How Do I Find Tenants?
Depending on your area and the current rental market, competition for tenants will vary. Therefore, you want to ensure that your rental property is visible not only online, but also in local media, such as newspapers, rental advertising magazines, or other publications.
Advertising your rental property
Before you begin writing your rental advertisement, it’s important to research similar properties and determine your pricing based on the local market. Also, consider your audience: if you are renting a residential property near a university, for example, then you may have more student applicants, so try to showcase anything about your property that may be beneficial to them (e.g. proximity to the university or easy access to public transit).
It’s also good practice to include any rules regarding the suite in your ad, such as if you allow smoking or pets.
When advertising a residential property, take quality photos of all the rooms inside the suite, as well as photos of the outside areas. If you have additional features that you want to highlight, such as underground heated parking or access to facilities such as a gym, pool, or tennis court, then be sure to take photos of these areas to include in your ad.
Similarly, if you are renting a commercial property, showcase what you believe the tenant would be looking for in your photos. As an example, if you are renting a retail or office space in a strip mall, be sure to take photos that show the entire interior space as well as the outside surrounding area so that the tenant can gain a good understanding of the rental space.
Once you’ve taken professional photos, you can begin writing your rental ad. The goal with the content in the ad is to give a detailed overview of the rental property, as well any reasonable expectations you have of your tenants.
Here are some examples of terms that apply to both residential and commercial tenants that you may want to include in your ad:
- Rental price, frequency of payments, and whether rent includes utilities
- Security deposit amount
- Length of the lease (monthly or yearly) and the date the property is available
- The size of the property or space, as well as specific details (such as number of rooms or floors)
- Incentives, such as parking or any amenities included with the property
- Location of the property, with any positive highlights (such as if the property is easily accessible by driving or public transit, or near popular businesses)
- Your contact information and preferred method of contact
Your rental ad must also follow the Fair Housing Act
, in that it can’t include any preferences or limitations regarding potential tenants based on race, skin color, religion, sex, handicap, familial status, or national origin.