Every day more and more people arrive in Toronto in order to start a new chapter in their lives. The reason may vary in each case but many have something in common: difficulty finding a property to rent.
According to Toronto Real Estate Board report from July 2018, “Greater Toronto Area REALTORS® continued to report strong average rent increases for GTA condominium apartments rented through TREB’s MLS® System in the second quarter of 2018”. In the same period, the average one-bedroom condominium apartment rent was $2,055 and the average two-bedroom condominium apartment rent was $2,755.
Here are some tips and some info to help you with the rental process:
1) Be ready
You will need to provide first and last month’s rent to rent in Toronto. Most landlords will require it to be a certified cheque or money order. The money order you can get from your bank or post office. You will also need to prove that you are able to pay for the rent. You can do that using an employment letter. Landlords will also request to see a credit check. TransUnion and Equifax are known companies.
2) Time is a very valuable asset
When you are looking for a place, consider the time that will be spent between the new residence and your work/university, children’s school, shops, etc. If you drive, think about the commute time. Is there availability for parking? Do not drive? Is the place easily accessible by public transportation? What other types of transportation can be used? Speaking of time: it is recommended to make an offer as soon as you find a place you like.
3) Standard Lease
The standard lease is required for most private residential tenancies for agreements signed on or after April 30th, 2018. Landlord and tenant rights and responsibilities remain the same under the Residential Tenancies Act, 2006 (RTA). The standard lease applies to single and semi-detached houses, apartment buildings, condominiums and secondary units (such as basement apartments). The standard lease uses easy-to-understand language to help landlords and renters understand their rights and responsibilities. For more information, please visit the site: http://www.mah.gov.on.ca/Page18704.aspx.
4) Where to find a rental
It is possible to look for a rental in Toronto on your own, or with the help of a real estate agent. There are several websites such as Kijiji, Viewit.ca, Pad Mapper, Toronto Rentals, that help prospective tenants to find their new home. Just be careful when searching for properties. Some posts may seem legit but are actually a scam. Tip: if it seems too good to be true, it probably isn’t. A professional sales representative can also help you to find a place. Did you know that you don’t have to pay for the service of a real estate agent? The agent’s commission is paid by the landlord.
*Mayara Gasparoto Mendes is a sales representative at Royal LePage Signature Realty, Independently Owned and Operated brokerage. For more information contact [email protected] or 647-868-2704.
*Disclaimer: This article is for informative purposes only. This information is not meant to replace expert consultation.