Whether you’re ready to buy property or prefer to rent for now, doing it alone can be a stressful process. A good REALTOR can help identify good properties and neighbourhoods, as well as negotiate the price and the terms of the lease for you.
If you’re looking to rent in Toronto and would like to partner with a professional feel free to contact me to represent you. As a renter, you DO NOT pay any real estate fees. This means I can help you and it will cost you nothing.
Before you start the search, here are a few things you should know to help you with the process:
WHAT TO RENT
Apartment Buildings – Owned and managed by one company rather than individual owners. There are still some older quality buildings out there with vacancies, but there haven’t been many new buildings built in the past few years.
Houses – With the high demand for rental properties in the downtown area of Toronto, many home owners have converted part of their home into apartment(s). Many of these are basements apartments, but some homes offer first or second floor apartments, as well as outdoor space and in some cases even parking. This is a great option if you want to be close to downtown life but live in a residential neighbourhood.
Condos – It’s pretty obvious that there are a lot of condos in Toronto. If you prefer to live in a newer building with modern finishes and easy access to amenities such as a gym, party room for entertaining, and concierge services, a condominium building might be for you. In many cases, the suite owners are investors who rent the unit out. If you decided to rent a condo unit you will be renting directly from the owner and will be required to abide by the condominium’s rules.
WHEN TO RENT
Most Toronto rentals are listed on the market 2 months before they are available to rent, so best time to start looking is when you are ready to make the move. So if you plan to move in June, it’s best to start the search in April.
WHAT DOCUMENTS DO I NEED TO RENT
Toronto rental market is red HOT and good rental properties go very quickly, so to save yourself from disappointment it’s best to be prepared to make the next step. The vacancy rates are at an all time low (around 1%) so landlords have their pick of who to rent to and for how much. It’s best to have the following documentation prepared when you find the ideal place:
Rental Application – Please email me to request a copy
Current Credit Report – You will need an up-to-date credit report with score attached which can be obtained through a credit reporting agency such as Equifax or Trans Union. Credit Reports should be obtained no more than 45 days before the time of an application.
Current Employment Letter – You will need an up-to-date employment letter stating your current position, length of employment and monthly or annual salary.
Reference Letters – A good landlord will check your references before renting a unit to you. A reference letter can come from your current landlord and/or co-worker confirming good character and financial responsibility. A non-family member is preferable.
Rental Deposit – The first and last month’s rent is required with an offer to lease. This should be provided by way of a certified cheque or bank draft issued within 24 hours upon acceptance of the offer.
Other Deposits – There may be additional deposit depending on the property and landlord. Sometimes landlord requests a separate deposit for keys, key fobs and garage door openers which are refundable at the end of the lease.
Tenant Liability Insurance – This is required for all leases and can be obtained through your bank or any insurance company.
HOW MUCH DOES IT COST TO RENT
Toronto downtown condo and apartment rental rates will vary from bachelor suites starting at $1,600+, 1 bedroom $1,700+, and 2 bedrooms $2,500+. These prices may not include hydro, locker or parking. Parking spot rental is approximately $200 – $350 per month depending on availability. Short-term and fully furnishes suites are also available and prices will vary although typically higher when compared to unfurnished. Please contact me for details for corporate executive rentals.
OTHER USEFUL INFORMATION ON RENTING
Complete guide to the Residential Tenancies Act
CONTACT ME REGARDING RENTING IN TORONTO