7 Factors That Can Increase the Rent of Your Investment Condo

Toronto is one of the largest cities in Canada. Also, the city’s population is increasing rapidly, boosting the demand for rental properties. So, is this a good time for investors to invest in Toronto’s property market? If you plan to rent the property, its a great time to find deals in the market. Also, you should look to boost your rental income, whether buying new condos for sale in Mississauga or any other location.

Achieving maximum rent for your property is all about optimizing it for renters. Also, different renters will have different preferences. However, a generalized approach attracts many renters, making them value the property more. We have some tips on how to boost the rental income for your condo for sale in North York, new townhomes in Whitby, or properties anywhere else in the GTA region:

1: Space and Its Management

Big cities are getting cramped with space regarding apartments and housing. However, tenants want more space. Managing the available space efficiently is the best thing when renting houses and apartments. So, when you buy a property, make sure the space is well managed.

Also, do not over-clutter the rooms with more furniture than required. Provide a feeling of a wider space to make it valued more. Large windows with daylight entering the living area or rooms can make a big difference. Keep it simple and spacious to provide the feeling of more space.

2: More Focus on Home Workspaces

Working from home is becoming common for many occupations. So, tenants are focusing on properties that provide optimized work-from-home spaces. This presents a great opportunity for property owners to boost their rent. By providing “home offices” in the property, owners can ask for higher rents.

Whether the property is based on a +1 or a second-bedroom floor plan, make use of the available space intelligently. Also, this is a relatively easy feature to add to any property. Work-from-home spaces can be added to small and large properties effortlessly.

Whether your tenants work full-time from home or an occasional video call, this added benefit will compel them to pay higher rents. The added income will be useful for investors in the long term.

3: Outdoor Spaces Boost the Value of the Property

Balconies, terraces, and other outdoor spaces are gaining more traction. Properties with well-managed outdoor spaces are getting higher rents than properties without them. For many people, an outdoor sitting or coffee table area can go a long way towards improving the living quality of the property.

So, make sure the property has as many outdoor spaces as possible. Usually, a single outdoor space that is functional and aesthetically pleasing can be adequate. However, go for more than one to boost the rent even more. The little investment required to manage these spaces will be paid with interest.

4: Quiet, Subtle, and Elegant

The concept of more is better is fading away. Buyers prefer elegant and subtle interiors that are functional and minimalistic. Also, it is important to invest in a property that offers quiet and peaceful living.

5: Focus on Design and Finish

Good property design gets more attention. In a big city like Toronto, all types of properties have a good market. However, sticking to attractive and attention-grabbing designs is the best when it comes to getting maximum rent. People will appreciate the attention to detail in terms of the design and finish.

When given the choice between two properties, renters will pay more rent for a property that is well-designed. A bedroom with a large window is much better than a bedroom with a small or no window. Other design aspects should be looked at when investing in a property that is to be rented out.

6: Well-maintained, Clean, and Inviting Interiors

Renters are looking for the best-presented properties. Properties that are well-maintained with a strong focus on cleanliness get more attention. Also, the interiors should be tastefully done and look inviting for renters. This is why it is important to remove any personalization touches when renting out the property.

Clean, elegant paint schemes and updated cabinet designs that look clean and attractive tend to get the most appreciation. So, make sure to clean the property properly before listing it for rental. Make the property look attractive to let renters perceive themselves as living in it.

7: Pay Attention to Online Ad Placement for Renters

Whether you invest in condos for sale in Mississauga, new townhomes in Whitby, or any other property anywhere else in the GTA region, it is important to advertise it attractively. Take attractive pictures of the property when it is nicely cleaned and maintained and post ads on the right platforms.

Getting maximum rent is all about boosting the visibility of the property. Get it seen by the maximum number of potential renters, and it will grab the best rent offer. Don’t miss out on any major property listing platforms in your area. Also, staging is a good option to get maximum rent for your property.

And Finally

Investors should always look to maximize the rent income from their investment properties. Also, renting investment properties provides potential opportunities for growth in the future. Ensure the property is clean, presented well to renters, and has optimized space. Also, properties with work-from-home setups may tend to attract more eyes on the property. Focus on the design while offering the best outdoor space arrangement in the property.

Trust Condos is one of the best property realtors in Toronto. We have years of experience offering investors the best property investment insights. Get in touch today, and we will guide you to the best potential investment properties with the highest rental income prospects.

The information on this blog is based on our experience. Readers/Users are strongly recommended to obtain independent property, mortgage, legal, tax or accounting advice. The information displayed is for reference only and is without any representations and warranties.