Tenant Screening/Lease questions

[Joseph Shin]

My current tenant is moving out August the 30th and I am seeking a new tenant beginning the month of September and I have a few questions.

1. What are some red flags I should lookout for in a potential tenant?

2. I posted an ad on kijiji with no pictures of the 1bed 1 bath with full kitchen and deck in the Peterborough area and there has been over 40 responses and many requesting a viewing. I am asking $800 p/m is this too low?

3. Any tips/things to look out for when hosting a viewing of the unit?

4. Are tenants on disability desirable?

5. Any additional terms I should add to my lease? (eg no pets)

I am very new to this and I appreciate any advice I can get.
Cheers!

[Roy N.]

Originally posted by @Joseph Shin:

Really great tips guys thank you! Espcially the Pets Allowed tip @Jacob Perez

I had a couple people come to the unit and it went really well. A few terrible terrible potential tenants but one couple stood out to me.

International students for the local university. Since they are from out of Canada, they do not have co-signer or have rented in Canada before.
HOWEVER they are willing to pay 6 months in advanced. Planning to stay for 4 years. They do not look like party people, and they have a co-op program so they will have income as well as support from family back home

Has anyone ever had experience renting to international students?

An offer to prepay rent for several months is usually a red flag ... save for international students whose parents/church/government are paying the outlandish tuition for them to study in Canada.  We have a house dedicated to international students where we rent furnished rooms and usually get this proposition once or twice a year.

Check to confirm that you are allowed to accept 6-months rent in advance (in many jurisdictions you are only permitted to require or accept rent for the next rental period ... I would be surprised if Ontario did not have a similar restriction).

What I have done in the past is had the student (or Mom & Dad) put the money into an account and set-up an automatic monthly payment for rent.