1. The tenants were not respecting the property. The units were damaged, garbage was left inside and outside of the property, smoke alarms were detached, tenants were smoking in the homes, etc. There was a general disregard for the units students were living in, and the Landlord could not keep up monitoring their units. This affected the rental ability and resale value of the units.
2. The Landlord was not able to fill their five units (30+ tenants) with tenants who were signing 12 month leases. The Landlord was usually filled at an 80% occupancy rate during September – April at Fanshawe College and Western University. In the summer time, the occupancy rate decreased to roughly 40% between May to August.
The Landlord wanted to hire an experience property manager and rental agent in London, Ontario to help them with their Western University and Fanshawe College rental properties. First, we had several conversations about the needs of the Landlord in regards to their rental properties. Secondly, we toured the properties to assess the rental situation and damage in regards to their units.
The plan that we developed here at Core Property Management and Rentals was simple:
1. Fill in the units with qualified and quality tenants to bring the occupancy rate above 90%.
2. Manage the properties effectively. The leases that are signed include several provisions. Also, move in and out reports, pictures, smoke inspection, and regular inspections of the units were necessary. Keep a dialogue open with the tenants minimized the damage and risk that the Landlord was facing.
3.The Landlord, who was living outside of the city and had a full time career, was not able to effectively maintain their properties. We decided to fill the units quickly and use the profits to maintain properties that were neglected in the past.
4.To bring it full circle, Core Property Rentals and Management was able to lease all five units out to groups of tenants who signed individual twelve month leases. This ensured a 100% occupancy rate, obtaining a 10% average monthly rental income per student, and the units were turned over to a new group less than once a year.
The Landlord was very satisfied with using our service to manage and rent their units. They were able to outsource the work, headaches, and maintenance to a professional company who has experience solving the multitude of issues that arise in student housing in London, Ontario. The cost of outsourcing the rental and management of the properties was a small price to pay considering the added value of the homes and the fact that the Landlord did not have to worry about their properties or tenants anymore.
If you are a Landlord in London, Ontario that owns Fanshawe College and Western University (UWO) student rental properties and are facing the same issues, please email firstname.lastname@example.org for more information.