Looking to rent a house or condo in Toronto? It’s a competitive market out there, with vacancy rates hovering around 1%. Here’s how to make renting a Toronto property less painful:
- 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.
- Prep 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 an employment letter – You’ll need to prove that you’re employed or otherwise financially viable in order 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).
- 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 rent in downtown 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, don’t ‘take the night to think about it’. It’ll probably be gone tomorrow.
- Don’t lie on your application– While it might be tempting to make yourself “look” like a better tenant, having a friendly relationship with your landlord will pay-off in the long run.
- Know the basics about renting in Toronto – what your landlord can and cannot do. We’ve compiled some info in our Renting in Toronto: The Complete Guide blog.
- Bring in the experts – Toronto real estate agents have access to a lot of rental listings (often not even on realtor.ca). If you’re tired of the game, hire someone to look for a property for you. And the best part? The landlord pays the fees.
If you have any questions about the Toronto rental market, send us a message or leave us a comment!