Renting in Toronto -- Frequently Asked Questions
Are you planning to rent a condo or freehold apartment in the Toronto Area? We have lots of experience working with renters and may be able to help you. With the recent condo boom in Toronto, there are a large variety of rental units available. Many Landlords use a brokerage to locate tenants when monthly rent is above $1400 per month. The rental market can be very competitive and we can help make the process easier for you. We also know that future renters often turn into future buyers. We can help give you advice on how to get into the market and save for your first home purchase.
What kind of rental units are available in Toronto?
A typical condo rental is a one bedroom or a one bedroom plus den on a one-year term. There are many of these units available for rent in Toronto's numerous condo buildings. Some of the older buildings also have two and three bedroom units, but they are tougher to find. If a freehold house is more your style, there is some limited availability of full floor apartments or even full houses for rent.
Is it difficult to secure a rental in Toronto?
At certain times throughout the year, rentals in Toronto can be very competitive. You stand a great chance of securing the rental you desire if you are employed, have a decent income, and a good credit score. If you are a student or have a lower income, you can use a Guarantor (usually a parent or other third-party willing to sign the lease with you).
Can I have a pet in my rental apartment?
The majority of landlords will not allow pets, although some are flexible (that said, if a condo building allows pets, the landlord cannot prevent you from having a pet).
What information do I need to have ready for the Landlord?
In order to rent through us, you will need to have the following documents prepared and ready to go:
- A Rental Application Form
- An employment letter confirming your job position and current salary.
- Your credit report AND score. You can order this yourself online from equifax.ca or transunion.ca. Cost is around $25.
- A deposit amount equalling the first and last months' rent. You will need to provide these funds as a bank draft or certified cheque within 24 hours of having a signed and accepted Offer to Lease.
- If you are using a Guarantor, you will need to provide a letter of employment for that person plus their credit report/score.
Most of the condo units in Toronto include the cost of heat and water in the monthly rent. Some also include electricity costs, but most of the newer buildings do not. We will let you know on each condo we view whether hydro is included or not. You will also need to take out renter's insurance which costs approximately $250 to $300 per year. Lastly, the landlord may request a key deposit from you which covers the cost of any lost keys or condo building fobs. This is usually $150 or $200 paid when you take possession of the condo and refunded when you leave and provide all the keys and fobs back to the landlord.
Is there a cost for your services in helping me locate a rental?
Our commission is paid for by the Landlord so it doesn't cost you a dime to use our services. The only thing we ask is that you work with us exclusively and not have multiple real estate agents duplicating efforts.
What is the benefit of working with a Realtor to find a rental?
There are a number of very good reasons to hire us to help you find a condo or house rental in Toronto:
- We can make your search easier by knowing the best buildings and matching the right condo to your needs. The process is generally very fast. We usually only need to show our tenant clients 3 or 4 units and they are able to choose the ideal rental.
- We prepare the lease paperwork on your behalf and do so to protect your interests. For example, the landlord will have his or her own clauses in the lease and we will make sure to include clauses that protect your interests. These might include things like protection against large rent increases or negotiating extras such as window blinds or repairs and painting.
- Depending on the market, sometimes we can negotiate a lower price for you. We also have access to past lease information and can check that the unit is priced fairly based on the current market.
- We confirm the ownership of your rental unit through land registry records.
- We advocate for you in situations where there might be multiple lease offers on a unit.
- We will help you get settled in your move by connecting you to the property manager, preparing final paperwork, and even attending the closing with you when you meet the landlord or his agent and receive keys.