks around it for best results), whichย might turn upย reports of prior or outstanding violations. If you’re suspicious about something, it’s also worth checking yourย local department of buildings or building safety, whichย will have the certificate for your buildingย (in my city, it’s viewableย online).
If you need help with property management, tenant management services, or looking into a property investment – contact CMG Toronto today. The best property management company in Toronto.
So before you move into a rental, if you suspect something’s up, here are some features that are red flags.
1. You’re rentingย a basement, cellar, or attic
Basement apartments might seem sweet, but watch outโas I learned in my cellar fiasco,ย unusualย often means illegal.
In New York City, in fact, basements areย the most common form of an illegal apartment, and cellars and attics may not be far behind.ย (What’s the difference between “basement” and “cellar” for lower-level spaces?ย A basement rises at least 50% above street level, while a cellar has the majority of its space below street level, and different laws can apply to each.)
To be declared legal, a basement, cellar, or attic apartment has to meet criteria like having a minimum ceiling height (in New York, it’sย 7 feet)ย andย being zoned as living space. So if the space is mostly below street level, if its ceiling seems suspiciously low, or if its windows are tiny, definitely do more research on whether this space is legal to rent as a residence.
2. You’re renting aย loft or converted warehouse
Love the industrial vibe of living inย a loft or convertedย warehouse space? You’d better check local zoning ordinances and codes. Many of these former factories weren’t legally converted to residential units, or they aren’t up to snuff in terms of safety and fire codes. So, ask the landlord for a residential Certificate of Occupancy, and beware of lofts whereย typical residential amenities like bathrooms, plumbing, and electrical seem hacked into the layout in a way that seems less than safe.ย As the deadlyย Ghost Ship fireย proved, some warehouse conversions are done without regard toย fire codes. If living spaces seem crammed in a haphazard manner, if electrical wires are exposed, or if paths to exit are scarce, look elsewhere.
3. You’re renting anย in-law suite
In-law suites, also called secondary units, areย the common name for self-contained suites in private homes, with a separate entrance, kitchen, and bath. But if you’re considering paying rent to live in such a suite in a stranger’sย home, proceed with great caution.
“What we typically find is that in-law suites were never permitted as such, making them illegal apartments,” saysย Robert Pellegrini, president of the PK Boston law firm. He explains that when homeowners add a new residential unit, they often don’t know they need to get permits for this second dwellingโeven if a family member is moving in. So if you’re considering such a unit, make sure to ask to see permits.ย They may also be required to provide other features such as a separate electric meters and a parking spot.
4. Utilities are included
Great! How can you goย wrong with free utilities? Here’s how: Ifย everyone living in the building is on one gas meter, the building may not beย zoned for separate dwellings. It’s aย possibleย sign that the landlord is hoping to hide illegal rental units. Similarly, if you’re told you can’t have mail delivered to the apartment’s address, it may be an attempt to hide you, the less-than-legal renter.
But this is not always the case. “Often, it is less costly for landlords to simply include the utilities rather than remeter and/or separate the utilities,” points out Pellegrini. So go ahead and ask the landlord for documentation on the number of dwellings allowed in the building to make sure everything’s on the up and up.
5. There aren’t enough windows or exits
If you’re renting a bedroom in a larger apartment with other people, make sure that “bedroom” is legit. To officiallyย qualify as a bedroom, in addition to a door, rooms mustย have a window, but there is some wiggleย space here. For instance, aย skylight counts as a window in some locations, and the window need not be facing the great outdoors; even a window facing another interior room with a windowย could pass muster. There also needs to be another exit from the dwelling other than your main entrance.
“If there are no other doors, the landlord must provide a fire escape,” says Pellegrini. “Failing this, there is no way you can rent there.”
Laws differ by location, but in New York, youย might have a wrought-iron, balcony-style fire escapeย or emergency stairwells.ย Newer buildings may even haveย evacuation elevators.The old adage to never take an elevator in case of a fire may no longer apply across the board.
Colleen Kane has written for Fortune, Money, and other publications and websites.
Need help? Contact the best property management company in Toronto.
