Real Estate

What kind of tenants are you looking for in this current climate?

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  • Dec 21st, 2020 1:57 pm
[OP]
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Dec 16, 2015
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Technoking

What kind of tenants are you looking for in this current climate?

Due to the current climate and pro-tenant laws, I am indecisive to lease out my unit even though the prospective tenant is ready to sign. So my question is, what is your ideal tenant in this climate? Unfortunately, the ideal tenant in the normal climate may not be in the market currently, but they may be back next year.


Thanks!
To the moon
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Deal Guru
Feb 22, 2011
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I rented to a nurse recently. Great income and job security, plus she's young and close to work so she might stay a long time.
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Oct 24, 2016
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An ideal tenant is one who has good intentions. No matter how much they earn and how stable a job they have, if they don’t have good intentions, they will become troublesome tenants.
Isn't it great to live in the 21st century where deleting history has become more important than making it.
[OP]
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Dec 16, 2015
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Technoking
Holystone wrote: An ideal tenant is one who has good intentions. No matter how much they earn and how stable a job they have, if they don’t have good intentions, they will become troublesome tenants.
How do you screen good intentions?
To the moon
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Although I haven’t had any troublesome tenants till date (touch wood!), I don’t claim to be an expert on screening them. As long as their supportive documentation lines up, I definitely need to have a personal interaction with them which is most important to me. What I am looking for is “positive vibes”. I apply the same process for selecting a contractor and so far so good. I know some day the law of averages might catch up with me!
Isn't it great to live in the 21st century where deleting history has become more important than making it.
Deal Addict
May 12, 2014
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Redsanta wrote: How do you screen good intentions?
Past behavior is indicative of future behavior.

Also, if someone has a good and long term job, they know that they cannot escape court orders. This tends to encourage good outcomes.
Newbie
Nov 9, 2020
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Holystone wrote: An ideal tenant is one who has good intentions. No matter how much they earn and how stable a job they have, if they don’t have good intentions, they will become troublesome tenants.
Great way of putting it. High flyers raking in $$$ can be scums too. Know someone who had a tenant. Tenant lost job while spouse still had job, but they figured rent in that area would be tight with 1 income so they asked to terminate rent early, which my friend appreciated the situation and honesty, and had no problem with it.
Deal Addict
Jan 12, 2017
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Some good feedback here.

Not that this is the only and overriding factor, but I would definitely value employers - particularly those employed in public sector and unionized, where they have secure income and will find it difficult to disappear (not that this is the only good employment, nor is it impossible to still get ripped off).
Redsanta wrote: Due to the current climate and pro-tenant laws, I am indecisive to lease out my unit even though the prospective tenant is ready to sign. So my question is, what is your ideal tenant in this climate? Unfortunately, the ideal tenant in the normal climate may not be in the market currently, but they may be back next year.


Thanks!
Deal Addict
Mar 2, 2017
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Is the OP a rhetoric question? I don't get it.

Are we ever looking for anything but great tenants? wtf
Realtor, Investor, CPA
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Meh, you can’t base it on good jobs. Mits a factor but ******* have good jobs too. Case in point I’m helping someone with a tenant who works for the government but is acting like a douchebag mainly because rents have gone down and they demanded the cheapest rent in the building. Not ask but demand. So unreasonable people have good jobs and make good money.

I rented my place out to a lawyer and accountant and thry completely trashed it. I’ll never forget that one. Handed me back the fob held together with scotch tape.

So you really have to do a lot of vetting and you have to talk to past landlords. I spoke to a landlord who spoke somhighky if the tenant, told me about her family and everything, tenant worked out quite well.

The problem is some tenants don’t have past rental history. Like I’ve rented to downsizers. Harder to vet them but you just have to ask more questions. There is no foolproof way.

But low quality renters are flooding the market right now. It was easier to handle them when the laws were more balanced. Not now. If the tenant is not perfect paying good rent then I’d keep the place empty. I think rents will go up and while it may take some time, I’d rather wait for an A+ tenant paying slightly lower rent than some Me looking to take advantage of cheap rents. There’s a difference.
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RichmondCA wrote: Is the OP a rhetoric question? I don't get it.

Are we ever looking for anything but great tenants? wtf
Judging by what some landlords are doing. No. They’re looking for a warm body who can pay the rent.
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Sep 8, 2007
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JayLove06 wrote: Meh, you can’t base it on good jobs. Mits a factor but ******* have good jobs too. Case in point I’m helping someone with a tenant who works for the government but is acting like a douchebag mainly because rents have gone down and they demanded the cheapest rent in the building. Not ask but demand. So unreasonable people have good jobs and make good money.

