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Should Western University or Fanshawe College Students In London Ontario Look For Rental Houses For May 1, or for September 1?

3/15/2015

The time of the year is very busy for rentals. There are definately 'cycles' of renting and we are definately at the height of most of the group renting of homes around Fanshawe College and Western University. If you are looking for any student rental houses for your groups of friends, head over to the map to check out all of our accomodation.

A lot of students ask if properties can be rented for May 1 or September 1, which different groups having specific preferences on when they want the lease to begin. (i.e if a group already has a lease until Aug 30 on a house down the street, they will not want a May 1 lease on a house as they will pay rent at 2 homes. They will be looking for a September 1 lease). The difficulty is organizing a group of friends, and figuring out when the ideal start date and duration of a lease makes sense for your Fanshawe College or Western University student rental.

Fanshawe College

Fanshawe College students usually rent May 1 or September 1. In the past, there was a stronger focus on the September 1 rental, as students were already locked into leases that ended at the end of August. However, in the past while more students at Fanshawe College are preferring signing leases on student rental properties starting May 1, on a 12 month lease. This is especially true for students who are in residence at Fanshawe College for two reasons. The first reason is that the May 1 lease allows the Fanshawe students to move into their student rental property once they are done exams, and before they leave London, so they can store all of their belongings in their rental property for the upcoming school year. The second reason for students preferring a May lease at Fanshawe College directly from residence is that most programs at Fanshawe are 2 year programs, and with already one year completed in residence a May 1 lease will end 12 months later, which coincides with the students graduating from Fanshawe College and usually leaving London, Ontario.

Western University

Western University students almost exclusive rent from May 1 on a 12 months lease. There are several exception such as transfers, post grads, teacher's college students, students who were on a September lease, etc. However, typically groups start renting May 1 on a 12 month lease around the Western University campus in London, Ontario. This probably has to do with the same reasons above from the Fanshawe College students. However, there has been no definitive change and the renting cycle around Western University. The May 1 lease also extends to the downtown London area, and Masonville area where students are also renting out apartments and homes in the area. Students tend to starting looking very early (lat November) for May 1 rentals around Western although some groups look as late as a couple weeks before May 1 to secure their accommodation.

ARE YOU LOOKING FOR A 5 BEDROOM STUDENT RENTAL HOUSE AT FANSHAWE COLLEGE IN LONDON? LOOK NO FURTHER!

2/27/2015

The student rental season is in full swing. Although the Fanshawe College students are on their reading week, the 5 bedroom student rental properties near the campus in London are in very high demand.

At Core Rentals, we have been renting these 5 bedroom homes since the beginning of December for the upcoming school year in May or September. If you are looking for a student rental 5 bedroom house at Fanshawe, check out these links to our current offering that is changing almost daily:

1649 Dale Street - Updated 5 bedroom Fanshawe rental with cable/internet included

322 Fleming Drive - Beauty 5 bedroom in student area, all in, 2 common areas

1082 Farnsborough Crescent - Beautiful large open layout. Modern home for students!

984 Prosperity Court - Great price and newly renovated unit. Amazing rental for students!

Our inventory of 5 bedroom student rental properties is changing all the time. If you want to keep up with our inventory stay tuned here or send us an email and we will give you information on our newest stable of properties.

Opportunity Knocks For Landlords in London, Ontario (Especially at Western University)

10/7/2014

Most student Landlords in London, Ontario have their feet firmly planted now in regards to their student rental properties. The transition from old to new tenants might have been a little rocky, with several issues brought to your attention by tenants over the last couple weeks although most things are now solved. School work is on the rise, cold weather is settling in, and many Landlords in London, Ontario are on “cruise control” until January.

There are also Landlords who are just beginning to rev their engines right now, as the opportunity is beginning to knock for Landlords in London, Ontario.

Since we are about 50% into the leases around Western University (UWO) who typically sign a 12 month lease starting May 1 each year, there are several properties around the university that are:

-          Currently vacant

-          These rentals were not rented for May 1, or even September 1, and this is usually due to location, price, but mostly quality of the home

-          Owners of these homes are not “doubling down” on their homes (i.e. not generating income and investing in the quality of the home) they are simply content with losing money each month hoping that the house rents out

-          Homes around Western University in London will not be rented out to new groups of tenants until May 1 of next year (when the current lease expires)

-          Landlords who are vacant for 6 months, are tapped out for cash, are now selling their properties around Western. Most of these houses can be negotiated, as they are currently vacant and are more of a liability than an asset

This situation is one that is ultimately unfortunate: there is a good location property, that used to be good enough for students around Western to rent out, but due to Landlords not updating the house, not investing in repairs, maintenance, and cosmetic upgrades, or maybe even being greedy on the rent price, the house has been vacant and it’s a huge liability to the owner who has lost several thousands and does not want to have anything to do with their property anymore. At this time is where an experienced landlord around Western University can secure, invest, rent and even sell/hold a property that will generate income for them.

