The best tenant you’ll ever have is the one you already have.
Every turnover costs you: vacancy time, cleaning, repairs, marketing, screening, lease preparation. Add it up fast: for a unit renting at $1,800/month (close to the Canadian average for a one-bedroom), you’re looking at $3,600–$5,400 in lost income and direct costs per turnover. Here’s a simple framework to calculate your own exposure: take your monthly rent, multiply by one month for vacancy, add $500–$1,500 for cleaning and touch-up repairs, then add $200–$500 for marketing and screening. That’s your floor. Major repairs or a difficult re-leasing market push it higher.
Meanwhile, a great tenant who stays for five years provides predictable income, minimal headaches, and a property that gets treated like a home rather than a crash pad.
Finding those tenants—and keeping them—isn’t luck. It’s strategy.
Your Listing Is Your First Impression
Quality tenants are evaluating you while you’re evaluating them. A sloppy listing attracts sloppy applicants.
| Listing Element | Why It Matters |
|---|---|
| Accurate pricing | Attracts qualified, serious applicants |
| Detailed description | Answers questions before showings |
| Quality photos | Creates positive first impression |
| Location information | Helps tenants self-select |
What every listing needs:
- Accurate rent based on market research
- Complete bedroom/bathroom count and configuration
- All amenities: laundry, parking, storage, outdoor space
- Clear utility breakdown: what’s included, what isn’t
- Pet policy: yes/no, restrictions, deposits
- Move-in date and lease term options
Skip the vague language. “Cozy” means small. “Charming” means old. Be direct about what you’re offering. Tenants appreciate honesty and waste less of everyone’s time when they know what to expect.
Photos Matter More Than You Think
Bad photos kill good properties.
Photo basics:
- Clean the property thoroughly before shooting
- Open blinds and turn on all lights
- Shoot during daylight for natural lighting
- Include every room from multiple angles
- Show exterior and any outdoor space
What to avoid:
- Dark, blurry images
- Cluttered rooms with personal items
- Distorted wide-angle shots that misrepresent size
- Missing rooms (yes, show the bathrooms)
If your phone takes decent photos and the property is clean and well-lit, you can do this yourself. If not, consider hiring a photographer. The investment pays off in faster leasing.
Screening for Longevity, Not Just Qualification
Standard screening catches people who can pay rent. That’s necessary but insufficient.
Quality tenants who stay have predictable patterns:
Longevity indicators:
- Previous tenancy duration (did they stay at their last place?)
- Stable employment history
- Local connections: family, social ties, community involvement
- Clear explanation for why they’re moving
- Stated intention for how long they plan to stay
Someone who’s moved four times in three years is likely to move again. Someone who stayed at their last apartment for five years might stay at yours for five years too.
In the showing:
- Ask why they’re leaving their current place
- Ask how long they’re hoping to stay
- Ask about their work situation
- Ask what they’re looking for in a rental
Listen to the answers. People usually tell you who they are if you pay attention.
Creating Tenants Who Want to Stay
Getting good tenants is step one. Keeping them is step two.
Responsive maintenance matters. When something breaks, fix it promptly and properly. Nothing drives tenants away faster than landlords who ignore maintenance requests or do shoddy repairs.
Communication works both ways. Be accessible when needed. Respond to messages within reasonable timeframes. Treat tenants like customers, not problems.
Reasonable rent increases preserve relationships. Modest annual increases (2-4%) are usually acceptable to good tenants. Aggressive increases push people to look elsewhere.
Know your province’s rules before you raise rent. Rent control laws vary dramatically across Canada, and getting this wrong can cost you. In Ontario, rent increases for most units built before November 15, 2018 are capped at the provincial Rent Increase Guideline (set annually by the government — 2.5% for 2025). Units built after that date are exempt. In British Columbia, increases are capped at the annual allowable increase set by the province (3% for 2025), and you must give three full months’ written notice using the approved form. In Alberta, there’s no rent control — you can raise rent to any amount, but you must give three months’ written notice and can only do it once every 12 months. Quebec, Manitoba, and other provinces each have their own rules. Check your provincial tenancy authority before you send any rent increase notice.
The math often favors retention over maximization. A $50/month rent increase generates $600/year. But losing that tenant to find one who’ll pay more costs you $2,000-3,000 in turnover expenses plus the risk of getting a worse tenant.
