The homeowner will also need to determine how much to charge for the monthly rent and what utilities and amenities will be included, if any. Take into consideration whether this will include the heat, water or power in the rental amount.
Does the unit have in-suite laundry facilities or can it come furnished? Will the tenant have a dedicated parking spot or be allowed to have pets? They will also want to consider how much privacy they need in the exterior spaces of their home. Will the tenant have unlimited access to the backyard or deck area?
Browse the local rental listings on Kijiji and Craigslist or read the latest rental market reports on the CMHC website to find out what the going rates are in the neighbourhood.
3. Proper paperwork paramount
A large part of being a successful landlord is having all of the paperwork in order. This is not only important for maintaining a positive relationship with the tenant, but also protects the homeowner and their property if the tenancy does not work out for some reason.
One of the most challenging aspects of having an income property is finding the right tenant to move into the space. The tenant needs to be well suited for the homeowner's individual lifestyle; renting to an Operatic singer who practises at home may seem like a great idea at first – free concerts every day – but what happens when it’s time to put that newborn infant down for an afternoon nap?