When attracting and retaining tenants, it’s essential to know the amenities your property offers and how to market these facilities to attract prospective renters. According to Buildium, renters are interested in what amenities a rental property offers before committing to a lease. Buildium identifies several types of renters:
One-person households
Couples without kids
Multigenerational households
Roommate households
Couples with kids
Single-parent households
Each of these groups comes with different interests and needs, making it complex to fulfill each of their wants.
Fortunately, at Birks Asset Management, we’re skilled at identifying and grouping prospective tenants to effectively market Toronto and the GTA’s rental property amenities to attract and retain renters. Below we’ve listed popular facilities that appeal to prospective tenants in Toronto and the GTA.
Table of Contents
Air Conditioning
After the global COVID 19 pandemic, many renters value feeling comfortable in their units. As a result, a popular amenity that prospective tenants look forward to is air conditioning. Research shows that 62.7% of renters want air conditioning in their units when considering moving in. Especially since working from home is now popularized in the workforce.
In-Unit Washer and Dryer
In-unit washer and dryer is another requested amenity by prospective renters. In-unit washer and dryer limits renters from going into shared spaces. It also gives renters the privacy to do laundry at their own pace and time, allowing them more time to enjoy the great city of Toronto. Providing an in-unit washer and dryer offers renters a sense of ownership of the property even though they’re renting, allowing them to feel at home.
High-Speed Internet
Due to the popularization of working from home, high-speed internet is now a highly favoured amenity. Buildium’s 2021 Renters’ Report includes a statement from a renter saying, “high-speed internet is much more important than it was. You never know when it could go from being a perk to a necessity.” Research also shows that 52.7% of renters want high-speed internet with their condominium rental property, especially renters in Toronto, GTA, and student housing areas. Meaning, you the landlord are not obligated to provide internet to individual units, instead, the condominium as a whole offers high-speed internet.
Safe Neighbourhood/Property with Security
Statistics show that all tenant groups highly prioritize safety in their rental property. Tenants want to feel safe in their units with an active security system that protects them from the possibility of intrusion. At the same time, after the pandemic renters now want the peace of mind that extensive cleaning and sanitation are frequently conducted in common areas of the condominium.
Pet-Friendly Rental
Tenant groups such as couples without children, couples with children, and multigenerational households, tend to prefer rental properties that allow pets. These tenant groups are more likely to spend years or even decades of their lives in your rental property. For this reason, a little leniency will help residents feel at home, especially in the long run.
Close Proximity to Stores, Restaurants, and Public Transportation
From all the listed amenities above, close proximity to stores, restaurants, and public transportation is a popular amenity that renters demand. Research shows that 52% of renters prefer this option with their rental property. When it comes to condominium rental properties, especially in Toronto and the GTA, being near stores, restaurants, and public transportation promotes easy travel for renters than driving long distances. Overall, enabling a comfortable and easy lifestyle for tenants.
While the listed amenities above are in demand among tenants, it takes a particular skill to attract the right tenants for your property’s amenities. That’s why we’re here to help! We know how to market your property depending on its amenities to the right target group to attract and retain tenants in Toronto and the GTA—making it easy for us to fill any vacancy for you! Please feel free to Contact Us, with any questions or concerns.
6 Detailed Ways to Attract and Retain Prospective Tenants
When attracting and retaining tenants, it’s essential to know the amenities your property offers and how to market these facilities to attract prospective renters. According to Buildium, renters are interested in what amenities a rental property offers before committing to a lease. Buildium identifies several types of renters:
Each of these groups comes with different interests and needs, making it complex to fulfill each of their wants.
Fortunately, at Birks Asset Management, we’re skilled at identifying and grouping prospective tenants to effectively market Toronto and the GTA’s rental property amenities to attract and retain renters. Below we’ve listed popular facilities that appeal to prospective tenants in Toronto and the GTA.
Table of Contents
Air Conditioning
After the global COVID 19 pandemic, many renters value feeling comfortable in their units. As a result, a popular amenity that prospective tenants look forward to is air conditioning. Research shows that 62.7% of renters want air conditioning in their units when considering moving in. Especially since working from home is now popularized in the workforce.
In-Unit Washer and Dryer
In-unit washer and dryer is another requested amenity by prospective renters. In-unit washer and dryer limits renters from going into shared spaces. It also gives renters the privacy to do laundry at their own pace and time, allowing them more time to enjoy the great city of Toronto. Providing an in-unit washer and dryer offers renters a sense of ownership of the property even though they’re renting, allowing them to feel at home.
High-Speed Internet
Due to the popularization of working from home, high-speed internet is now a highly favoured amenity. Buildium’s 2021 Renters’ Report includes a statement from a renter saying, “high-speed internet is much more important than it was. You never know when it could go from being a perk to a necessity.” Research also shows that 52.7% of renters want high-speed internet with their condominium rental property, especially renters in Toronto, GTA, and student housing areas. Meaning, you the landlord are not obligated to provide internet to individual units, instead, the condominium as a whole offers high-speed internet.
Safe Neighbourhood/Property with Security
Statistics show that all tenant groups highly prioritize safety in their rental property. Tenants want to feel safe in their units with an active security system that protects them from the possibility of intrusion. At the same time, after the pandemic renters now want the peace of mind that extensive cleaning and sanitation are frequently conducted in common areas of the condominium.
Pet-Friendly Rental
Tenant groups such as couples without children, couples with children, and multigenerational households, tend to prefer rental properties that allow pets. These tenant groups are more likely to spend years or even decades of their lives in your rental property. For this reason, a little leniency will help residents feel at home, especially in the long run.
Close Proximity to Stores, Restaurants, and Public Transportation
From all the listed amenities above, close proximity to stores, restaurants, and public transportation is a popular amenity that renters demand. Research shows that 52% of renters prefer this option with their rental property. When it comes to condominium rental properties, especially in Toronto and the GTA, being near stores, restaurants, and public transportation promotes easy travel for renters than driving long distances. Overall, enabling a comfortable and easy lifestyle for tenants.
While the listed amenities above are in demand among tenants, it takes a particular skill to attract the right tenants for your property’s amenities. That’s why we’re here to help! We know how to market your property depending on its amenities to the right target group to attract and retain tenants in Toronto and the GTA—making it easy for us to fill any vacancy for you!
Please feel free to Contact Us, with any questions or concerns.