The Renewal Conversation
Start early—60-90 days before lease expiration.
Before reaching out:
- Do you want this tenant to stay? (Be honest with yourself)
- What rent will you propose?
- Are there lease terms you want to change?
- Are there property improvements you’re willing to make?
In the conversation:
- Express appreciation for their tenancy
- Ask if they’re interested in renewing
- Present your proposed terms
- Ask if there are concerns you can address
- Offer term flexibility if appropriate
Good tenants want stability too. Most will renew if they’re treated well and terms are fair.
If they have concerns:
- Listen without defensiveness
- Address legitimate issues
- Commit to improvements you can actually make
- Consider whether accommodations are worth retention
Sometimes the answer is no. But often, small adjustments keep good tenants happy.
Building Long-Term Relationships
The best landlord-tenant relationships look like partnerships.
Tenant appreciation shows you value them:
- Simple thank-you notes for timely payments and good property care
- Occasional gestures (holiday cards, small gifts) that acknowledge the relationship
- Flexibility when reasonable situations arise
Problem resolution builds trust:
- Address issues promptly when they occur
- Find fair solutions to disputes
- Communicate clearly throughout
- Learn from problems to prevent recurrence
Mutual benefit creates alignment:
- Tenants care for property because they feel invested
- You maintain property because you want to keep them
- Both parties benefit from stability and predictability
Treat your rental as your tenant’s home. Because for as long as they’re there, it is.
Frequently Asked Questions
How long do quality tenants typically stay?
Is it worth keeping rent below market to retain good tenants?
How much should I increase rent annually?
Should I allow pets to attract more tenants?
What if I need to raise rent significantly?
What are the biggest red flags during tenant screening?
How much does tenant turnover actually cost?
The Bottom Line
Ready to explore your financing options? Book a free strategy call with LendCity and let our team help you find the right path forward.
Finding good tenants isn’t about getting lucky. It’s about marketing professionally, screening thoroughly, and treating people well.
Keeping good tenants isn’t about keeping rents artificially low. It’s about providing value, maintaining properties, and being the kind of landlord people want to rent from.
The best rental property business looks like this: great tenants who stay for years, paying fair rent, taking care of your property like it’s their home.
That doesn’t happen by accident. It happens by design.
Design your tenant relationships well.
Disclaimer: LendCity Mortgages is a licensed mortgage brokerage. Content on this page is for educational purposes only and does not constitute legal, tax, investment, securities, or financial-planning advice. Rates, premiums, program terms, and regulations referenced are as of the page's last updated date and are subject to change. Any investment returns, rental yields, tax savings, or case-study figures shown are illustrative only — they are not guaranteed, not typical, and individual results will vary. Consult a licensed lawyer, Chartered Professional Accountant, or registered dealer before acting on any information above.
Written by
LendCity
Published
May 1, 2026
Reading time
7 min read
Appreciation
The increase in a property's value over time, which builds [equity](/glossary/equity) and wealth for the owner through market growth or [forced improvements](/glossary/forced-appreciation).
Rent Control
Provincial regulations that limit how much a landlord can increase rent annually for existing tenants. Rules vary by province - Ontario caps increases at a government-set guideline, while Alberta has no rent control. Rent control directly impacts investment cash flow projections.
Rent Increase
The process of raising rental rates for existing or new tenants. In provinces with rent control, annual increases for existing tenants are capped at government-set guidelines, while new tenancies can often be set at market rates.
STR
Short-Term Rental - a furnished property rented for periods of less than 30 days, typically through platforms like Airbnb or VRBO. STRs can generate 2-3x the income of long-term rentals but require more active management, higher operating costs, and compliance with local short-term rental regulations.
Tenant Screening
The process of evaluating prospective tenants through credit checks, employment verification, rental history reviews, and reference checks. Thorough screening is the most effective way landlords can prevent costly problem tenancies and reduce turnover.
Turnover
The process and cost of preparing a rental unit for a new tenant after the previous tenant moves out, including cleaning, repairs, marketing, and vacancy time. High turnover rates significantly reduce profitability through lost rent and preparation expenses.
Hover over terms to see definitions. View the full glossary for all terms.