Del Condominium Rentals is a Rental Management Company. Are you a condominium owner looking to utilize your suite as an investment? Our program is catered to your every need. In the past five years, DCR has grown over 25% and now manages over 1900 condominiums in 235 communities. This significant growth underscores our trusted position and capabilities in the growing condominium rental marketplace.
-
What type of service does Del Condominium Rentals provide?
Since 1985, Del Condominium Rentals has been leading the way in providing strees-free rental management services for condominium owners and investors throughout the GTA. Our end to end management solutions include:
Tenant Screening
Leasing
In House Maintenance and Restoration
Accounting
Insurance Coverage
Compliance Enforcement
In House Paralegal
Move In/Move Out Inspection Reports
-
What is Del Condominium Rentals?
Del Condominium Rentals is a Rental Management Company. Are you a condominium owner looking to utilize your suite as an investment? Our program is catered to your every need. In the past five years, DCR has grown over 25% and now manages over 1900 condominiums in 235
communities. This significant growth underscores our trusted position and capabilities in the growing condominium rental marketplace.
-
Who can I contact for more information?
For more information about our program and how to have your suite professionally managed, please contact us at 647-496-0458 or email sales@delrentals.com
-
How do I keep track of my investment income and expenses?
Our accounting department will provide you monthly income statements that you can access on the Owner's Portal anytime and anywhere you need it.
-
How long does it normally take to find a qualified tenant?
The tenant's cycle is generally 60-90 days as they have to give notice in their current place of residence in order to be able to search, acquire, and move-in to a new community.
-
Do you manage furnished suites?
Del Condominium Rentals is a non-furnished suite provider. However, DelSuites provides premium quality furnished suites in Toronto and the GTA for short or long term stays. Call (416) 296-8838 or email Email: info@delsuites.com
-
Do I need to contact the tenant after I give my unit to Del Condominium Rentals to manage?
When you are partnered with Del Condominium Rentals in the management of your investment, you no longer have to worry about dealing with the day-to-day administration of your suite. Del would be the main point of contact for any tenant's inquiries, or issues that might arise.
-
What is the term of the Tenancy Agreement?
The minimum lease term is 1 year. At the end of the lease term, the tenant can either renew the lease or stay on a month-to-month basis.
-
What is your application process for potential tenants?
We have an application form that the applicant is required to complete, authorizing to a credit check; then we request for a signed employment letter, recent paystub, and government issued photo identification.
-
What do the fees cover?
Our commitment to service goes beyond the obvious from our professionally appointed Leasing team and dedicated Customer and Homes, Services staff to what you don't always see such as the administration of rental properties and legal assistance. You even get a customized website and investor portal that helps you track your investment. Del Condominium Rentals is dedicated to ensuring our customers receive the best in professional management services, with the least investment of their own personal time, money, and effort. Now that is - Peace of Mind.
-
What is the Management fee to sign a suite onto the program?
Start up fee: 1-month rent
Monthly management Fee: 6% of rent received (taxes on fee are applicable)
-
How often will a rent increase take place? How much of an increase can I expect?
Del Condominium Rentals Inc. has you covered. Our team will automatically serve your tenant with a rent increase notice annually. The notice is served 90 days prior to the move-in anniversary date. Please note that rent increase is determined based on government guidelines. To learn more about the current government rent increase guidelines please visit: https://www.ontario.ca/page/rent-increase-guideline#section-0
-
What is the procedure if a tenant is late with their rental payment?
Our legal team is equipped and ready to assist if a tenant does not pay their rent on time. If your tenant does not make a payment on time our legal team sends an official N4 notice (Notice to End the Tenancy Early for Non-payment of Rent) to the tenant. This N4 notice will require the tenant to make the full rental payment prior to a specified date. If the tenant does not make a payment by that date, our legal team will then proceed to file for a court hearing with the Ontario Landlord & Tenant Board.
-
What repairs are my responsibility vs. the tenants’?
Del Condominium Rentals Inc. has a home services team to assist with performing the required repair requests placed by the tenant, as per the Ontario Landlord & Tenant Board (i.e. routine appliance repairs, HVAC concerns, . The tenant would be responsible for keeping the unit clean. Furthermore, the tenant is also responsible for repairing or paying for any damage to the rental property above regular wear and tear caused by themselves or their guests.
-
Can a damage deposit be collected from my tenant?
In Ontario landlords are not permitted to acquire a damage deposit from tenants. If damage occurs within the unit at the fault of the tenant, an invoice will be issued accordingly to the tenant. If the tenant does not pay the damage repair costs, we can pursue the tenant accordingly by filing for a court hearing with the Ontario Landlord & Tenant Board.
-
How much notice does a tenant have to give if they want to move out?
The tenant must provide a minimum of 60 days’ notice should they wish to vacate the unit at the end of their lease or during a month-to-month tenancy.
-
What is the process if I wish to sell my unit?
If you wish to explore the possibility of selling your suite, please contact our customer service team at 416-296-7368. We would be delighted to walk you through the process to sell your rental property.
