Ready for a Toronto Rental?
If you’re looking to rent in Toronto and want to partner with a professional, contact me to represent you and don’t forget, the landlord pays my fees.
What to rent:
Condos
It’s easy to see that Toronto has a lot of condos, and many of them are owned by investors who rent them out. Renting a condo allows you to take advantage of some of the city’s best locations, and many of them have amenities like gyms, pools, concierge services and party rooms, and they’re usually close to TTC transit. If you decide to rent a condo, you’ll be renting directly from the suite owner, but will be required to abide by the condominium’s rules.
Apartment Buildings
Owned and managed by one company, apartment buildings aren’t as numerous as you might think in downtown Toronto. While there haven’t been very many new apartment buildings built in the last few decades, we’ve seen an increase in dedicated rental buildings under construction. There is still some quality (albeit older) buildings out there that periodically have vacancies.
Houses
With more and more people wanting to live downtown, many Toronto home-owners have converted part of their home into an apartment (or two). While many of these are basement apartments, some houses have been converted into several apartments. The biggest advantage of renting a house is the opportunity to live in a residential neighbourhood, often with private outdoor space and sometimes even parking!
How and Where to Look for Toronto Rentals
There are two main ways to look for a rental in Toronto: with the help of a real estate agent or on your own.
There are tons of online resources to help potential tenants find a rental. Craiglist and Kijiji, while popular for finding an apartment, can be scam central. Make sure never to give a deposit before physically seeing the apartment and confirming that the person you’re talking to does, in fact, own it. And if it seems too good to be true, it probably is. Pad Mapper it’s more user-friendly and has lots of posted rentals
Of course, you can always work with a licensed REALTOR to help you find Toronto rentals. There are thousands of homes listed with real estate agents, and a good agent can help you identify great properties and neighbourhoods, as well as help you negotiate the price and terms of your lease.
The best part? The landlord pays the agent’s commission, so you can have an expert represent your interests for free!
When to Look for a Rental
Most Toronto rentals come on the market two months before they are available for rent (e.g. – an apartment will be advertised April 1st and be vacant June 1st). If you aren’t ready to move for six months, you won’t likely have any options to look at.
Toronto Rentals: The Market
The Toronto rental market is HOT!
We are experiencing vacancy rates at all-time lows (around 1%) meaning that Landlords have their pick of who they want to rent to (and for how much). Rents have increased significantly over the last five years and aren’t expected to decrease anytime soon.
The Lease
The lease is the document that summarizes your relationship with the landlord – how much rent you’ll pay, the dates of your lease, rules around pets and smoking, what happens at the end of your lease, etc.
Leases are typically for 12 months and after that (unless a new lease is signed), tenants automatically are considered to be ‘month-to-month’–meaning that you don’t generally need to commit for another 12 months. You would, however, have to give 60 days-notice before moving out (counting from the first of the next month; i.e. if you give notice June 24th, then you could move out on August 31st).
Your Rights and Obligations as a Tenant
As a tenant in Ontario, you have many rights. Among the important ones:
Pets – Landlords can’t evict you for having a pet, but they can refuse to rent to you in the first place. If you’re renting in a condo, the Condominium rules take precedence over the Residential Tenancies Act, so if the condo doesn’t allow pets, Fido or Fifi may get evicted.
Rent Increases – In Ontario, rent increases are controlled, but the rules don’t apply to buildings built in the last 20 years (in other words, most condos). Generally speaking, landlords can increase the rent once every 12 months by up to a maximum equal to the Consumer Price Index (CPI) for that year (e.g. it was 2% in 2016).
Right to Access Property – Generally, your Landlord has the right to enter your unit to repair and maintain it (with 24-hours notice or in the case of an emergency). Your Landlord also has the right to show the unit to prospective tenants and/or buyers with appropriate notice.
What happens if your Landlord Sells – If you have a valid written lease, your landlord cannot evict you even if he or she decides to sell the unit – the new owner will simply be required to take over your lease (at the rent you currently pay and under the same terms). If you are a ‘month-to-month’ tenant, your landlord is permitted to give you 60 day notice (from the 1st of the month) to allow the new owner to move in–as long as the new owner (or a family member) is going to live in the unit themselves.
Getting the Toronto HOME You Want
One of the most important things about renting in Toronto is being prepared when you find your ideal place:
Have your deposit ready: To rent an apartment in Toronto, you’ll need to provide first and last month’s rent. Most landlords will require it to be a certified cheque or bank draft.
Prepare your references: Any good landlord will check your references before agreeing to rent their unit to you. And please provide cell numbers for easy reference checking!
Get a Confirmation of Employment Letter: You’ll need to prove that you’re employed or otherwise financially viable to rent in Toronto. And don’t forget to make copies in case you don’t get the first place you apply for.
Do a credit check on yourself and have it ready to provide to a prospective landlord Most landlords will require it – you can order one online at Equifax for $23.95 (or order one via mail for free–it just takes longer).
I Pull out a your Credit Report in few minutes for Free, if you work with u
Some other tips to keep in mind:
Scope out Toronto neighbourhoods: You’ll be there for at least 12 months, and your neighbourhood WILL affect your quality of life. You can check out our Guide to Toronto Neighbourhoods for the scoop on downtown neighbourhoods.
Be flexible: It’s not easy or cheap to find rentals in Toronto. Keep an open mind and be prepared to make compromises. You won’t likely get location + size + cheap rent.
Be ready to make a quick decision: The Toronto rental market is uber-competitive. If you find a place you like, realize that if you ‘take the night to think about it’, it’ll probably be gone tomorrow.
Order a cheque book: if you don’t have one, it sounds antique but believe it or not that is the best and most appreciated way to pay your rent.
Be ready to buy a Tenant Insurance: you can find many options on-line