Renting out a laneway suite or garden suite in Toronto can be a great way to generate additional income for your property, but it does come with certain responsibilities and legal requirements.
Steps To Rent Out A Laneway Suite Or Garden Suite In Toronto:
- Advertise your laneway suite: Take photos of your unit, jot down any important features, and you can start advertising your laneway suite to potential tenants. You can use online platforms, classified ads, word of mouth or hire a realtor to help you list on MLS to find renters.
- Screen potential tenants: Before you rent out your laneway suite, it is important to screen potential tenants to ensure they are reliable and responsible. This can include checking their credit score, employment history, and references.
- Create a lease agreement: A lease agreement is a legal document that outlines the terms of the rental, including the rent amount, security deposit, and any other important information. In Toronto, you must use the standard Ontario Residential Tenancy Agreement for long term rentals.
- Collect rent, tenant liability insurance, set up utilities: Once you have a tenant, you will need to collect the first and last month’s rent. On top of this, obtaining tenant liability insurance is always a good idea. If you have separate hydro and gas meters, you will also need to ask your tenant to set these utility accounts up.
- Manage the property: As a landlord, you are responsible for maintaining the property, addressing any repairs or issues, and ensuring the tenants are following the terms of the lease agreement.
How We Can Help
At Urban Lanes, we understand that renting and managing a property can be a time-consuming task.
That’s why we offer our clients who built laneway suites or garden suites with us leasing and property management services to help them navigate the process and ensure their property is well-maintained and profitable.
Contact us today to learn more about how we can help you with your leasing and property management needs.