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Toronto Rental Cost (& AirBnB) Issues

Student focused rentals are relatively cheap right now. A person I know whose daughter is going to school at McGill says the month rent amount fell by several hundred with the pandemic going on, students learning remotely, and supply outnumbering demand. The situation must be similar with college/university towns out there. I remember around 10 years ago, I was paying $400/month, chipping in and sharing a whole house together with 4 other people in Waterloo.
 
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Jasmine18 said:
The issue is that a lot of people want to rent out their property but feel that they would get screwed over by bad tenants.
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Landlords need to be more careful who they rent to. Dig deep into credit checks, actually call their previous landlords, references and employers to verify any claims. And go with your gut, does the potential tenant‘s story and profile make seem legit? Whenever I see these nightmare tenants I wonder did the landlord do any of this?

A friend of mine takes it further, into illegal territory so I’m not advocating this.... he demands two months rent upfront as a security deposit. His thinking is if the tenant doesn’t have access to that cash they’re more likely to be a troublesome tenant. And he only rents to Chinese people (he’s same), claiming they always pay their bills and never complain. That might all be BS on his part, but these are informal steps people take. I suppose the most legit way is to offer the unit to only those in your network, but not to friends you want to keep friends with.
 
^My experience is you generally rent to who you are. What I mean is that you “feel” good about renting to someone who is like you. I rarely have problems with tenants because I treat people fairly. The times I’ve gotten in trouble are with friends and friends/roommates of tenants.

Red flags in Admiral’s story is his friend is: intending to act illegally, cares about money first, has an ethno-centric paradigm, and wants his tenant to not complain. By my theory than he should expect to rent to a tenant who: intends to act illegally, cares about money first, has an ethno-centric paradigm, and wants others to not complain
 
Thing is people classify landlords the same.


There is a big difference between a person renting out a room in thier house or their basements vs a person renting out investment property.
 
On the topic of choosing tenants that don’t complain, I feel this is another trap small landlords get into.

The reflex is to rent to people who don’t complain. That’s fine who wants to hear people complain or deal with annoying people; However, a good tenant is one who DOES complain but only complains about stuff that matters. An over-complaining tenant that brings up trivial issues or worse non-relevent gossipy social drama issues is also not a good tenant.

I feel it’s a philosophical issue at heart. Many landlords act as though their tenants are milk cows. It’s the property, not the tenant that is the milk cow. As such, however annoying, you should be thanking your tenant for identifying real issues with the property because it’s the property that is the prize not landing a prize winning tenant
 
Just received a memo from our landlord (medium size corporate LL). They are now offering referral bonuses to existing tenants and renewal bonuses. Also, I checked their website and a 1 BR in my building has come down about $100 per month (used to be $500 per month more than I pay and now it's $400) + they are offering 1.5 months free and $500 signing bonus.I've been here over 15 years and that's the first time I've seen this.
 
The Selby has been littering my facebook/IG feed with offers for about 5 months now. First it was a $1000 Harry Rosen gift card. And then it got upgraded to Holt Renfrew (lol). Not enough yuppies must have bitten so now they are offering one month free. Although anyone who can do a tiny bit of math can tell that it's still terrible value. I'd like to see them actually commit to some sort of rent control/cap to annual increases.
 
Avenue said:
I'd like to see them actually commit to some sort of rent control/cap to annual increases.
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Indeed. Otherwise isn't this just bait and switch? Get you into the unit so someone is paying anything, but then hit you with a massive increase later? And if you refuse the increase, renovict or claim a family member needs the unit.

Is there a rent freeze being planned for 2021? https://www.ontario.ca/page/rent-increase-guideline
 
LOL

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TrickyRicky said:
As such, however annoying, you should be thanking your tenant for identifying real issues with the property because it’s the property that is the prize not landing a prize winning tenant
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This is a great comment, and I've personally been the "victim" of this situation. Previous tenant obviously ignored multiple fairly serious issues (washroom tap barely worked, shower temp. control didn't work, dryer squeaked and shook and barely worked, etc. etc.), so when I came in and asked my landlord to fix the tap, then the shower, then the dryer, he acted as if I was the unreasonable one, meanwhile his previous tenant was the one not telling him of these serious issues, which resulted in a major backlog of routine repairs for him.
 
I mean it's quite possible that the previous tenant wasn't a "bad tenant" either. They probably complained to the landlord a few times and the landlord ignored them as much as possible, hoping the complaints would go away. That may even be the reason that the previous tenant moved out in the first place.

This is what the shallow "I still don't get how a person can live rent free in a house for 6 months" crowd doesn't get. Owning real estate doesn't mean income with zero work or investment with no risk. Like, grow up.
 
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Another shooting at a ghost hotel.

www.blogto.com

There was another shooting at Toronto's most notorious ghost hotel

Five people are in Toronto police custody following a shooting early Tuesday morning in Ice Condos: the waterfront towers with an alleged abundance...
www.blogto.com www.blogto.com

What's the point of Toronto having a by-law against STR if it's not enforcing it?
 
Admiral Beez said:
Another shooting at a ghost hotel.

www.blogto.com

There was another shooting at Toronto's most notorious ghost hotel

Five people are in Toronto police custody following a shooting early Tuesday morning in Ice Condos: the waterfront towers with an alleged abundance...
www.blogto.com www.blogto.com

What's the point of Toronto having a by-law against STR if it's not enforcing it?
Click to expand...

Likely a covid thing. They have more pressing matters to attend to by-law wise and STRs are left to self regulate as a result.
 
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