How to rent out an apartment?

As a rental property owner, you only need to follow a few simple steps to make a successful rental. You may need help with:

• Ensure that you meet the various legal obligations associated with renting a property
• Estimating the rent
• Preparing the rental lease

From posting your ad to handing over the keys, it’s not difficult to post a rental property. You just need to know how to do it right. Defining a real estate project, establishing a rental strategy, and creating effective ads are some of the key elements to putting an apartment up for rent.

After reading, you’ll be able to post a property that meets current standards, find tenants in the best possible way and become a property posting pro!

Preliminary steps to rent out an apartment

Since the primary goal is to make your real estate investment profitable, it is essential to adopt a good rental strategy to find trustworthy tenants as quickly as possible. This way, you will save time during the rental process and you will avoid some common mistakes such as setting the rent too high or selecting the wrong tenants. Here are the elements to consider before renting your apartment.

Define the rental project

First, decide on the type of lease you want to set up to find tenants based on your goals and expectations. Whether you choose a short or long term lease, be aware that both types of agreements are regulated by law. Would you like to rent your apartment near the ski slopes only for the winter season? Depending on the length of the lease, whether it is for less or more than 12 months, certain specific rules will apply.

In the case of a rental of less than 31 days (like most of the rentals on Airbnb for example), the drafting of a lease is not mandatory. However, be sure to check the rules of the municipality where you live. Also consider whether you want to rent a furnished or unfurnished apartment. A furnished apartment could broaden your target clientele to include students, temporary workers or retirees for example. However, you should budget for repairs and improvements to the existing furnishings.

Estimate the amount of the rent

The cost of a new rent is at the discretion of the landlord. However, if you price your unit too high, you may find it difficult to rent. There is a balance to be struck between maximizing profitability and providing an affordable price for the unit offered. There are several factors that can help you determine a reasonable cost:

• Energy costs
• Municipal or school taxes
• Your insurance premium
• Any major work you have recently done
• Maintenance costs of the building

In addition, the size of the home, its location and the quality of the facilities are also factors to consider. Looking at real estate listings on Zipplex is a great way to get an idea of the prices of homes in your area. In the event that you have difficulty renting your unit, or the price you originally set was far too low for the actual market, Section F of the lease gives you the opportunity to change the rent for 5 years after the building is constructed. If you need to make a rent increase instead, use a calculation form from the Tribunal administratif du logement. Then be sure to send a renewal notice stating the increase within the time frame required by law.

Provide a property in good condition

It is essential that you offer your future tenants a clean and habitable apartment. It is necessary to make the required repairs before the arrival of the tenant, and this, at your expense.

For example, you would have to repair a serious leak in the pipes or roof, a rotten staircase step or balcony board that collapses, a defective lock on an access door to the unit, or a jammed sewer pipe.

Have you decided to rent furnished accommodation? Since your legal obligation is to also provide all the accessories and services agreed upon in the lease, the appropriate appliances and furniture must be in the apartment at the right time. On the designated date, the tenant must be able to move in according to the terms of the lease.

How to find a tenant for an apartment to rent out?

You have two options for finding a tenant to rent your apartment. You can either do it yourself or use an agency. Opting for the services of an agency will allow you to save time and to benefit from qualified professionals. Agencies such as Blouin Location offer to assist you in renting your property to attract the right tenants. No matter how you proceed, don’t forget to do a credit check or pre-rental survey to make sure your future tenant is creditworthy. Don’t do what many people do, and don’t rely on your instincts.

How to create successful real estate ads?

Forget about newspaper ads! Nowadays, if you want to rent your home quickly, you absolutely must post it on the Web. It is the most efficient way to find a tenant in no time. Many platforms specialized in real estate offer you the possibility to publish your ad. The vast majority of platforms are free, such as Logis Québec. You can also publish your ad on highly popular classifieds sites like Kijiji. Social networks are also a great place to post a rental ad. On Facebook, you will find the Marketplace where you can write and publish your ad.

To rent quickly, you need to write an attractive ad that will stand out from the competition. First of all, target the tenant you want to attract. Is your apartment normally rented to students, young families, or retirees? Take this into consideration in order to highlight the area where your apartment is located. For example, a young family will appreciate knowing about daycare services or elementary schools nearby. Then, take care of the form of your ad by using short and punchy sentences without forgetting to correct any mistakes. Avoid using exaggerated adjectives and use a brief description that highlights the characteristics of your home. You can indicate the type of flooring, the number of rooms, the atmosphere of the area, the amenities included, the recent renovations, etc.

Finally, your ad will certainly stand out from the others if you take quality photos. Don’t hesitate to use the services of a professional photographer if you can’t achieve a conclusive result by yourself. This investment will benefit you in the short and long term since you will be able to rent easily and reuse the photos when your tenants leave.

