Many Markham owners become landlords almost by accident: a move for work, a new home before the old one sells, or a first condo kept as an investment. Leasing well protects your property and your peace of mind.
The Kaizen Real Estate Team, which helps landlords across Markham lease condos and townhomes, recommends working through these steps in order.
Step 1: Check Your Condo Rules and Coverage
- Read your condo declaration and rules for leasing limits, minimum terms and short-term rental bans.
- Tell your insurer the unit will be rented and switch to a landlord policy.
- Check your mortgage terms for any rental restrictions.
- Register the tenant with the property management office as required.
Step 2: Price It Right
Price against recent leases of similar units in the same or nearby buildings, not other asking rents. Overpricing by a small amount can leave a unit empty for weeks, and each empty month costs more than a slightly lower rent.
Step 3: Market It Well
Clean, bright photos and an MLS® listing reach the largest pool of qualified tenants. Note parking, locker, included utilities and available date clearly to cut down on unqualified inquiries.
Step 4: Screen Carefully
| Document | What it shows |
|---|---|
| Rental application | History, occupants and contact details |
| Credit report | Payment habits |
| Employment letter and pay stubs | Stable income |
| References | Past landlord experience |
Screening must follow Ontario's Human Rights Code. Decisions should be based on the application, not on who the applicant is.
PARTNER PERSPECTIVE
The Question That Saves Landlords Stress
Neeraj Moolchandani always asks landlords one question before listing: what matters more, top rent or the right tenant? Most owners choose the right tenant once they think about it.
That answer shapes everything Neeraj Moolchandani does next, from how the rent is set to how applications are reviewed.
Step 5: Sign the Right Lease
Most Ontario residential tenancies must use the Standard Form of Lease. You can collect a rent deposit, usually no more than one month's rent, and a refundable key deposit, but not a damage deposit. Rent increases and disputes follow the Residential Tenancies Act and the Landlord and Tenant Board.
Step 6: Hand Over with a Record
Walk through the unit with the tenant, take dated photos of every room, test appliances and hand over keys and fobs. A clear record at move-in avoids disagreements at move-out.
Want help? See leasing services in Markham, or compare returns on the investment property page.
Frequently Asked Questions
Can I ask for a damage deposit in Ontario?
Do I have to use the Ontario Standard Lease?
Can I rent my Markham condo on Airbnb?
Michael John Lau and Neeraj Moolchandani are REALTORS® with the Kaizen Real Estate Team, eXp Realty, Brokerage, 9763 Markham Rd, Markham, ON L6E 1A4. This article is general information, not legal, tax or financial advice. Rules and market conditions change; confirm details with the appropriate professional before acting.