Tips for Renting in Toronto

Let’s be honest, finding a rental in Toronto isn’t easy. Since there are low vacancy rates in the city, especially downtown, the cost of rents are high. However, for many reasons renting is still the best option for some people.

Whether you’re planning to stay for an unpredictable or shorter amount of time, or you aren’t able to afford to buy a home at this time, renting might fit best with your current needs. However, it can be difficult knowing where and how to start looking.

If you’re about to rent your next home, here are some things to consider...

8 Tips for Renting in Toronto:

1. Research and weigh your options.

Calculate your budget and start looking at what it can get you…and where. You might decide to rent a smaller space if it means being able to live where you want (If you’re renting a condo a 1+1 instead of full 2 bedroom is also a way to save). Or, you might rent somewhere with a bit more of a commute in exchange for a lower cost per month. With the TTC you can commute easily from many great neighbourhoods you might have overlooked.

Where to start looking: While many people successfully find their rental on websites like Kijiji, also try View It, Walk Score, and PadMapper.  

2. Be honest about your needs.

What do you care more about? Location, size, amenities, age of the building? Which do you care the least about? Think about what you are willing to compromise on if needed. Once you know your budget and goals, finding somewhere you can afford to live and will actually enjoy living is that much easier.

After researching what your money can get you in different areas, you can narrow down your search to the property type you’re looking for (eg. a 1+1 condo apartment) and the neighbourhoods you want/can afford (eg. Liberty Village, West Queen West, and Fort York). Just like that your search got less overwhelming!

Then…

3. Think about working with a Realtor.

Good news: Landlords who work with real estate agents pay for their services, not you. So, if you contact a Realtor they can help connect you to great properties in your price range and work out a deal at no cost to you! Keep in mind their clients are more likely to be asking higher rents- that’s why they enlisted the help of a Realtor to screen reliable tenants. If you are looking at properties, such as downtown condos, that have higher rents, this could be a great idea for you.

4. Compare houses and apartments.

If you want to live in a more family-friendly neighbourhood, renting a floor or part of a house might suit your needs best. If you want to live in a more active downtown area or be close to work, renting an apartment or condo apartment could be the way to go. Some houses near universities are even great for students, with multiple bedrooms available for shorter term rentals.

Compare the price point of renting each type of property in areas you’re considering, and look at the difference in what’s offered. Neighbourhood, square footage, and amenities can all help you make up your mind.

5. Know your rights.

With Ontario’s Standard Lease Agreement it is much easier to know what rights and responsibilities you and your landlord have. This contract will outline everything, including ending a lease, pets, and more. It expands on the rights laid out in the Ontario Residencies Act by making it clearer for both parties when entering into a rental agreement. See more about it here.

6. Get documents in order.

You will probably need to provide a collection of documents to a landlord, including but not limited to a credit check, proof of employment, and character references. Have copies ready and organized for every rental unit you are interested in. It’s always a good idea to start of your relationship with a potential landlord on the right foot. Also, it will help you feel more confident knowing you have everything ready in case they ask for it.

7. Learn about the building.

If you’re moving to an apartment or condo building look up the building’s reputation online, or ask your Realtor about it. Is the management company reliable? Is there a history of mold or bugs? Online comments are a great way to assess people’s opinions of the building and what it’s like renting there. Then,

8. Do your own assessment.

Walk through any buildings you’re considering and snoop around a bit. Note whether common areas are clean, amenities are maintained, there aren’t many damaged walls or baseboards, and other factors that point to how well managed the building is. If you see someone who seems approachable, ask around while you’re there for more inside information. It never hurts to talk to someone who actually lives there! You can also call the building management to ask some basic questions, and see if they seem knowledgeable and friendly. 

When you are ready to start your search, doing your research and preparing for today’s rental market will help you get a great head start. Want to talk to a Realtor? Contact us to discuss how we help match tenants with great properties in Toronto. 

See all Toronto listings and search by neighbourhood, including condos for rent.