I rented my place out to a lawyer and accountant and thry completely trashed it. I’ll never forget that one. Handed me back the fob held together with scotch tape.

So you really have to do a lot of vetting and you have to talk to past landlords. I spoke to a landlord who spoke somhighky if the tenant, told me about her family and everything, tenant worked out quite well.

The problem is some tenants don’t have past rental history. Like I’ve rented to downsizers. Harder to vet them but you just have to ask more questions. There is no foolproof way.

But low quality renters are flooding the market right now. It was easier to handle them when the laws were more balanced. Not now. If the tenant is not perfect paying good rent then I’d keep the place empty. I think rents will go up and while it may take some time, I’d rather wait for an A+ tenant paying slightly lower rent than some Me looking to take advantage of cheap rents. There’s a difference.
Hard to feel sorry for those landlords that lower their quality standards. Going forward after seeing the govts hop on the “don’t pay your rent” bandwagon I’m more committed than ever to requiring some sort of govt or essential job tenants. Jobs that were able to WFH without much risk to getting laid off.

One thing is an absolute fact is once the govt sees a whipping boy for policy (more votes gained with anger confined to a smaller group in this case landlords) they 100% will do more the next time. Same thing for rewarding Amazon, Costco while bulldozing small business. There’s no concept of fairness. As we go down the road of MMT the next black swan event is not IF but when. I will plan accordingly....and diversify across asset class and countries. Government will increasingly turn to remaining pockets of wealth to fund their ever growing need for funding to roll over the debt.
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Feb 29, 2008
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cartfan123 wrote: Hard to feel sorry for those landlords that lower their quality standards. Going forward after seeing the govts hop on the “don’t pay your rent” bandwagon I’m more committed than ever to requiring some sort of govt or essential job tenants. Jobs that were able to WFH without much risk to getting laid off.

One thing is an absolute fact is once the govt sees a whipping boy for policy (more votes gained with anger confined to a smaller group in this case landlords) they 100% will do more the next time. Same thing for rewarding Amazon, Costco while bulldozing small business. There’s no concept of fairness. As we go down the road of MMT the next black swan event is not IF but when. I will plan accordingly....and diversify across asset class and countries. Government will increasingly turn to remaining pockets of wealth to fund their ever growing need for funding to roll over the debt.
Only thing is I feel sorry for the landlords who are small business owners as well. They got screwed both ways.

Yea you want government workers but still have to do thorough vetting process. Can’t stress that enough.
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Oct 27, 2012
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The thought that crossed my mind here is that landlords have to be especially choosy when picking a tenant given the huge risks involved now which include potentially not being paid for a year. But there are only so many people who are government workers and make 100K+ a year in the rental market.

So what do the other people do? How do they find a place? It seems to me the lopsided rules forcing landlords to shoulder the burden of a bad tenant actually ends up deepening the housing crisis for people who don't check every single "ideal" criteria?
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Aug 14, 2020
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ozzie16 wrote: The thought that crossed my mind here is that landlords have to be especially choosy when picking a tenant given the huge risks involved now which include potentially not being paid for a year. But there are only so many people who are government workers and make 100K+ a year in the rental market.

So what do the other people do? How do they find a place? It seems to me the lopsided rules forcing landlords to shoulder the burden of a bad tenant actually ends up deepening the housing crisis for people who don't check every single "ideal" criteria?
Rent controls create slums.
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Deal Guru
Feb 29, 2008
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ozzie16 wrote: The thought that crossed my mind here is that landlords have to be especially choosy when picking a tenant given the huge risks involved now which include potentially not being paid for a year. But there are only so many people who are government workers and make 100K+ a year in the rental market.

So what do the other people do? How do they find a place? It seems to me the lopsided rules forcing landlords to shoulder the burden of a bad tenant actually ends up deepening the housing crisis for people who don't check every single "ideal" criteria?
Right on the money. Rent control does not work.
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Jul 23, 2020
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Hoping the government will act rationally about rent control is a fool’s errand. If anything it will get worse for landlords.
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Feb 9, 2009
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ANyone who will pay me rent...
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Feb 29, 2008
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sooonk wrote: Hoping the government will act rationally about rent control is a fool’s errand. If anything it will get worse for landlords.
There's something we can agree on.

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