Thinking about renting out your condo? Whether it’s an investment property or you’re just relocating for a while, it can be a smart way to generate some income—but there’s more to it than just posting a listing online and hoping for the best.
Here’s what you need to know before renting out your place—and why having a rental agent in your corner makes the whole thing a lot easier.
Before we dive in, did you know we have a podcast? Listen to The Last Honest Realtor here or anywhere you get your podcasts!
First Things First: Know What You’re Allowed to Do
If you just bought a pre-construction condo and you’re in the occupancy phase (aka you’ve got the keys, but final closing hasn’t happened yet), you might not actually be allowed to list it on MLS right away.
Developers sometimes put limits on how many units hit the market at once to avoid flooding the rental pool—especially in big buildings where everyone gets occupancy around the same time. It’s frustrating, but it’s pretty common. Always double-check your builder’s rules before you try to list!
Do you have questions about real estate investing in Toronto? Here are some more posts you might find interesting:
- Is Real Estate a Good Investment?
- Should I Buy a Home to Rent on Airbnb?
- How to Find a Good Investment Property in Toronto
Why Facebook Marketplace Might Not Be Your Best Bet
Yes, it’s free. Yes, it’s fast. But Facebook Marketplace, Kijiji, and similar platforms can be a bit of a wild west. You’ll likely get tons of messages—but half of them won’t go anywhere, and the other half might raise red flags. On top of that, a lot of tenants are skipping these platforms altogether because of the rise in rental scams.
If you want quality tenants and fewer headaches, listing on MLS through a licensed agent is usually your best move. It adds a layer of credibility that tenants trust—and so should you.
What a Rental Agent Actually Does
You don’t need an agent to rent out your condo—but if you’re new to this, having one is a game-changer. Here’s what we do:
- Help price the unit right and market it professionally (photos, copy, staging advice—the works)
- Pre-screen potential tenants so you’re not wasting your time -checking credit scores, references, employment, and rental history.
- Handle paperwork, lease prep, and add custom clauses to protect your investment
- Educate tenants on how to be good renters (seriously, this matters!)
- Stay in your corner if anything comes up during the lease
We also help you think through things you might miss—like whether to include a key deposit or snow removal in the lease. It’s all the small stuff that adds up.
Curious about hiring a property manager for your rental property? Read this post to learn more about what property managers do and why you should think about hiring one.
Tips for First-Time Landlords
If this is your first go at being a landlord, here are a few key tips to keep you on track:
Do your homework
Check employment letters, call references, and make sure the financials line up. It’s easy to skip this stuff when you’re eager to fill the space—but don’t.
Meet the tenant
Even a 5–10 minute Zoom call can help you get a feel for who you’re renting to. Trust your gut.
Set expectations early
Be clear about pets, smoking, maintenance, and anything else that matters to you.
Tenant insurance + utilities
Make sure your tenant sets up their own insurance and transfers the utility accounts into their name before move-in day.
Here are a few more investing blogs you might like:
- Can You Use the FHSA for an Investment Property in Canada?
- Avoiding Rental Scams in Toronto: A Guide for Landlords and Tenants
- Can You Claim Your Property Taxes on Your Tax Return in Canada?
Being a Landlord Isn’t Totally Passive
Renting your condo out is a great way to generate income—but don’t let anyone tell you it’s hands-off. Things come up: repairs, questions, neighbour issues.
That’s where your support system comes in—whether that’s a rental agent, property manager, or just a good handyman on call. With the right people in your corner, you’ll feel confident and prepared to take on the role of landlord!
Do you have more questions about buying or selling real estate in Toronto? We’d be happy to help! Get in touch today by filling out the form on this page, calling 416.642.2660, or emailing admin@torontorealtygroup.com.
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