If you are thinking about getting your own place in the city, but you don’t have enough money for a down payment, the only alternative you have is renting. In this regard, you have three options: apartment buildings, houses and condos. Overall, most people prefer condos since they can live downtown and enjoy several amenities such as gyms, pools and concierge services. However, before you start applying, there are a couple of things you need to know about renting a condo in Toronto.
In case you have never rented a property before, you must know that the condo rental market is very hard. At the moment, in Toronto, there are more renters than properties available. This means you might have to fight hard if you want to get a condo. Keep in mind that before getting a good place, you will have to fill several lease applications.
Since we want to help you out, in this article we are going to tell you how to get ahead of the competition when it comes to renting a property. Plus, we will also talk about some things you should keep in mind when making this decision.
7 Things to know when renting a condo in Toronto
Renting a condo in the city is not an easy process, and it could become stressful if you don’t know how to fill an attractive application. Don’t panic, after reading this article, you will know which documents you should gather and keep factors to look out for.
1. Consider your options
As we stated above, renting a condo is not your only option. You can also look for apartment buildings. This option will be cheaper, but it won’t be as aesthetically pleasing as condos. Plus, these are not very common. In case you don’t care about the amenities, then you can consider a loft. Even if you end up deciding that a condo is best for you, it is always important to know what the real estate market offers.
2. Have a timeline
If you want to have your own place, it is a good idea to gather the documents even before you start looking. It is also vital to have an approximate date on which you want to move. That way, you’ll know when to begin the process. Overall, most real estate agents advise having everything ready four to six weeks before the moving date. That way, you will have enough time to visit several properties, decide and fill the application.
3. Gathering documentation
Gathering the documents before applying can help you get ahead of the competition. To help you out in this regard, here is a list of things you need to have.
- Credit report
This is probably one of the most important documents you’ll submit since it is the way to show the landlord you will do all the payments on time. If you don’t have experience renting a condo in the city, you should ask for the help of a realtor. They can check the credit report and address any inaccuracies before you apply.
- Employment letter
An employment letter is a way in which you can prove your financial stability. Here you will show the duration of your employment and annual income. A landlord will evaluate this information and check if you can afford renting a condo.
- Rental application
This is an official form you will have to fill out with your contact details, references and any outstanding debt. In this part, you must include any student or car loans. If you are working with a realtor, they can help you out. Remember that you should not include your SIN number on this application.
- Lease agreement
If this is your first time renting a condo in Toronto, we advise you to look at the lease agreement with a realtor. That way, you won’t have to accept anything that isn’t fair. Overall, in the lease agreement, you will find all the conditions, including price and duration.
4. Tenant insurance
Sometimes landlords might have as a requirement for renting tenant insurance. This policy is designed to protect the tenant if something happens to the property. Most people think that this coverage is not necessary since they will be protected under the landlord’s property insurance. However, that is not always the case. Before moving to a property, it is vital to find out what kind of insurance is already in place and if you need to purchase another policy.
In case you need tenant insurance, you can get the best rates in the city by clicking the following link https://www.surex.com/insurance/tenant/toronto.
5. No pet policy
Some tenants have pets or are planning to get one once they get their condo. If that is your case, you should know that the majority of landlords do not like pets. Most of the time, this has nothing to do with a personal preference but rather the fact that pets can damage their property. However, you must know that according to your legal rights, you can get around that clause. But, before talking about this with your landlord, get advice from a lawyer and talk to your realtor.
Keep in mind that challenging this condition is only possible if your building allows pets. Otherwise, it will be better to find another property.
6. Access to the condo
Since your landlord is the owner of the property, he/she can enter the unit to make any reparations. But, they will have to give you a 24 hours notice. They can also show the condo to any potential tenants, but they’ll still have to let you know when this will happen.
7. Rent increases
Usually, Ontario controls all the rent increases. Unfortunately, this does not apply to any modern buildings. The good news is that your landlord can only increase the rent price every 12 months. Keep in mind that after the first 12 months of your contract, you will become a month-to-month tenant. This means you can move at any point, but you will have to give notice to your landlord 60 days prior.
