I am looking for tenants
Renting to Niagara College - Toronto Students
There are many things to know and consider when renting to students. This can be an extremely positive experience, however there are some dynamics you should keep in mind when considering renting to this market.
- We cannot suggest a certain amount as there are many variables that come into play: location, proximity to a bus route, the condition of the unit, the time of year, lease term, and what is included
- Consider viewing what’s already available on our web listings to get an idea of the average market rate
1) The costs listed are generally per room/per month
2) The length of a lease is generally in terms of 4, 8 or 12 months
- September – December
- September – April
- January – April
- May – August
- Most leases conclude on April 30 or August 31 as this compliments the academic calendar
3) Students often look in advance, starting in Late fall for May 1 occupancy and early sumer for September 1 occupancy
4) Provide a reasonable description of the accommodation.
- Proximity to bus routes, amenities, separate entrances, or other “value-added” inclusive items like phone, cable or internet
5) Don’t “bait and switch” – list one room and then try to rent the tenant something else
6) What does the accommodation look like? Provide photos and remember — that first impressions are important
7) Be considerate of special circumstances – illnesses, academic standing, family events & financial status
8) Remember, a group of students/tenants should not be held responsible if one member chooses to leave unexpectedly
Common Rental Scams
Please be aware of a scam that some landlords have reported:
Individuals (claiming to be from overseas) have been contacting them in response to their advertisements on various off-campus housing websites. The potential tenant quickly agrees to rent the property, offering to pay the entire year’s rent with a cheque or money order. Soon after the potential tenant contacts the landlord pretending that an error occurred or that the situation has changed, and asks the landlord to send back all but one or two month’s rent (deposit). They do this in the hope that your bank will not recognize the forgery until the normal clearing process has happened. This would result in you being out the money that you have returned to them.
Follow the general rule
Don’t let your guard down when looking for a tenant. If something feels wrong with the situation, it may be wise not to pursue it.
Avoid common red flags
Here are some common red flags to help you spot and avoid rental scams while looking for a tenant:
- They offer to send a large sum of money via cheque or money order (more than a deposit for rent)
- They offer to send money without viewing the rental property first
- They offer to send money without signing a lease
- The tenant has excuses for not being able to meet in person (e.g., international student, on exchange, out of the country for summer work)
- The tenant seems eager to finalize the process with you
The Canadian Anti-Fraud Centre (CAFC) is the central agency in Canada that collects information and criminal intelligence on such matters as these. More information is available here