Finding a good condo rental in Toronto can sometimes seem like an impossible task. Many renters we speak with feel the market is too saturated, too expensive and too competitive. But there are many things you can do to position yourself as an exceptional candidate to investors and condo owners.
Follow our tips and you’ll get yourself to the front of the line when looking for your ideal condo rental in Toronto in your ideal neighbourhood.
1) Budget: Know it and stick to it.
Determine what your budget is — and stick to it! When budgeting, don’t forget to incorporate all of your monthly expenses into your calculator – don’t forget about those Soul Cycle classes and your nights out at Gusto. They add up and you’ll need to know exactly how much you can afford. $50/month can make or break some rental budgets.
2) Neighbourhoods: Pick at least two you like.
Are you a West-side or East-side person? If you’re looking within the downtown core, you’ll want to know about various neighbourhoods and what they have to offer. Do you need various types of fitness facilities nearby? Restaurants? Direct access to the TTC? Select a couple of neighbourhoods (at least) and stick to them.
3) Work with a good rental agent
Not all real estate agents do condo rentals in Toronto unfortunately, but most offices will have a specialist that focuses on renters. Working with an agent will cut down on a lot of the work on your own end. They’ll be able to look at your budget, neighbourhood list and wish list and guide you in the right direction and send you listings to look at. They’ll also know the ins and outs of particular buildings and know where to steer you away from.
4) Have your finances in order
This tip we cannot stress enough, especially if you want to impress your pending landlord. Have your job letter written, printed and signed. Have your credit score pulled in advance and printed. If you’ve got references, have them jot down a few great things about you and have those printed and handy as well. Have all of these items electronically as well. With these assets in order, you’ll look organized, committed and professional – things all landlords look for in tenants.
5) Be prepared for viewings
Once your realtor has sent you listings and you’ve decided on what you’d like to see, be prepared. Don’t just show up, take a quick look and leave.
Pre-measure your furniture — You won’t have time to go back and check that your king-sized bed will fit in the bedroom, or that there’s enough space for your dining table. Bring a list of measurements for your furniture, plus a measuring tape to size up each room. Plus, be sure to make sure your furniture will fit through the door and into the elevator.
Use a checklist to compare favourites — avoid feeling confused and overwhelmed by creating a checklist for each condo you see. While you’re there, check off which features and amenities it has. Add notes with your observations about the apartment.
Put all your information into a spreadsheet. This is a good way to track all the condos and apartments you’ve seen and makes for an organized pros and cons list. Use it to compare prices, neighbourhoods, amenities and utilities.
Check out the small stuff. Look in closets to see how much storage space you really have. Test out the thermostat and A/C, run the shower, flush the toilets, open and close the windows, and test all the lights.
And some condos don’t necessarily come with a parking spot. Ask to clarify if you will get a place to park with the condo.
6) Be ready to make an offer on the spot
Imagine finding that perfect condo or apartment and losing it. The reason? You had to go home to pick up missing documents while someone else came in and swooped up the deal. In some competitive neighbourhoods, that little detail could make a big difference.
Remember to take your time and not get carried away with emotions. Any lease is negotiable, and your realtor will guide you as far as discounts. And of course, before signing, read the lease from start to finish with your realtor. A good landlord will be more than willing to clarify any points you’re unsure about.
The Toronto condo rental market is a tough one to crack, but by following these tips you’ll put yourself ahead of most of the competition and secure a great rental that you can afford, and that checks all of your must-have boxes.