Securing a property for a good price around Western University now is very beneficial since many Landlords are hurting for cash. Their property has not been rented in 6+ months, it’s in rough shape which needs cosmetic upgrades, and you can offer fair but under market value offers for these properties.

Investing in this type of property makes financial sense, if you know what you are doing. Specifically focusing on cosmetic upgrades (paint, flooring, light fixtures, kitchen cabinets/countertops) as well as regular maintenance/repairs will breathe new life into the property which will allow you are the owner to do two things: charge top dollar for rent for students looking in January (to secure a May 1 lease) and will build up the resale value of your student rental property.

Renting the property should be very simple in this specific example. Since the property around Western University will be clean, empty, renovated cosmetically, the maintenance/repairs will be taken care of, and then the property will show well to prospective tenants. Note that the rental season starts at the beginning of January, and since your property is currently empty, you can show it anytime and it will always be clean as well.

Although you have may hold onto the property for several months buying, fixing, renting, and waiting for a group to start paying you rent, this must be factored into the purchase price of the property. Having said that, if you are looking to maintain the passive income stream generated from the property than it is best to hold onto your newly created turnkey investment. If your objective is to sell the property as a turnkey investment to a real estate investor then you will also reap the benefits of your venture. This all depends on what type of Landlord and investor you are: while some are kicking up their feet as we approach the winter, others are revving up their engines.

Western University (UWO) and Fanshawe College Student Tenant Move Out’s: Be Prepared

9/6/2014

Since September 1 is a major date on the calendar for any landlords and tenants in the Western University or Fanshawe College student rental bubble in London, Ontario, it is essentially to be prepared for this specific day. As a landlord or owner of a property, it is very difficult to turnover multiple units at a time as:

1. You cannot multiply your tradespersons. Your cleaners can’t all clean on the 31 of August, so you must stagger the painters, carpet cleaners, maintenance, repairs spread over several days.

2. Organization is lacking. Landlords need to make an excel document these days with the staple turnover items and that add/subtract items when dealing with specific properties as some are better than others.

3. Keys. To deal with the key situation for new tenants, especially if you are a Landlord who doesn’t live in London, I would invest in a front door lock with a key code that you can change every year, which will save you money and grief in the future.

4. Parents. Many student rentals are 4,5,6 even 7-8 bedroom houses in London. It is very difficult to deal with (usually) a disaster that the students leave behind, and less than 24 hours later have the house back up to par for the multiple tenants who are moving in. Students are slightly more forgiving then their parents though. Dealing with roughly 5 students moving in, and 5 sets of parents helping their children move in, who all have different ideas and requests, is impossible when you are dealing with turning over multiple properties.

5. Early move ins. This year was particularly difficult for Landlords, since Labour Day lands on September 2nd is when school starts for Fanshawe College students. A lot of these students (and parents) could not get a truck/time off on September 1, so they request to move in earlier (August 27, 28, 29, 30) and this is impossible to accommodate when there are tenants currently occupying the units until August 31.

To organize and solve these issue, Landlords in London, Ontario need to address the following in regards to new tenant expectations:

1. Keys will only be handed out on the first day of the lease. If you are a smart landlord, change your locks to a keycode lock so you won’t have to meet tenants at the property

2. No one will be moving in early. When signing the lease, make sure that you are clear that you need some time to turn over the unit, and moving in early will only hinder this process.

3. End leases 5-7 days prior to the end of the last month. This will be difficult with students (who usually have exams in the last month of their leases expiring in May) but would really help out Landlords who would have 5-7 days of an empty house to clean, empty, repair and maintain for the next group as opposed to trying to accomplish this task within less than 24 hours.

4. Parents need to be put on notice that only those who signed a lease with the Landlord will have conversations with the owner/landlord of the property. A good landlord will have 99% of the problems solved prior to the new tenants moving in, and there will be no problems with the parents.

