Renting out property can produce income and help with a mortgage. It also creates legal duties, repair obligations, and a relationship with people who will live in your asset. This guide covers what property owners should sort out before listing — including landlord services and rental property management if you do not want to run it yourself.
Ontario has specific rules for residential tenancies. Use this as an operations checklist, then confirm current law and your insurance with a professional.
Prepare the property
Fix safety items first: smoke and CO alarms, locks, heating, and plumbing. Complete repairs you would not accept as a tenant. A move-out or deep clean — professional property cleaning — makes the unit photograph and show well, and it sets the condition for the incoming lease.
Do not list a unit that still needs a week of work. The first applicants will remember the state of the kitchen, not your plans.
Determine suitable rent
Look at comparable listings in the same neighbourhood, not what you “need” from the mortgage. Overpricing extends vacancy; underpricing leaves money on the table. Factor in utilities, parking, and whether the unit is furnished.
If you use rental property management, ask how they set and review rent so you are not guessing each year.
Property presentation
Photos, a clear listing, and a clean showing process are landlord services you either do well or pay for. Clutter, odour, and half-finished paint slow applications. Treat the first two weeks of marketing as part of preparing the property.
Tenant screening
Screen consistently: income, credit, references, and a conversation about how they will use the home. Apply the same process to every applicant. Screening is not a guarantee, but skipping it is how renting out property becomes a crisis.
Documentation
Use a proper tenancy agreement, record the condition at move-in with photos, and keep deposits and keys documented. Written communication protects both sides. If something is not in writing, it is harder to enforce later.
Maintenance and ongoing management
Decide who tenants call, how fast you will respond, and which property maintenance you will schedule annually. Landlords who disappear after month one get bigger problems in month six.
Rental property management takes on rent collection, inspections, vendor coordination, and often cleaning between tenancies. That is the right landlord services model if you live far away, own more than one unit, or simply do not want evening repair calls.
Before you list
Write down your non-negotiables: pets, smoking, lease length, and how involved you will be. Then either run a tight process yourself or appoint a manager. First Service Properties supports owners in the GTA with cleaning, maintenance, and property management so renting out property is a system — not a series of surprises.
