Short term rent or long term renting- toronto- downtown?

Question

I have a two bedroom/two washroom apartment in downtown Toronto. I cant decide if i should rent it on a short term or long term basis? Howz the renting market like in Toronto?

My apartment is opposite to liberty village, toronto dt

Any comments/feedback/advice on renting apartment to strangers would be appreciated

Rose

Answer 1

If you mean renting out your apartment (I assume you own it) to someone else, you could go either way. If your apartment is very high end and/or easily accessible to office buildings and/or tourist attractions, you can rent short term to businesspeople and mid to long range tourists. Foreign students also often need such accommodations during the school year, and can afford it. This can be very profitable, but the key is knowing and having access to your market year round.

That said, a long term rental (i.e. 1 year lease) gives you guarantee that your renters will stay put for at least one year, giving you a set income. However, you can only increase their rent after the lease runs out (if they stay). If you set the price at a reasonable rate, you will be sure to attract renters.

My aunt lives in T.O. and says that the market is a cross between oversaturation (and high prices) and not enough housing. It is harder to find a good place in a nice area for a decent price. The good thing about Toronto is that it is so diverse, so you should be able to find any "type" of renter no problem.

Your best bet is to try and find renters through people you know and trust. Almost everyone has a friend, nephew, cousin, etc. that is looking for a place. Universities also have housing registries for international students. These options tend to promise a more "reliable" renter.

Good luck!