10 Essential Tips for First-Time Landlords in Peterborough, Ontario

Becoming a landlord in Peterborough, Ontario can be an exciting and profitable step, especially as the city continues to grow and attract students, families, and professionals. But whether you’ve just purchased your first rental property or inherited one, being a landlord comes with responsibilities that go beyond simply collecting rent.

If you’re a first-time landlord in Peterborough, here are 10 essential tips to help you succeed, avoid common mistakes, and maximize your investment.

1. Understand Ontario’s Rental Laws

Before anything else, familiarize yourself with the Residential Tenancies Act (RTA) and the Landlord and Tenant Board (LTB) in Ontario. Knowing the legal rules around leases, rent increases, and evictions is critical for Peterborough landlords to stay compliant and avoid disputes.

2. Screen Tenants Carefully

Finding the right tenant is one of the most important steps in protecting your property. In Peterborough, with a large student population from Trent University and Fleming College, proper tenant screening is essential. Always check references, credit history, and employment status before signing a lease

3. Set the Right Rent Price

Research the Peterborough rental market before setting your rent. Too high, and you risk long vacancies. Too low, and you leave money on the table. Tools like Rentals.ca or local property management companies can provide insight into current market rates for apartments, houses, and student rentals.

4. Create a Strong Lease Agreement

A detailed lease protects both you and your tenant. Make sure your lease complies with Ontario’s Standard Lease Agreement while also outlining house rules, utilities, and maintenance responsibilities. Clear expectations prevent future conflicts.

5. Budget for Maintenance and Repairs

In Peterborough’s climate, properties experience wear and tear from winter snow, summer humidity, and aging housing stock. Set aside a maintenance budget—generally 1–2% of your property value annually—for repairs, upgrades, and emergencies.

6. Know Your Responsibilities as a Landlord

Ontario law requires landlords to provide safe, well-maintained housing. That means functional plumbing, heating, and electrical systems. Fire safety (smoke alarms, CO detectors) is especially important in older Peterborough homes.

7. Consider Professional Property Management

If you don’t live near Peterborough or you’d rather be hands-off, hiring a local property manager can save time and reduce stress. They can handle tenant placement, rent collection, and maintenance on your behalf.

8. Keep Good Records

Track rental payments, expenses, repairs, and communications with tenants. These records are essential for taxes, legal protection, and keeping your investment organized.

9. Be Prepared for Tenant Turnover

In Peterborough, turnover is common with students and short-term renters. Reduce vacancy risk by advertising early, maintaining good communication with tenants, and ensuring your rental stands out with clean, modern updates.

10. Join a Local Landlord Association

Networking with other landlords in Peterborough is one of the best ways to stay informed. The Peterborough Landlords Association offers education, resources, and support to help landlords succeed while protecting their investments. Membership gives you access to local insights, legal updates, guest speakers and a community of like-minded landlords. Visit: www.ptbolandlords.ca/join