Yes; that's right everyone, it seems that if you’re a landlord who is not offering state of the art living like Mr. Trump is, than you can forget about leasing your income property for big bucks. In the old days all you needed was to have a few essential amenities to make your investment property very attractive, like location and access to public transit. In today's world those two features are only the starting point.
With the Toronto real estate marketplace being so hot and especially downtown living being popular as ever, tenants have come to expect more than just the usual things on a must have list before committing to a lease agreement. The latest rumblings I have heard from prospective tenants is "does the apartment have character?" if tenants are looking for character what else is on the must have list?
Here are some of the features that prospective tenants are searching for
Location, location, location
Renovated from top to bottom including state of the art kitchen and bath
Easy access to public transit
Neighborhood statues (the more expense the neigh our good the higher in demand the rental apartment is)
Natural light ( if a your a landlord with basement apartments, find a way to let natural light in, it will go a long way in leasing it long term)
Having a backyard space with some greenery
Sound proofed (this feature is something that has become more in demand over the last few years)
Laundry has become a must within the apartment
Parking has also become a must over the last while or so, it seems more Torontonians are investing in cars
Air conditioned apartment that can controlled by the tenant
Dishwasher in the kitchen has also become a must
Hardwood floors and nothing but hardwood, most people won't look at a unit with carpet
Private storage space for the tenant
Apartment layout, most people like a open type of concept
Units that have never been smoked in and that well maintained like updated windows and generally that are clean
It seems landlords are becoming more completive with another to attract prospective tenants. That's a good thing if you’re either a landlord or a tenant looking for a great place to live! Landlords who understand that improving your property will only be beneficial not only in the renters market but also with increasing property value and rental value. Hey competition is good! Especially when it benefits the consumer.