Renting a house in Toronto is hot at the moment. Vacancy rates are at all time lows. What this means to you is there are fewer rentals to select from, the good units go quickly, and landlords will have their pick of who they rent to.
Properties typically go up for rent two months in advance of the lease start date. If you’re looking to move in September, you’re best to start your search July 1st and be ready to move quickly.
HOW MUCH DOES IT COST TO RENT IN TORONTO?
Renting a house in Toronto can vary quite significantly by neighbourhood and by building. Some of the things that drive the price higher are proximity to downtown, walking distance to the subway, building amenities like pools and gyms, free parking, and higher floors with views.
WHY USE A REALTOR TO GET YOUR RENTAL?
There are many online sites with rentals, including Viewit and Kijiji. Unfortunately, there are also lots of scammers using these sites that don’t own the units they are renting. It’s best to protect yourself and use a professional to help with your search.
A realtor has access to thousands of listings when renting a house in Toronto and can help you narrow your search down to the right neighbourhoods and the right units for you. They also can also help negotiate the right price and terms in your lease agreement to protect you. The best news for you is that there’s no cost to you to use a realtor as their commissions are paid for by the landlord.
TYPICAL MONTHLY RENTAL PRICES
- Bachelor Apartments – $1400 – 1500
- 1 Bedroom – $1500 – $2000
- 2 Bedroom – $2000 plus
HOW TO GET THE RIGHT PROPERTY
Your realtor will be able to help you select the right neighbourhoods and buildings for you. Once you find a unit you need to move quickly and make it easy for the landlord to select you. When you submit an application to lease a property you’re going to need to provide the following info:
- The Deposit – Typically, the first and last months’ rent is required as a deposit
- References – Call your references in advance to get their permission to include them as a reference, and to alert them to expect the reference call.
- Credit Score – Do a credit rating on yourself and send it to the landlord. The landlord wants to ensure that you are going to pay the monthly rent.
- Employee Employment Verification – Have a letter of employment from your employer that validates your income and how long you have been employed by them.
READY TO RENT IN TORONTO?
If you’re ready to start your search and want to work with a professional, we have a leasing expert on our team. Reach out to our leasing expert Candace here. If you are just curious about what’s on the market, you can search listings here.