How to Find Top Tenants for Your Luxury Rental

Whether you’re the owner of a luxury pied-à-terre or are looking for some off-season occupants for your luxury beach home, finding the right tenant is key. Not only do you need to make sure all potential tenants are financially secure, but you want the right lifestyle match for your luxury property. Here’s how to make sure you’re dealing with the best tenants possible.

Tap into your agent’s network. In Canada, most real estate agents will be happy to advertise, find and vet a tenant, for a fee that’s equal to a percentage of the first month’s rent. If your agent or brokerage specializes in luxury properties, they probably have a good network and know just where to find the kind of executive tenant you’re looking for.

Advertise in your community. Consider reaching out to people you have common ground with, like recreation clubs you might be part of or executive professional associations. Not only might this result in some excellent leads, but you already have a personal connection, which means you’re likely to find a tenant who shares your values.

Start high. One trick to finding the most financially secure tenants is to advertise a little over the market rate for your home or condo unit. If someone is willing to pay the rental price regardless, they’re probably looking more for quality than for the going rental rate.

Scope out the competition. It goes without saying that you or your agent should be advertising your property online. When you’re devising your ad, take advantage of online searches and see how other landlords are describing your neighbourhood or building. What features do they highlight? What language do they use to describe the area? This will give you an idea of what to showcase as well.