Organize the visits of the property for rent

If your current tenant still occupies the apartment for rent, discuss with him or her how to visit the apartment. According to the Tribunal administratif du logement, you must act reasonably in respect of the tenant’s privacy, free enjoyment of the property or inviolability of the home. The tenant may decide to be absent during the visits or to be present. This is entirely up to the tenant. Please note that visits must take place between 9:00 a.m. and 9:00 p.m., unless your tenant approves otherwise.

Is the property vacant? This will allow you to schedule visits at your convenience. Make sure the home is clean and tidy before you welcome visitors. Let the light in and air out the rooms. This way, your potential tenants will have an easier time imagining themselves in your apartment. If possible, opt for home staging. You will then be able to offer your potential tenants the possibility to fully imagine themselves in their future home.

Plan, if possible, many consecutive visits to avoid moving many times. This tactic will also show that the unit is in demand. During the visit, try to give all the details about the home and the neighbourhood. Take the time to answer any questions your prospective tenants may have to clear up their doubts and build trust.

If they can’t visit in person, offer them a video call or a 360-degree virtual tour.

Choosing a trustworthy tenant

As mentioned earlier, a credit check or pre-rental survey is essential to validate the financial capabilities of your potential tenant. This will allow you to determine if they are able to pay for their unit each month and limit the risk of non-payment. In order to protect yourself against tenant default, you may even want to consider purchasing rent default insurance. This insurance coverage is a great way to eliminate the financial stress of collecting rent.

A credit check will allow you to validate the identity of the tenant and provide you with information about their credit history and payment habits. As for the pre-rental survey, it will allow you to gather all this information, but also to know more about the person’s profile. For example, a docket search could be done to see if the tenant has a criminal record. Some landlords will ask for references from employers or even former landlords. Be careful, however, because if the tenant is a bad one, the former landlord will have every interest in bragging about him!

Preparing the lease

Finally, you have found a tenant who meets your requirements! It’s time to prepare the lease where you will write down all the information regarding the dwelling, including: the contact information of the tenant and the landlord, the description and destination of the dwelling, the accessories and outbuildings, the duration of the lease, the rent as well as the services and conditions included.

Use a lease from the Tribunal administratif du logement, which has been mandatory since September 1, 1996 for long-term rentals in Quebec. You should also be aware that certain clauses are considered illegal. For example, you cannot prevent subletting or assigning the lease and you cannot adjust the rent during the term of a lease with a fixed term of twelve months or less.

Landlord’s obligations regarding the lease

As a landlord, it is strongly recommended that you include a document listing the building’s rules and regulations with your lease. These can be related to the installation of air conditioning units, the keeping of pets or the practice of a commercial activity. A schedule to the lease should also be attached if you offer specific services such as a laundry room. Do you have a verbal lease? If your tenant asks for written proof, you will be required to put your agreement in writing.

Plan for the move-in of the new tenant

Be sure to inspect your unit before your new tenant arrives. Are there loose handles, squeaky hinges, stuck locks or light bulbs that need to be replaced? Any of the previous tenant’s belongings left? Give the place a good cleaning and a lick of paint if necessary. Set up a date and time with your tenant to greet them and hand over the keys. You can do a quick tour of the apartment with him/her to explain the changes made. If necessary, remind them of the main rules of the building and welcome them!

Rent payment arrangements

When it comes to paying rent, make an agreement with the tenant on how you want to receive it. Credit card, pre-authorized debit, cash, Interac transfer, whatever works best for you and make sure your tenant accepts the payment method you select. You prefer to receive cheques? Just be aware that giving a series of pre-prepared cheques is illegal in Quebec. If your tenant agrees to prepare post-dated cheques for you, this is not considered illegal. You simply need to make an agreement with your tenant. When your tenant takes possession of the unit, you can demand the first rent payment (or at the signing of the lease), but no other amount can be demanded. The security deposit remains illegal in Quebec.

How to successfully rent a home quickly?

In order to successfully rent a property, you need to follow the steps outlined above. Adopting a good rental strategy will help you make your rental process effective. By writing an attractive ad, you will be able to attract a good number of potential tenants. Mastering the art of rental management takes time and patience. Therefore, be as available as possible for apartment tours and stay on top of the market to offer affordable and attractive housing. This way, you will certainly rent your apartment in less time than it takes to say it! Note that the Association des propriétaires du Québec is an excellent source of advice to help you put an apartment up for rent.

You now have the main keys to successfully renting an apartment quickly and easily. All of the tips listed above are sure to be helpful and very practical in guiding you through your rental project. You are well on your way to becoming a rental management pro!