5 Keys to Finding a Great Rental Property

Posted by:
Thomas Deneve
on
July 4, 2022

Finding a great rental property to call home can be extremely challenging and time consuming. In this article you’ll learn the 5 keys to finding a great rental property fast without wasting time or money in the process.

Key #1 - Determine what you want

It’s important to note before you begin the search that you’ll need to clearly identify what you are wanting your new rental property to have. You’ll be calling this place home for some time so you’ll want to make sure the property will provide everything you could want and maybe even more. Here are a few things to consider before you start your search:

  • Price
  • Property type (ex: apartment, townhome, single family home…etc)
  • Bedrooms & bathrooms
  • En-suite laundry
  • Pet friendly
  • Smoke free
  • A/C
  • Family safe
  • Parking (ex: garage, covered, underground…etc)
  • Utilities included (do you want the utilities to be included in the rent)

These are just a few of the important things to consider before you start your search. Once you’ve made a decision it’s time to move on to the next step.

Key #2 - Start looking

Now that you’ve decided exactly what you want it’s time to start looking. This is where things get exciting because you are now starting to look at rental properties that you’ll potentially be calling home in the very near future. It’s important at this stage to stick to what you determine that you want and not get “rose covered glasses” when you see other properties that are available for rent. Now there are lots of places thanks to the internet that you can look for properties available for rent. Here are a few that you can start on:

  • RentFund (Click here to download the app)
  • Rentals.ca
  • Rentfast.ca
  • Facebook marketplace
  • Kijiji

These are just a few places that you can go to find rental properties. However it’s important to remember that when you are looking at properties online you need to make sure the landlord and property will be able to deliver what they are promising. You’ll be calling this rental property home for some time and it’s important to ensure that you will enjoy your stay.

Key #3 - Viewing properties

Alright, now that you’ve found a few different rental properties it’s time to schedule some times to view them. When you're viewing rental properties it’s important to ask lots of questions to the landlord about the property. Remember landlords will always try their best to make their properties look great, especially if they can see that you would be a great tenant. Here are some questions that you can ask landlords when viewing their rental properties:

  • How long have you owned this property for?
  • Why did the last tenant leave?
  • If problems happen, who will fix it?
  • What is the lease term?
  • Has any repairs been done to the property?

These are just a few key questions that would be valuable for you to ask to the landlord during the showing. Also when you are viewing the property whether that's in person or over an online call you’ll want to be very careful to look for water damages, look inside the fridge, ask other tenants (if they live in the place) how they like living there. All these things will help you with your decision on the new rental property.  

Key #4 - Landlord due diligence

Often a bad landlord can really create complications in your new rental property for tenants. Making sure the landlord will be honest, transparent and take care of you and his property is important for your new home. Oftentimes tenants don’t find out that a landlord is bad until it is too late and they are locked into a lease with them. Asking your landlord questions about how long they have been renting and if they have other rental properties is totally ok. If the landlord has rented their property before you should ask to speak to the other tenant and hear what they have to say about the experience renting that property from that landlord. This is why RentFund is so valuable to both tenants and landlords because it provides a very simple and transparent way to determine if the landlord will be a good or bad fit for your new home. 

Key #5 - Payments and security 

Making payments on your new rental property and signing a lease can be a little more complicated than you think. Usually most landlords have a different process for receiving payments and securing their properties. Most of the time landlords will request a credit check, proof of income, tenant insurance and a damage deposit (which is normally equal to the first month of rent). Sometimes they will even require a criminal record check. This all slows down the process for you to get into your new rental property. With RentFund you can build something called a “Tenant Score” so when you decide that you want to rent a property a landlord can see that you're a great tenant based on your tenant score and they won’t need to request all that other information. You’ll also have insurance on the RentFund platform and you will not need a damage deposit. You’ll be able to make payments online using a mastercard or visa card and collect points and most of all you’ll be able to get something back for your hard work. Your rental payments will be invested for your future. 

Download the RentFund app now by visiting: www.rentfund.ca