5. Tradespersons sometimes are not reliable, or are also extremely busy to accommodate your requests. It would be beneficial to make a few phone calls and have another crew of cleaners, painters, handymen, etc. waiting in the wings to lend a helping hand if the turnover does not go over as planned.

How To Get Out Of Your Student Rental Lease at Western and Fanshawe in London, ON

7/31/2014

Note: This is for informational uses only. Check out the Landlord and Tenant Board for more info.

In the summer months of the year, where students at Western University and Fanshawe College are beginning to think about the upcoming school year, there are others who are dreading it. For various reasons (OSAP didn’t work out, bank loan didn’t go through, parents cannot help with enough funding, summer job is not paying enough, did not get into the desired program, wants to take a year off, etc.) students who planned on coming back to school in the Fall are no longer doing so.

If you are locked into a lease, and you know that there is a 100% chance that you will not be living in the property come the academic year, talk to your Landlord as fast as possible. They are the ones who can agree in writing to release you from you lease, almost immediately. Sometimes this approach works, depending on the situation. We have seen this happen before, especially when the owner has enough time to market the property to another individual to not have a vacancy in your unit.

Subleasing is also another way to remain on the paperwork, but not be totally on the hook for the rent. Western University Off Campus Housing and Fanshawe College Off Campus Housing have great resources for students in regards to educating students on the process of subleasing, and once a subtenant is obtained, how to sign them to an agreement where you are protected. Check these resources out and let us know what you think.

Landlords in London, Ontario: Update Cosmetics in Your Student Rental Now, Deeper Maintenance in the School Year

7/26/2014

Landlords in London, Ontario, especially those who own properties and student rentals around Western University, can take a deep breath in the summer time. Most of the students do not live in their rental throughout the summer (probably 60-70% do not) and continue to pay rent, and usually move in on Labour Day in September to begin the upcoming academic year. Some students come down on weekends, slowly move in things into rooms, or maybe even work/continue studies in the summer, it tends to be a lot quieter around Western. This is the perfect time for a Landlord in London, Ontario to evaluate and upgrade the cosmetics of their property.

Upgrading the cosmetics in a student rental property is difficult when the house is fully occupied. Painting an entire house or tearing out old flooring and putting new flooring in is difficult (or rather impossible!) when the students are around. Updating kitchen cabinets, countertops, bathroom renovations, etc. render these areas of the house unusable for large periods of time and therefore cannot be upgraded while student tenants are living in the house. This is the time the Landlords need to take advantage of in the summer, to evaluate what needs to be cosmetically updated in their student rental property in London and push forward with estimates from contractors, notice to tenants, and getting the job done. Cosmetically upgrading a student property at this summer stage is beneficial since:

1.       The students are usually not around and will not interfere with the contractors

2.       The contractors can access the property with ease

3.       The Landlord is making full rent payments from the students, while undergoing an update

4.       The tenants will appreciate a cosmetic update and will be more likely to stay on past their lease, respect the property, find others to secure the house once the lease expires, etc.

5.       The landlord improves the value of the home, and greatly improves the chances of renting out the property for the next year

Aside from smaller maintenance and keeping up with the grounds of the property, it would be wise to wait until the student tenants come back from their holidays to start maintenance and repairs on a property. These smaller jobs are can be completed quickly, usually do not disrupt the tenants living quarters, and the tenants are usually good with pointing out to the Landlord what the problems are at the property.

Landlords: Hire One Property Management and Rental Company in London, Ontario – Not Several

6/6/2014

If you are a Landlord, or property owner in London, Ontario investing your money in family or student rental properties, you can either go about renting your house out yourself or hiring a company. Most Landlords/owners in London usually manage their own properties, since their portfolios are small. However, a majority of Landlords in London, Ontario prefer to hire someone or a company to rent out their property because of the headache and hassle that consist in attracting new tenants! The golden rule here is to hire one rental company to your rental property, and not several. Here’s why:

1.       Relationship Between Owner and Property Rental Company

If a Landlord in London find a property rental company, have a meeting with them at the house, and they agree to move forward with establishing a relationship, then this is the only relationship that should be entertained for a certain period of time. For example, several property rental companies in London, Ontario have Landlords/Owners sign an exclusive rental agreement with the rental business giving the business 3-4 months to rent out the house in question. This agreement benefits the property management company, since they know that the owner cannot rent the house out them or establish another relationship with another business.