Source:ย https://www.realtor.com/advice/rent/illegal-rentals/ | 10.12.2017
Do Real Estate Agents Deal With Rental Properties?
Byย Audrey Ferenceย |ย Aug 24, 2017
If you’re familiar with the struggle that isย finding an apartment online, the idea of a real estate agent who can help you in your search might sound like a godsend. We all knowย real estate agents help people buy a home, but did you know theyย can alsoย help people find properties to rent?
A real estate agent can save youย the hassle of tracking down landlords and property managers from Craigslist, especially in bigger cities, though the services they provide (and theย feesย they charge) vary by location. Here’s what you need to know.
Real estate agents and rentals
What aย real estate agentย does to help you find a rentalย depends on theย locationโwhether it’s a large city or a small townโand theย agent. Sometimes the agent will guide your search from the very start, helping you find the right neighborhood, apartment size, and price range, then go with you to open houses. More likely though, you’ll already have a lot of that information decided, and the agentย will send you listings that mightย be of interest to you.
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No matter what, once you’ve decided on a rental and have been approved by the landlord or management company, your agentย should help you read and understand your lease.
“Most tenants can find a place without a real estate agent, but they forget to seek out someone who can help them understand what theyโre signing when they sign a lease,” saysย Dillar Schwartz, a Realtorยฎ in Austin, TX.
Your lease has all kinds of vital information in it, including what repairs you’ll be responsible for, the penalties for late rent, and even the terms for breaking the lease. You want to be sure you’re not signing anything that puts you in a bad position financially or violates your rights as a tenant.
Where you’re looking to live makes a difference
In cities such asย New York or San Francisco with huge populations of renters, it’s common to use a real estate agentย to find a rental property, and there are entire agencies that specialize in doing just that. In some cities, it’s more common for agencies that focus on rentals to be calledย “apartment locators,” but they provide essentially the same service.
In places where rentals are not as common, you mightย find that apartments, townhouses, and condos are more commonly handled by the complex’s management company. People renting out their homes in primarily owner-occupied suburban areas, especially those withย HOAs, will often use real estate agentsย to help find renters whoย meet the neighborhood association’s requirements.
Howย do you find aย real estate agent who deals with rentals?
“One place to start isย realtor.comยฎ,ย and do a search for rentals in the area you wish to live in, then contact the agents that represent those properties,” saysย Teri Andrews Murch, a Realtor in Auburn, CA.
Personal referrals are also a great way to find someone. Ask friends for the names of reliable real estate agents theyย have worked with. Even if those agentsย don’t work with rentals, they probably have a colleague they canย connect you with who does. It’s important to find someone you trust, since thatย person will be helping you find your new home.
How much are real estate agent fees for rentals?
Broker feesย are another thing that vary widely by location. In many places, the landlord pays the real estate agentย to help find a desirable tenant. Apartment locator services are almost always paid by the landlord. In more competitive rental markets, the tenant will often be responsible for the real estate agent fee, sometimesย called a “broker fee.” In fact, even if youย find the listing on your own, someย rentals will require you to pay a fee to the landlord’s brokerย for listing the property.
Feesย can be as low as $50 to $75 for a credit check or application, but more common rates areย one month’s rent orย 15% of the annual rent on the apartment.
Before you start to work with an agent, make sure you askย what fees you will be responsible for paying.
Need help? Contact the best property management company in Toronto.
Follow @audreyferenceSource:ย https://www.realtor.com/advice/rent/are-there-realtors-out-there-who-help-find-apartments-how-would-they-earn-commission-on-these-types-of-properties/
5 Bad Landlords You Might Meetโand How to Keep Them in Line
Byย Matt Christensenย |ย Sep 14, 2017
Landlordsย wield an awful lot of power over their tenantsโand where there’s power, it’s likely to be abused. We’re not sayingย allย landlords are awful, but someย sure can get annoying or offensive, or leave you in the lurch. To help you navigate these diceyย scenarios, here’s a field guide to the five types of landlords you might encounter. We’ll show you how to deal with their worstย behaviors so you can find a way to live happily under their roof.
