Grace's Places

I must confess at the outset that there is no "Grace" at Grace's Places, however I wanted a name that tenants could easily remember. Of course, Grace is arguably an old-fashioned name, and if the name conjures up an image of kindly landlady from a Norman Rockwell painting that's fine too. In truth, Grace's Places is owned by myself, and when I am n... ot managing my properties I am working as a Toronto-based photojournalist. And while I am not a full-time landlord I am ably assisted by helpers who share my values. When I began Graces Places in 1994 Toronto's rental market was different than it is today. Strict rent controls which were in place at the time prevented landlords from increasing rents even if they'd invested in major improvements, and given that the vacancy rate was less than 1% many landlords found that even substandard apartments could attract multiple applicants (and many tenants invested their own money in repairs and improvements to their apartments). For most tenants apartment-hunting in the 1990's was a soul-destroying exercise. Although legislation prevented landlords from increasing rents there was nothing to prevent landlords from reducing costs by making their buildings more energy-efficient. Nor was there anything to prevent landlords from improving the quality of their apartments (and their level of service) in order to encourage long-term tenancies and eliminate the expensive evictions and defaulted rent which at the time cost many landlords a significant portion of their potential income. As it happened, the business model succeeded beyond my expectations. Energy costs have been reduced by 50% and tenancies are longer than the industry average. In spite of escalating utility and insurance costs I have been able to keep the rents "below market" and most Grace's Places apartments can be rented for $750 or less. Grace's Places is and will remain a small company. But it is gratifying that many small landlords have contacted me over the years to ask about my business model, and it is my hope ...Read More