-
I am currently in the process of selling my suite. Where can I obtain a status certificate?
A copy of your suite status certificate can be obtained through the on-site property management office team. Alternatively, if you wish to obtain a copy of your status certificate online you may visit: https://www.statuscertificate.com
-
What is the process if I wish to move into the unit myself?
Please provide our office with a minimum of 90 days’ notice if you or an immediate family member wish to self-occupy the suite. This allows our team sufficient time to process the appropriate N12 Notice (Notice to End the Tenancy) to serve to the tenant. Please kindly note that we can only serve the tenant with this notice if the date falls on the end of the lease term or if the lease is on a month-to-month basis. To learn more about this process, please contact our customer service team at 416-296-7368
-
What is owner insurance? Can owner use their own insurance?
We charge for owner insurance when an owner signs their Management Agreement to protect them from anything that may happen to their property. If the owner has their own insurance with the service address and valid time coverage, we will not enroll them in our group insurance.
-
What is startup / leasing fee? How to calculate?
Startup and leasing fee is the administration fee to join our program and to find the first tenant. It is one month rent plus tax. Charge only for one time.
-
When will rent be deposited into the account?
We collect the rent from the tenant on the 1st of each month and deposit into your account on the 15th of each month, minus the 6% management fee.
-
Why am I not getting the LMR?
Since Del Rentals is the leaseholders for the suite, we hold the last month’s rent in trust. The last month's rents get deposited into your account after the tenant moves out and pay the interest collected to the tenant.
-
Why am I charged a start-up fee?
The 1st month’s rent is the fee charged for Del Rentals to find a qualified tenant for your suite.
-
What is this insurance charge?
The insurance for coverage of the suite in the event of any liability, fire or flooding. You do have the option to provide your own insurance, please email us a copy of your insurance certificate.
-
Why don’t I get the pro-rated rent once the tenant moves in?
The prorated rent is deposited into your account on the first 15th after the official lease start. However, if there are charges for the window coverings or insurance, it’ll be deducted from this amount.
-
Spare key charge inquiry
We make a copy of the 3rd key for emergencies and access to your suite, the key is returned to you after you leave the Del Rentals program!
-
May I continue to stay in the Del Owner insurance program after my suite has been terminated until the expiry date of the Insurance certificate?
No. Owner insurance program will be ended at the same time as suite has been terminated from Del Rental’s program.
-
When will DelRentals start charging owner insurance premium in my program?
Del Rentals will start charging owner insurance program based on the key pick up date from owners.
-
Are your fee include tax?
All service is subject to tax (HST).
-
When will I receive the annual year end statement?
Our office will post the annual year-end statement to the owner portal around the end of Feb each year. A letter will be posted to inform all owners around Dec or Jan.
-
What makes a difference if I am a resident or non-resident of Canada?
Non-resident is subject to non-resident tax. Unless our office receives the annual approved NR6 form from your NR6 agent, our office obligated to withhold 25% of monthly gross rental on owner’s behalf. NR4 slips will be mailed to non-resident owners at the end of Feb each year if our office withholds non-resident tax based on gross rent on owner’s behalf. An owner may obtain refund upon file income tax return with the NR4 slip.
-
How do I know if I am resident or non-resident of Canada?
-
My condo is brand new. When will I receive the first Property tax from the city? May I request tenant to forward me the tax bill in case they receive it?
Property tax bill will not be issued until City has completed the assessment to the new condominium. Upon the assessment has been done, Property tax bill will be mailed to each individual landlord.
Usually, the owner receives the first property tax bill a year after the final closing date. It’s the owner's responsibility to inform City to mail the property tax to your home mailing address. Tenant is not obligated to inform our office regarding the receipt of the owner’s property tax bill.
Please refer to the link below from City of Toronto regarding Property tax.
https://www.toronto.ca/services-payments/property-taxes-utilities/
-
Who is responsible for paying condo fees, property tax, insurance, mortgage?
This is the owner’s responsibility; depending on the level of service we may coordinate the payment on behalf of the owner
a. Condo Fee
b. Property tax
c. Insurance
-
What if my tenant stops paying rent?
Our team handle all communication with tenants including notices.
Depending on your level of subscribed service we may even handle;
a) The filing of the appropriate application/claim before the matching Tribunal/Court.
b) Attendance and representation before the Tribunal/Court
c) Enforcement of Order/Judgement
d) Manage all aspects of sheriff eviction
-
Can I communicate with the tenants?
Our team handles all communication with the tenants to ensure there are no misunderstandings. After all, we are trying to free up your time while we manage your investment.
-
How much notice does a tenant have to give if they want to end their lease?
They are required to provide a notice at least 60 days prior to the end of their lease term or during a month-to-month tenancy.
-
How do I know what is the right amount of rent to charge for my property?
We provide you with a rent recommendation based on size, location, suite elevation, comparison to our current portfolio, etc.
The final decision is up to you!
Please keep in mind:
Lower rent = lower risk of vacancy, less revenue
Higher rent = higher risk of vacancy, more revenue
