Choosing a home, even if you want to live on rent, is a tough task. There are many variables that need to be considered before you decide to move. Toronto being one of the busiest cities in the world has several job and educational opportunities. According to a report from RBC Economics, in 2021 Census rates of renter-ship almost went up by 22%. It is crucial to understand the rental market, rights and responsibilities of a renter, even before you decide to move out and rent. Toronto is one of the most expensive cities in Canada. It is also a prominent commercial hub. There is constant movement into the city. The apartments for rent in Toronto are occupied much faster than other properties. Following is a comprehensive guide for first-time renters in Toronto.
Properties Available To Rent
You can rent the following options in Toronto-
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- Condos- Condos are the most common rental option in Toronto. Most buildings have condos instead of apartments. Condominiums are easier to reside in since it is owned by a single entity. Everything else about a condo and an apartment for rent in Toronto is the same.
- Apartments- You will not be able to find many apartments for rent in Toronto. There is not much space in the city to establish apartment complexes. Even builders prefer building condos over apartments. Old apartment buildings are being converted into office spaces.
- Houses- Since most people prefer living in the downtown area, therefore the construction of houses has decreased. The existing houses are being converted into condos. You can find houses on the outskirts of Toronto.
Searching For Properties To Rent
The best way to look for Toronto rentals is to check online. If you’re looking for a detached independent home, prefer delegating the task to a real estate agent. Toronto has several condos, detached houses and apartments for rent in Toronto area. Hiring a realtor if it is within your budget will ease the process of finding the house and related documentation. You can look at the options presented to you by the realtor and according to your requirement and budget, you can rent your new house.
The cost to rent in Toronto depends on the location, rental type, floor and the amenities being provided by the builder/owner. Look through a few apartments for rent in Toronto which suit you in terms of distance from your workplace, hospitals, schools or university, grocery stores and other recreational activities.
Make sure you have all the information you need to provide handy. Since the real estate agent gets multiple offers at the same time, make sure you make a quick decision on the apartment you like. The documents required usually include pay statements of the last two months, letter of employment, past year’s income return and your bank statement to check if you will be paying rent on time. Make sure that your references are sorted out. Once you choose an apartment, the process becomes much faster.
The Right Time to Look for Rentals
The best time to look for rentals in Toronto is three to four months before you would need to move. Start looking for apartments for rent in Toronto early on. Usually, an apartment comes on the market, two months before the resident is supposed to vacate. So, the apartment will be put up on the market in March and will be vacated in May.
It is advised that you conduct proper research regarding your desired Toronto rental. Make sure your deposit is ready and kept separately. Put in your token as soon as you find a house which works for you.
How Much is it Going to Cost You?
The feasible act would be to hire a real estate agent and delegate the task of finding a good apartment for rent in Toronto. There are more condos in the Toronto Downtown area instead of homes or apartment complexes. Average rent in Toronto varies every year. Recently significant growth has been observed. Many residents are renting their homes and moving into another rented apartment. This has sparked the debate, whether Toronto is soon going to become a renter’s nation.
The average rent in Toronto is mentioned below in the table.
| Apartment | Average Rent |
| Studio apartment | $1,574 |
| 1-bedroom | $1,970 |
| 2-bedroom | $ 2,694 |
| 3-bedroom | $3,578 |
Rental Market in Toronto
There has been a significant rise in the rental market in Toronto. Average rent in Toronto has increased by 27% in 2022. The other areas of Toronto are comparatively cheaper than the Greater Toronto Area. Kitchener, London and Hamilton are considerably cheaper. Whereas, Mississauga, Etobicoke and the Greater Toronto area are on the higher side with the rentals.
The average rent in Toronto has increased to $2,000 for every unit. Currently the cost of rent in Toronto being paid by the renters is $224 more than 2021. If you compare with the pre-pandemic period, the rent has hiked up to 10.5%.
Lease Agreements
A lease is an agreement between a tenant and a landlord with a promise to pay a fixed amount of rent for a particular period of time. A lease usually is for one year. On maturity, one can decide if they want to renew the lease or move into another house. A lease document includes the following.
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- Address of the property
- Responsibilities of a tenant(s) and landlord
- Rent amount
- Security deposit
- Policies regarding pets
- Duration of the lease
- Any other information valid for renting the concerned property
A tenant is required to give notice 60 days before moving out of the property. Make sure you read the lease agreement carefully before signing it.
Tenant’s Rights and Obligation
As a tenant you have certain rights and obligations. Some of them are mentioned below.
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- If the landlord decides to sell the property and your lease is still valid, they cannot evict you. The new landlord could take over your lease once it has reached maturity.
- In regards to pets, a landlord does not have any right to evict if you have a pet. However, if the property that you’ve rented is a condominium and pets are not allowed, the landlord can evict under Residential Tenancies Act.
- The landlords are allowed to increase rent once every 12 months. The rent can only be increased up to the price given in the Consumer Price Index.
- A landlord can enter the property whenever for repair and maintenance. The landlord is also permitted to show the apartment to prospective tenants if you’ve given your notice.
Locking in the Rental That You Want
If you have finally found the rental property you wish to move to, you need to keep a few things prepared since there is a lot of competition and bidding for the same apartment in the market. It is better if you have the following documents ready and prepared.
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- Make sure your deposit is ready. Set the concerned amount separately which you will submit as a deposit for your Toronto rental. You will be required to submit the first month’s rent and final month’s rent 32
- The landlord will require your bank statement and your income tax return document to verify whether you have the capacity to pay rent.
- They will also require your letter of employment, again to verify if you are capable of paying your rent.
- Keep your references ready. Make sure to list reliable references who can be verified by your landlord. When you fill in your information, make sure you provide correct details about yourself.
You May Also Read :
| Pros & Cons of Vacation Home Rental | Vacation Home Rental |
| Choose Toronto Vacation Rental | Toronto Vacation Rental |
| Condos Buying Tips in Toronto | Buying Tips in Toronto |
| All About Tallest Condo in Toronto | Tallest Condo in Toronto |
Frequently Asked Question (FAQs)
You can find good Toronto rentals if you conduct proper research regarding what kind of apartment you want and how much are you willing to pay every month. Consider availability of basic amenities such as medical centres, educational institutions, groceries etc. Vet the neighbourhood and public transport before you decide to move.
O’Connor and Kensington are the cheapest areas to rent in Toronto.
It is wise to negotiate for rent before you lock the price. A rental lease in Toronto is up to a year. If negotiate and get a good deal, you are set for the whole year. How do I find good rentals in Toronto?
What is the cheapest area to rent in Toronto?
Are rent prices negotiable in Toronto?