1. The MIAย landlord
You know that landlord who’s so impossible to reach, you wonder if he’s a figment of your imagination? Playing hard to get mightย work great for him, but tenants often need to get in touch with landlords for all kinds of issues, many of them urgent.
โAll landlords, property managers, and building owners should be providing the tenant with emergency phone numbers,โ saysย Denise Supplee, co-founder ofย SparkRental.com.
But if yours doesn’tโor rarely returns your calls or emailsโit mightย be time to ignore polite decorum and be a squeaky wheel. Call and emailย daily if you mustโit’s annoying, but it will likely get his attention. Or send a certified letter. Or, since you have toย send a rent check every month, include a letter, pictures, or other evidence that details your problem with that check. If and when the check gets cashed, you’ll know your landlord received your complaints.
You mightย be tempted to withhold rent, but that’sย rarely a good idea. Doing so can damage your rental payment history and credit score, or even give your landlord cause to evict you. In some states, withholding moneyย isย a viable option, but you should set that money aside in an account, because if you go to court and lose, youโll have to pay it back.
2. Theย landlord without boundaries
On the opposite end of the spectrum are those landlords whoย are aroundย wayย too much.ย Your landlord mightย call at all hoursโor worse, drop by unannounced.
โA landlord is not permitted to drop by without notice,โ says Supplee. That’s true even if he’s rapping on your door because you’re late on rent! In fact, in most places a landlord is required to give you 24 to 48 hours notice before visiting, and those visits are usually kept between the hours of 9 a.m. and 5 p.m.
So if your landlord’s barging in whenever he wants, you’ll want to politely but firmly make those restrictions clear. If you’re uncomfortable with being so direct, tryย something along the lines of,ย “I work long hours, so I prefer peace and quiet when I get home.”
If the problem persists, though, you might have to draw a harder line.
โWrite down every date and time a landlord violates your privacy and send himย a written request to stop,” says Supplee. “If the behavior continues, you may have to contact an attorney to file suit.โ
3. The lazy landlord
Whether itโs a leaky faucet or a collapsed beam, your landlord is responsible for arranging and following through on certain repairs. So if heย is dragging his feet, you have a few options.
โThereโs a little-known tip called โrepair and deduct,โโ saysย Supplee. โEach state has itsย own requirements, but generally speaking, if the tenant gets the repair done, he or she can deduct the receipted amount from the rent.โ
Thomas Mark, an attorney who specializes in tenant-landlord disputes, explains: โIn court, you must show that the landlord knew about the problem and that heย failed to repair the problem within a reasonable time.โ
You can bolster your case withย photos of the flaws, documented repair requests, inspection reportsย from professionals, and evenย witnesses in your apartment who can testify on your behalf.
4. The subtly discriminating landlord
Of course, you’d never choose toย live under a landlord who’ll discriminate against you because of your race, gender, sexual orientation, or some other factor, but you can’t always tell right away.ย Some studiesย have shown that discrimination can manifest in subtle ways, like when landlords show you the laundry room and other facilities when showing youย an apartment. Once you’ve moved in, a biased attitudeย might affect howย long it takes themย to respond to an email or phone call.
Andย โdiscrimination doesnโt have to be overt to be illegal,โ says Mark. If a landlord makes you feel uncomfortable or unwelcome, you could have a case.ย When in doubt, contact theย Leadership Conference on Civil and Human Rightsย to find out about housing discrimination enforcement agencies in your state.
5. The BFFย landlord
Being pals with your landlord: What could be better? Don’t get too excited, though, because there’s a reasonโseveral, actuallyโwhy it’s risky to do business with friends. For example, what toll will a rent hike take on your friendship?ย And what about repairs? At first, your landlord buddy might rushย to fix your problems, but who’s to say he won’t count on your “understanding” that he can’t get to something right away?
Bottom line: Even if you’re pals, make sure there’s aย rental leaseย in place outlining expectations in terms of rent, repairs, and other sticky issues. If you care about your friendshipโand your homeโit’s the best way to avoid messy misunderstandings.
Matt Christensen, who lives in Westlake, OH, has written for Maxim, Cosmopolitan, Men’s Journal, and other publications.