Information for Tenants
The rental market is hot. This means that tenants should expect a competitive leasing process in the Greater Toronto Area. When supply is low and demand is high, landlords have ultimate control. Be prepared to be involved in bidding wars and do what it takes to make your application prime. New tenants should have the following documents prepared prior to starting the rental search:
- Filled out rental application (download here)
- Credit Report
- Photocopy of ID
- Employment letter
- Recent Paystubs
Individuals that are self-employed can provide bank statements instead of recent paystubs/employment letter.
Lack of Documentation
There are some cases where tenants may not have access to all documentation or may have below par credentials. Some circumstances included new comers to Canada who do not have credit, individuals with poor credit, etc. Be prepared to take the following route if you find yourself lacking any documentation:
Get a Guarantor/Co-Signer
This can be a friend, family member, or anyone you trust who will also be written on the lease. Your guarantor will be required to submit all of the following documentation above as well. The purpose of a guarantor is to guarantee to the landlord that there will be someone under contract who will assure rent is paid every month.
Before the search process be sure to have your criteria set;
- Desired location(s)
- Number of bedrooms
- Number of bathrooms
- Number of parking spots – if required
- Any other specifications, such as locker, certain amenities, view, etc.
It is important to note that the market is constantly changing and Toronto is known for having some of the highest rental rates in the world. When you get in contact with me we can discuss if your criteria suits your budget.
The Searching Process
Once you have all your documentation prepared, contact me to begin your searching process. I’ll find listings that suit your criteria and we can schedule an in person viewing appointment. Virtual appointments available also upon request.
The Offer Process
You found a place you like- great! The offer process is all taken care of by me. I pitch you to the listing agent, prepare your documentation, and all that’s left is for you to sign. The listing agent will present your offer to the landlord who will either accept your offer, reject your offer, or counter your offer. Countering an offer means that the landlord comes back with some changes that gives you the position to accept, reject, or counter as well. Rejecting an offer means that the landlord does not accept you as a tenant. Finally, accepting an offer means that you have been taken on as a tenant for the property.
After the Offer Is Accepted
Congrats, your offer is accepted. Be prepared to submit a deposit within 24 hours of offer acceptance. This time frame is crucial and not flexible. If deposit is not submitted within 24 hours your lease may be void.
Prior to moving in there are a few actions you will need to complete.
Purchase Tenant Insurance
Tenant insurance typically ranges from $15-$20 a month, but is dependent on the value of goods you want to insure. It is up to you where you decide to purchase tenant insurance from, however I find these are two affordable sources:
Set Up Your Hydro Account
If hydro is not included in your rent, which is quite typical, you will need to set up your hydro account prior to move in. Please try to do this as soon as possible because it may take a few days to process. Many landlords will only hand over the keys after the account is set up. You will need to send proof of confirmation after the account is set up.
Be prepared to bring your key deposit on the day of key exchange. This can be with cash or cheque.
Building registration is typical when moving into a condominium. You will need to fill out any necessary paperwork that management requires.
If you are moving into a condominium, be prepared to book your moving elevator. Most buildings require tenants to book a specific time slot for the moving elevator as the regular elevator may not be used during this time. You will want to book this as soon as possible, especially if your move in date is during the beginning or end of the month; as this is busy time for moving.
Set Up Meeting Time
Key exchange is done by the listing agent. Once all of the above tasks are complete, you can determine a time that best works for you and the listing agent to meet up to receive your keys.
Have any questions about leasing a property in the Greater Toronto Area or surrounding regions? Give me a call today and I’ll be happy to be of help!