However, this agreement may not be great for the owner of the rental property in London, Ontario. If the property rental company is not competent, and not working hard enough on the owners behalf, the house may not rent out and the Landlord is stuck losing a lot of money as his property is vacant. As an owner, make sure that you understand the pros and cons of this relationship.

2.       Hire One Property Rental Company -- Not All

There are about a dozen larger property rental businesses that focus on student rental and family rental properties in London, Ontario. You need to establish a trusting relationship with the right one. If an owner is hiring two, three or four property rental companies, they believe that their property will rent out faster since the rental companies are competing with each other for the business. However, this is not true. The Owner of the house, in this scenario, is diluting the willingness of each company to spend their resources renting out their property since they know there may already be a lease on the house. This multi property rental company renting a single house strategy does not work very well for the owner, and the owner is burning bridges with the other property rental companies in London, Ontario because of the decision that they made.

3.       Confusion Among All the Property Rental Companies

The owner of the property is the only one relaying information from one property rental company to another. Sometimes, a property rental company will line up a few showings for a house in a few days from now just to find out there are already several applications on the property and that the owner is not open to anymore applications. Another example of confusion is one property rental company is showing a property at the same time a different company is having a showing. Any prospective tenant would be very confused and feel uncomfortable in this type of atmosphere. The famous example is having an agreement with the owner to put a rental sign on the property, while a different rental company brings their own tenants to view the property! There is too much confusion and no transparency when there are several property rental companies renting out a single house.

Landlords: How to Market Your (Student) Rental Property to Find Great Tenants

6/2/2014

Landlords need to stop putting a “for rent” right on their property.

Gone are the days of families driving by on a weekend looking for a “for rent” sign or students walking on their way to school and looking at a property and wondering if they can come through for a showing. Signs usually erode over time, get knocked over, vandalized, fall apart, and this reflects poorly on your property. Although some Landlords like to take on the responsibility of renting out their house, they need to go about it the right away. Here are some tips on how to market you rental property to find a qualified set of tenants:

1.       Pictures

Pictures are literally worth a thousand words. If you are just taking pictures from your old flip phone and posting them on the internet, then you have major problems. Landlords need to take high definition, quality photographs of each room from multiple angles and lighting. This also includes the exterior and backyard of the property. We usually take 100 photos of the property and only post are best 10 on the website or classified ad sights including deleting 90% of photos and editing the photos to make the house look its best. Pictures are your first impression of the property. If you cannot handle this as an owner, then you need to hire a professional photographer who can accomplish this task for you.

2.       Video

Videos follow in the same footsteps as pictures. Several short clips of the main areas (kitchen, bathrooms, etc.) need to be stitched together, along with the great photographs, to create a video that can be hosted on YouTube and embedded on all the social media and classified ad websites to give more information to a prospective tenant.

3.       Description

Most of the time Landlords post very short ads on classified websites. They usually put up a few low quality photos and have a description that says “beautiful family home renovated call John between 5-8 at 555-555-5555 for a showing.” This is not enough. A heartfelt description of the kitchen, bathrooms, common areas, bedrooms, exterior, parking, appliances and upgrades need to all is laid out in plain English when advertising. The description will limit the “noise” or those perspective tenants who are just kicking tires on your property.

4.       Social Media

Social media websites, such as Facebook, Twitter, Instagram, Google+, LinkedIn, etc. need to be harnessed to successfully engage with prospective tenants. Your social media needs to be streamlined with services such as Hoot Suite, to make your social presence on all platforms efficient. Social media will provide your potential customers with another method of contacting you, as well as providing your ads or website with links back to your website which helps out with search engine optimization.

5.       Be Responsive

You can have the best photos, videos, descriptions, and social media presence in the world. If you are not responsive with your prospective tenants, you will never rent out your property. Setting up a specific time frame for tenants to get back to you is a definitely a bad move. Whether it’s an email, text message, phone call, voice mail, or a message on a social media platform, they should all be responded to within 6 hours, or 12 hours if it was sent overnight.

There it is! Renting out your property is not rocket science. If you are not able to successfully complete these five steps, then you need to re-evaluate your priorities and hire a company who is able to accomplish this task. If you are looking for a rental agent in London Ontario, then you have come to the right place.

Landlord’s in London, ON Purchasing Student Rental Accommodation: Apartment, Condo, or House?

5/27/2014

Apartment rentals for students are a very safe bet: they are much cheaper to buy, there is no exterior maintenance, and since apartments usually tend to fit 1-2 people, and up to 3-4 people, they are much easier to fill in with students. Also, apartments usually include amenities and services that are not included in a typical single family residential student rental property such as a library, sauna, gym, visitor parking, etc. Utilities and insurance are also very cheap for an apartment in comparison to a larger space. The issue with apartments is that since you can only put few students living inside, the Landlord is usually paying the condo fees, and there is still a considerable amount of wear and tear when turning over the unit to a new group. This does not allow the monthly cash flow to be very high for student apartment rentals. However, if you are looking for a long term real estate investment with relatively little work, then this is the right fit for you.

Student townhouses and condominiums are typically a safe bet, if they are in close proximity (i.e. one short bus ride with no transfers) to campus and near amenities. Student townhouses usually have 4 or 5 bedrooms, so they provided more monthly rental income then apartments, and the same level of maintenance and problems with tenants. The reason for this is because with townhouses, the exterior is typically taken care of through the condo fees, and the Landlord is on the hook for this fee, utilities, and maintenance on the interior. Townhouses have slightly higher utility, insurance, and wear and tear in regards to an apartment but they also bring in a decent monthly cash flow. A great strategy is to try and get a group of students to rent the townhouse with the utilities not included. Therefore, only the property taxes, insurance, and condo fees would be paid for by the owner. This is the ultimate sweet spot for a single Landlord who is looking to purchase multiple student rental properties and keep their sanity along the way.

Single family residential properties are the standard student rental properties that are found closest to Western University campus and even Fanshawe College. These are the 5,6 (even 7 or 8!) bedroom student rental properties that are typically older homes, have several bedrooms, and provided a very good level of cash flow each month. These houses are expensive to buy, expensive to maintain, and the owner/Landlord should be hiring a rental agent/property manager to take care of the issues that arise from the property. The exterior (roof, windows, doors, grass, raking, cleaning garbage, cleaning eaves troughs, etc.) maintenance of a student house is enough to outsource to a company to handle the heavy load. Student houses typically have lower turnover, as a group usually stays multiple years in the same place until they have earned their degree/diploma. The larger student rental houses fit more students, meaning more income, and the value of these properties increases at a much higher rate than inflation.

There are several different types of student accommodation, and there is much more that is not included here. However, this list of accommodation brings insight to a Landlord who is getting into the business, or a Landlord in London, Ontario who is looking to move out of the comfort zone and purchase a different type of property for students. A good student rental real estate portfolio includes several different types of student accommodation to be diversified and to minimize any risk.

A Breakdown: How To “Turn Over” Your Student Rental Property For A New Group Of Tenants

4/25/2014

This is the time of the year where Landlords who are bringing in new tenants/groups of students into their residential properties are looking to freshen things up for the new tenants. There may be a lot of things that need to be done (depending on the care/age/renovations planned etc.) of the property buut here are the basics to turning over a student rental property.

1. Before Your Current Tenants Move Out

Set Expectation – Ask your current tenants if there is anything wrong with the house, if things are not working, etc. so you can make the appropriate phone calls to solve the problems. Set an expectation that you will be giving the tenants the necessary notice to make the needed changes to your property to make things even better for the current and future group.

Get The Small Things Out Of The Way – The exterior of the property is something that can always be worked in. Small things such as smoke alarm maintenance, furnace filters, light bulb replacement, buying materials (paint/trim/etc.) for contractors, lining up cleaning companies for April 30, carpet cleaners, etc. can all be structured and completed in advance of the new group moving in.

2. April 30 – Deadline Day for Current Tenants

Move Out – Once the tenants move out, all of the small things should have already been taken care of or at least brought to your attention to solve. On April 30, when students typically leave their rental properties, Landlords need to have clean crews, carpet cleaners, a handyman to get all the small jobs completed, a locksmith, grounds crew, etc. in and out of the property to solve all of the issues and make sure that the house is in great shape and great conditioning for the new group of students moving in on May 1.

Move In – The key with the move in date is to make sure that all of the students get a key to the property on this day so that they do not need one at a later date as you would need to plan another trip to your property. Make sure to complete a smoke alarm maintenance checklist report, a move in report with the new group, as well as take exterior/interior photos of your property (to use for your advertisements next year).

This advice applies to Landlords who are renting to new groups of students for May 1 and who are not planning and major renovations projects in their properties. If you didn’t get your student rental property rented for May 1, then there may be issues with you marketing, location, pricing, and quality of your product. Addressing these issues over the summer while your student rental property is empty will ensure successfully renting out your student house for September 1.

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